PM Shehbaz inaugurates Mashreq Digital Bank, calls it ‘milestone’ for Pakistan’s economy

Prime Minister Muhammad Shehbaz Sharif has stated that the establishment of Mashreq Digital Bank will prove to be a milestone in the complete digitalisation and modernisation of Pakistan’s economy.

The prime minister made these remarks while addressing the inaugural ceremony of Mashreq digital retail bank on Tuesday, the PM Office said.

Prime Minister Shehbaz called digitalisation a necessity of the modern era, adding that the bank’s establishment will be a landmark for the promotion of a cashless economy and the development of the financial sector in Pakistan.

He said that youth constitute a large part of the country’s population, and they are a great asset and opportunity. He added that to strengthen the economy, make it transparent, and promote progress, it must be made paperless and human intervention must be reduced.

Mashreq first bank to launch pilot operations as digital retail bank

The event was also attended by Federal Minister for Finance Muhammad Aurangzeb, Federal Minister for Planning and Development Ahsan Iqbal, Federal Minister for Petroleum Ali Pervaiz Malik, Federal Minister for Railways Hanif Abbasi, Federal Minister for Maritime Affairs Junaid Anwar, Governor State Bank of Pakistan Jameel Ahmad, and Finance Secretary Imdad Ullah Bosal.

PM Shehbaz welcomed the establishment of the second digital bank in Pakistan — Mashreq Digital Bank. He said the United Arab Emirates has always desired Pakistan’s economic and social progress, and UAE businesspeople have a significant role in strengthening the relations between the two countries.

Finance Minister Aurangzeb said that the government, under the leadership of PM Shehbaz, is striving for economic stability. He noted that international rating agencies have confirmed Pakistan’s improved economic performance, which proves that the economy is heading in the right direction.

Chairman of Mashreq Bank Abdulaziz Al Ghurair said that the bank is starting its financial journey in Pakistan and is proud to be part of the government’s efforts for reforms, economic development, and foreign investment.

Mashreq Bank CEO Mohammad Humayun Sajjad noted that digital payments in Pakistan have increased by 30% in the last year, and the youth are the digital future of the financial sector. At the end of the ceremony, PM Shehbaz and Ghurair officially inaugurated the bank in Pakistan.