Mashreq, a leading financial institution, has obtained a digital banking license under the digital regulatory framework issued by the State Bank of Pakistan (SBP).
Mashreq’s aim is to bring their digital expertise to Pakistan and promote SBP’s interests in the digital sphere. With the commencement of digital banking operations, Mashreq will welcome a team of bankers and engineers with multicultural experience, along with proven Neo Banking capabilities and world-class technology to meet Pakistan’s changing client needs .
With over five years of expertise, Mashreq is one of the top performing banks in the Middle East and North Africa, with an expanding presence in Europe, Asia and the US. Mashreq has long viewed Pakistan as an attractive financial destination due to the unprecedented growth and turnaround of the country’s banking sector in recent years. Additionally, Mashreq’s excellence in cybersecurity and compliance is well known as it has built a strong technical infrastructure and compliance strategy, established technical expertise and effective risk exposure in every region it expands into management culture.
Ahmed Abdelaal, CEO of Mashreq Group, said: “Our entry into the banking industry in Pakistan with digital banking solutions is indeed a seminal moment in Mashreq’s strategic expansion plan. I strongly believe that we can leverage Pakistan’s existing robust financial and services to provide customer-centric solutions that greatly enhance the banking experience.”
He further added: “Mashreq will prove to be a catalyst leading the development of digital finance and the wider digital economy in Pakistan by deploying truly transformative banking platforms and solutions. We would like to thank SBP for providing Mashreq with the most promising platform in the world. an opportunity to gain a foothold in one of our markets.”
Fernando Morillo, Head of Retail Banking Group, Mashreq, said: “We look forward to exploring a new chapter for Pakistan in our strategic expansion roadmap. I am confident that Mashreq’s vision is aligned with the country’s Digital Pakistan initiative. At Mashreq, we commend SBP for its Efforts to lay the groundwork to facilitate the digitization and overall transformation of the banking sector in the country.Through this strong synergy, we aim to create and deploy a digital ecosystem in the country through the infrastructure and institutional framework for the rapid provision of innovative digital services .”
“As for the country’s booming banking sector, Mashreq remains committed to delivering on its commitment to creating customer value and financial inclusion, backed by a digital banking license,” he added.
Mashreq’s comprehensive suite of digital banking products such as Mashreq Neo, NeoPay and NeoBiz make it one of the most advanced banks in the country.
Pakistan has the third largest unbanked adult population in the world, with approximately 100 million adults without bank accounts and 82% of women without access to any financial services. According to the World Bank, 63 percent of the country’s population is young adults between the ages of 15 and 33, making it an important market for Mashreq.
Centered on financial inclusion and customer convenience, Mashreq will launch its premium products to offer innovative possibilities and support customers in rural and underserved markets. Mashreq plans to boost economic activity by increasing lending to small businesses and providing consumer loans to low-income households, especially women entrepreneurs and youth.
In addition, Mashreq plans to invest in rural infrastructure, including microfinance institutions. These initiatives will help increase access to financial services for underserved populations and promote economic growth through increased lending activity. Thus, by catering to the unique needs of Pakistani clients, Mashreq will create a roadmap for all banking operations entering the country’s financial sector in the coming years. — trade arab news agency