PM launches Mashreq Bank’s digital operations in Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday inaugurated Mashreq Digital Bank, hailing the UAE-based lender’s entry into the market as a milestone in the country’s ongoing push to modernise its financial infrastructure and pivot toward a fully digital economy.

Speaking at the inauguration ceremony, Sharif lauded the launch of Mashreq’s digital retail operations in Pakistan, describing the bank’s presence as a timely step toward reducing reliance on cash and enhancing transparency across the financial system.

“Digitalisation is the need of the hour,” the premier said, underlining his administration’s commitment to fostering a paperless, tech-driven economy. “To strengthen the economy and reduce human intervention, digital banking is essential.”

Mashreq becomes Pakistan’s second officially licensed digital bank, following the State Bank of Pakistan’s regulatory reforms aimed at expanding digital financial services.

Sharif praised the UAE’s longstanding support for Pakistan’s development, noting that Emirati investors have played a critical role in bolstering bilateral economic ties.

He emphasised the strategic value of the country’s youthful population, calling it the country’s “greatest asset and opportunity” in the transition to a digital future.

He added that the launch of digital banks would support growth in key sectors such as agriculture, industry, and commerce.

“Mashreq is a major financial institution,” Sharif said. “Its entry into Pakistan’s digital banking landscape will significantly improve the accessibility and efficiency of financial services for the public.”

Also speaking at the event, Finance Minister Muhammad Aurangzeb reaffirmed the government’s focus on macroeconomic stability and structural reform.

“Under the leadership of Prime Minister Sharif, we are committed to a stable and transparent economic environment,” Aurangzeb said.

He highlighted the importance of remittances to the national economy and pointed to recent upgrades from international credit rating agencies as signs of renewed investor confidence.

“This is just the beginning […] we aim to go further,” he said, citing upcoming reforms in energy, state-owned enterprises, and the financial sector.

Copyright Business Recorder, 2025