PM Shehbaz Inaugurates Mashreq Digital Retail Bank in Pakistan

Prime Minister Shehbaz Sharif said Tuesday that the launch of Mashreq Digital Retail Bank will serve as a milestone in modernizing Pakistan’s economy and promoting a cashless business environment. Speaking at the inauguration ceremony in Islamabad, the prime minister termed digitalization the need of the hour, stressing that a paperless system with reduced human involvement is essential for transparency and sustainable economic growth. He highlighted that youth, who make up the majority of the country’s population, are Pakistan’s greatest asset and opportunity. The event was also graced by key state and regulatory dignitaries including Senator Muhammad Aurangzeb, Minister of Finance & Revenue, Jameel Ahmad, Governor, State Bank of Pakistan, Mr. Mohammad Sultan Al-Kaitoob, Head of the Economic, Political and Media Affairs in the Embassy of UAE in Pakistan, among others. The event was attended by Mashreq’s global leadership team, led by Chairman, His Excellency Abdul Aziz Al Ghurair and Group Chief Executive Officer, Ahmed Abdelaal. Mashreq Bank Pakistan aims to offer unparalleled digital banking solutions, built to be fully Shariah compliant. The operations will be powered by state-of-the-art technology, seamless customer experience and a strong commitment to responsible banking. Over the next 5-10 years, Mashreq aims to play a transformative role in the Pakistani banking sector, driving digital transformation, financial inclusion, fostering innovation and job creation, and promoting sustainable development. Shehbaz Sharif welcomed the establishment of Pakistan’s second digital bank, noting the important role of the United Arab Emirates in strengthening bilateral ties and supporting Pakistan’s economic and social development. He expressed confidence that Mashreq Bank’s entry would help improve financial services and support business, agriculture, and industrial sectors. Finance Minister Muhammad Aurangzeb said the government, under Shehbaz Sharif’s leadership, is working to ensure economic stability, strengthen remittances as the country’s “lifeline,” and implement administrative reforms across energy, banking, and state-owned enterprises. He added that international rating agencies have recognized Pakistan’s improved performance, showing the economy is moving in the right direction. His Excellency Abdul Aziz Al Ghurair, Chairman of Mashreq, said, “For the UAE, Pakistan remains a natural partner – linked through trade, remittances, and shared regional stability objectives. Building on Mashreq’s own longstanding relationship with Pakistan — dating back to the establishment of our representative office in Karachi in 1978, we start a new chapter in our journey, grounded in trust, shaped by regional aspirations, and backed by long-term cooperation. Pakistan is a story of resilience and sustained ambition and we’re here because the future is promising, and we want to help build it.” He added that Pakistan was chosen for the launch of the bank’s first fully digital operation because of its strategic location and potential to become a digital economic hub. He praised the State Bank’s digital regulatory framework and said Mashreq will not only establish a digital bank but also actively contribute to its growth journey. Ahmed Abdelaal, Group Chief Executive Officer of Mashreq, said, “Pakistan holds strategic significance for Mashreq, underpinned by its progressive regulatory framework for digital banking, growing technology adoption, dynamic youth population, and the strong cultural and economic ties that link our nations. These fundamentals resonate deeply with our values and vision for inclusive, technology and innovation-led banking. The launch of our full services digital retail bank reflects our deep belief in the country’s digital future and a strong commitment to long-term investment, financial innovation, and inclusive growth. And as we expand globally, Pakistan stands out as a key pillar in our vision to build a digitally empowered, interconnected global financial ecosystem.” Mashreq aims to introduce its key propositions tailored for Pakistanis which will include Mashreq NEO for individuals and Mashreq NEOBiz for SMEs, delivering a 24/7, paperless, and mobile-first banking experience. Customers will benefit from seamless onboarding, zero-fee ATM withdrawals, AI-driven risk controls, free debit cards, setting new benchmarks for digital banking in Pakistan. Mashreq will also enable Overseas Pakistanis in the UAE to open bank accounts in Pakistan and remit funds seamlessly, further strengthening cross-border connectivity. Through its operations, Mashreq aims to accelerate the country’s transition to a digitally inclusive, globally connected financial ecosystem. Fernando Morillo, Group Head of Retail Banking at Mashreq & Chairman, Mashreq Bank Pakistan, said: “Pakistan marks the first international market where we are deploying Mashreq’s full-service digital retail bank — underscoring our strategy to transform how individuals and businesses experience banking in high-growth economies. Our vision is to go beyond digital convenience and create an ecosystem where consumers, SMEs, and overseas Pakistanis are seamlessly connected to financial opportunities. By embedding our global expertise in retail innovation with local needs, we aim to redefine the standards of inclusion, transparency, and accessibility — positioning Pakistan at the forefront of the region’s digital financial transformation.” Muhammad Hamayun Sajjad, Chief Executive Officer of Mashreq Bank Pakistan, said, “This is a proud moment for all of us. Our goal is to bring world-class digital banking solutions tailored for Pakistan’s evolving needs, while creating opportunities for local talent and contributing to the country’s fintech ecosystem. With the support of the Government of Pakistan, the State Bank of Pakistan and our incredible team, we are excited to help shape the future of banking in Pakistan.” He noted that digital payments in Pakistan grew 30% last year, calling youth the future of the financial sector. He said State Bank’s efforts to expand digital banking and strengthen cybersecurity were commendable. At the ceremony, Prime Minister Shehbaz Sharif and Abdulaziz Al Ghurair formally inaugurated Mashreq Digital Retail Bank in Pakistan.