Mashreq, a prominent financial institution with a strong presence in the Middle East and North Africa (MENA) region, has unveiled its successful establishment in Pakistan and is poised to embark on its digital banking journey within the nation. The announcement comes as one of the five banks that have been granted no objection certificates (NOCs) by the State Bank of Pakistan (SBP) to introduce digital banking services in the country.
In a statement released by the bank, the spotlight is on the commitment to spearhead digital transformation and foster financial inclusivity, particularly in emerging markets like Pakistan. With a strategic focus on sectors including Small and Medium-sized Enterprises (SMEs), payments, and financial inclusivity, Mashreq aims to harness its tech-savvy infrastructure and digital orientation to empower customers, cater to evolving needs, provide seamless banking experiences, and align with Pakistan’s vision of a digitally-led, comprehensive economy.
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The announcement follows a significant visit to Pakistan by a high-level delegation from Mashreq, comprising senior members of the executive committee alongside independent board members Syed Naseer Hassan and Rashid Khan.
Fernando Morillo, Group Head of Retail Banking at Mashreq, underscored the transformative phase that the bank’s entry into Pakistan represents. Morillo stated, “Our debut in Pakistan signifies a pivotal moment for Mashreq, heralding a fresh chapter in our strategic expansion. We are eager to collaborate with local stakeholders, contributing to the creation of a robust digital ecosystem that will reshape the financial landscape of the country.”
It’s noteworthy that Mashreq has already established a Center of Excellence (CoE) in Pakistan, dedicated to delivering an array of innovative products. With its existing footprint in the country, Mashreq envisions forging a mutually beneficial partnership that will usher in advantages for consumers, businesses, and the broader economy alike.