Mashreq, one of the leading financial institutions in the Middle East and North Africa (MENA), has acquired a Digital Banking license, under the Digital Regulatory Framework issued by the State Bank of Pakistan (SBP).
Mashreq intends to bring its digital expertise to Pakistan and further the interests of the SBP in the digital arena. With the commencement of digital banking operations, Mashreq will usher in a team of bankers and engineers with multicultural experience as well as its proven Neo banking capabilities and world-class technology to address the evolving customers’ needs in Pakistan.
Mashreq Bank has always considered Pakistan to be an attractive financial destination owing to the unprecedented growth and turnaround of the country’s banking sector in recent years. Moreover, Mashreq’s excellence in the realm of cybersecurity and compliance is well known as it establishes a robust technological infrastructure and compliance strategy coupled with accomplished technical expertise and an effective risk management culture for each geography into which it expands.
Ahmed Abdelaal Group CEO Mashreq Bank
“Our ingress into Pakistan’s banking sector with digital banking solutions is indeed a seminal moment in Mashreq’s strategic expansion plans. I strongly believe we can capitalize on Pakistan’s existing robust financial infrastructure to greatly enhance the banking experience by delivering customer-centric solutions through our products and services. 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.”
Mashreq’s comprehensive suite of digital banking products like Mashreq Neo, NeoPay and NeoBiz firmly position it to become one of the most progressive banks in the country.
Pakistan has the third largest unbanked adult population globally with about 100 million adults without a bank account and 82 percent of women without any access to financial services. According to the World Bank, 63 percent of the population of the country comprises youth aged 15 and 33 years of age making it an important market for Mashreq.
Additionally, Mashreq has plans to invest in rural infrastructure, including microfinance institutions. These initiatives will help in increasing access to financial services for underserved populations and promoting economic growth through increased lending activity. Thus, by addressing the distinctive needs of its customers in Pakistan, Mashreq will lay the roadmap for all banking operations entering the country’s financial landscape for years to come.
