Mashreq, one of the leading financial institutions in the MENA region announced the acquisition of a digital banking license under the Digital Regulator Framework issued by the State Bank of Pakistan (SBP). The initiative aims at bringing the institution’s digital expertise to Pakistan and further interests of the SBP in the digital arena.
Mashreq will usher a team of bankers and engineers with multicultural experience as well as proven NEO banking capabilities and world class technology to address the evolving customers’ need in Pakistan.
The UAE-based privately owned bank has always considered Pakistan to be an attractive financial destination.
Mashreq’s strategic expansion plans
“Our ingress into Pakistan’s banking sector with the digital banking solutions is indeed a seminal moment in Mashreq’s strategic expansion plans. I strongly believe we can capitalise on Pakistan’s existing robust financial infrastructure to greatly enhance the banking experience by delivering customer centric solutions through our products and services,” Ahmed Abdelaal, Group Chief Executive Officer, Mashreq.
“Mashreq will, without a doubt, prove to be a catalyst in leading the evolution of digital finance and the wider digital economy in Pakistan through the deployment of truly transformational banking platforms and solutions. We want to thank SBP for providing the opportunity for Mashreq to gain a foothold in one of the most promising markets of the world,” he added.
“We look forward to exploring a new Pakistani chapter in our strategic expansion road map. I believe that Mashreq’s vision is in tandem with the country’s Digital Pakistan Initiative. At Mashreq, we applaud the efforts of SBP in laying down the foundation that has catalysed the digitisation of the country’s banking sector, transforming it as a whole. Through this powerful synergy, we aim to create and deploy a digital ecosystem in the country with infrastructure and institutional frameworks for the rapid delivery of innovative digital services,” said Fernando Morillo, Group Head of Retail Bank, Mashreq.
“As for the country’s flourishing banking sector, Mashreq underpinned with the digital banking license, remains committed to deliver its promise of customer value creation and financial inclusion,” he added.
Pakistan has the third largest unbanked adult population globally, over 100 million adults remain without a bank account and 82 percent women have no access to financial services.
According to the World Bank, 63 percent of Pakistan’s population comprises of youth aged 12-33, making it an important market for Mashreq.
The bank plans to contribute to the economic activity by increasing lending to small businesses and providing consumer loans to low-income households, mainly women entrepreneurs and the youth.
The institution also plans to invest in rural infrastructure, including microfinance institutions. The initiatives will help increase access to financial services. The bank will lay the roadmap for all banking operations entering the country’s financial landscape for the years to follow.
Follow us on
