Mashreq first bank to launch pilot operations as digital retail bank

KARACHI: Mashreq Pakistan has officially received a restricted license from the State Bank of Pakistan (SBP) to commence pilot operations as a digital retail bank in the country.

With issuance of this license Mashreq has becomes the first bank to launch Pilot operations as Digital Retail Bank in Pakistan. Mashreq Pakistan is part of leading financial institution in the MENA region, Mashreq.

Since incorporating its operations in 2023, Mashreq Pakistan has achieved key milestones, including In-Principal Approval (IPA) for its digital banking & Islamic Banking solutions and submission of Operational Readiness Report to the SBP within timeframe.

The bank has built a robust operational framework, made strategic technology investments, and on boarded the country’s top-tier talent.

As a global pioneer in digital banking, Mashreq aims to launch a digital banking model with best-in-class Islamic Banking solutions that sets new standards for financial services in Pakistan.

Over the next five years, the bank plans to onboard millions of retail customers catering to all their personal and business needs through advanced solutions designed to meet the demands of Pakistan’s growing population. This approval underscores Mashreq’s dedication to fostering financial accessibility while contributing to the nation’s economic progress.

This milestone highlights Mashreq’s commitment to driving financial inclusion and delivering innovative digital banking solutions tailored to the country’s evolving needs.

On this development, Muhammad Hamayun Sajjad CEO of Mashreq Pakistan said that Mashreq is fully ready and excited to begin this journey in Pakistan as a Digital Bank. “At Mashreq, our ‘Bank for All’ philosophy drives everything we do, ensuring that all Pakistanis have access to essential financial services”, he added.

Focus on innovation and agility enables the Mashreq to adapt quickly to market needs and provide tailored solutions that empower women, youth, and small businesses, he said and added “as we grow alongside Pakistan, we remain committed to fostering financial inclusion and acting as a catalyst in the country’s economic progress”.

Hamayun said that Mashreq’s entry into Pakistan aligns with its ‘Rise Every Day’ philosophy, emphasizing growth and innovation. With a presence in 14 countries and a strong track record of global success, Mashreq is poised to play a pivotal role in advancing Pakistan’s financial ecosystem through modern, efficient banking solutions.

Fernando Mor-illo, Chairman of the Board of Directors of Mashreq Pakistan & Group Head of Retail Banking at Mashreq in his message has also expressed his enthusiasm about this milestone and said that as a global leader in digital banking innovation, we are thrilled to bring Mashreq’s cutting-edge solutions to Pakistan and work alongside SBP to further its financial inclusion goals.

The speedy approval from SBP to commence pilot operations has reinforced our commitment to enable greater financial accessibility for all, particularly the underserved and unbanked communities, he added.

Copyright Business Recorder, 2025