Mashreq gets permission from SBP to start pilot operations

KARACHI: Mashreq Pakistan has received a restricted licence from the State Bank of Pakistan (SBP) to commence pilot operations as a digital retail bank in the country, a statement said on Thursday.

Mashreq, a part of a leading financial institution in the Middle East and North Africa (MENA) region, has become the first to launch pilot operations as a digital retail bank in Pakistan. “This milestone highlights Mashreq’s commitment to driving financial inclusion and delivering innovative digital banking solutions tailored to the country’s evolving needs,” the bank said in a statement.

As a global pioneer in digital banking, Mashreq aims to launch a digital banking model with best-in-class Islamic banking solutions that set new standards for financial services in Pakistan. Over the next five years, the bank plans to onboard millions of retail customers catering to all their personal and business needs through advanced solutions designed to meet the demands of Pakistan’s growing population. This approval underscores Mashreq’s dedication to fostering financial accessibility while contributing to the nation’s economic progress.

Since incorporating its operations in 2023, Mashreq Pakistan has achieved key milestones, including in-principal approval for its digital banking and Islamic banking solutions and submission of an operational readiness report to the SBP within the timeframe. The bank has built a robust operational framework, made strategic technology investments and hired the country’s top-tier talent.

Fernando Morillo, chairperson of the Board of Directors of Mashreq Pakistan & Group Head of Retail Banking at Mashreq, expressed his enthusiasm about this milestone, saying, “As a global leader in digital banking innovation, we are thrilled to bring Mashreq’s cutting-edge solutions to Pakistan and work alongside the SBP to further its financial inclusion goals. The speedy approval from the SBP to commence pilot operations has reinforced our commitment to enable greater financial accessibility for all, particularly the underserved and unbanked communities. With Pakistan’s growing digital ecosystem and its youthful, tech-savvy population, the opportunity to drive transformation is incredibly exciting.”

Muhammad Hamayun Sajjad, CEO of Mashreq Pakistan, added, “At Mashreq, our ‘Bank for All’ philosophy drives everything we do, ensuring that all Pakistanis have access to essential financial services. Our focus on innovation and agility enables us to adapt quickly to market needs and provide tailored solutions that empower women, youth, and small businesses. As we grow alongside Pakistan, we remain committed to fostering financial inclusion and acting as a catalyst in the country’s economic progress.”