Mashreq launches full-service digital retail bank in Pakistan

Cairo, Egypt, 16 September 2025:

«Mashreq», one of the leading financial institutions in the MENA region, officially launched its full services digital retail bank in Pakistan under the name «Mashreq Bank Pakistan». The event was attended by His Excellency Prime Minister Muhammad Shehbaz Sharif in Islamabad. Importantly, this launch represents the first full-scale international deployment of «Mashreq»’s award-winning digital banking platform outside the UAE. Consequently, it marks a major milestone for digital banking in Pakistan.

High-Level Attendance and Government Support

The event featured senior government and regulatory officials including Senator Muhammad Aurangzeb, Minister of Finance & Revenue, Jameel Ahmad, Governor of the State Bank of Pakistan, and Mr. Mohammad Sultan Al-Kaitoob, Head of Economic, Political and Media Affairs at the UAE Embassy in Pakistan. Additionally, Mashreq’s global leadership team attended, led by Chairman His Excellency Abdul Aziz Al Ghurair and Group CEO Ahmed Abdelaal. Moreover, their presence highlighted strong bilateral support.

Mashreq’s Vision for Digital Banking in Pakistan

«Mashreq Bank Pakistan» aims to deliver comprehensive Shariah-compliant digital banking solutions. The operations will use advanced technology and provide a seamless customer experience. Furthermore, the bank is committed to responsible banking. Over the next 5-10 years, it plans to drive digital transformation, financial inclusion, innovation, job creation, and sustainable development in Pakistan. Therefore, Mashreq expects significant impact on the sector.

Leadership Highlights Long-Term Partnership

Abdul Aziz Al Ghurair, Chairman of «Mashreq», said, “Pakistan remains a natural partner for the UAE, linked by trade, remittances, and regional stability. Building on our longstanding relationship since 1978, we start a new chapter based on trust and long-term cooperation. Pakistan’s future is promising, and we are here to support it.”

Ahmed Abdelaal, Group CEO of «Mashreq», added, “Pakistan holds strategic importance due to its progressive digital banking regulations, technology adoption, dynamic youth population, and strong cultural and economic ties. Consequently, launching a full services digital bank demonstrates our commitment to long-term investment, innovation, and inclusive growth.”

Innovative Products and Services

The bank will offer products tailored to individuals and SMEs, including Mashreq NEO for personal banking and Mashreq NEOBiz for businesses. This ensures a 24/7, paperless, mobile-first experience. Benefits include zero-fee ATM withdrawals, free debit cards, AI-driven risk management, and seamless account access for Overseas Pakistanis. Therefore, cross-border financial connectivity will improve. In addition, customers will enjoy enhanced convenience and security.

Driving Digital Innovation and Talent Development

«Mashreq» has committed USD 100 million to support operations in Pakistan, including the Mashreq Global Network (MGN). MGN Pakistan employs over 415 professionals in technology, compliance, credit, HR, and customer experience, primarily working remotely. Over time, the bank plans to double its workforce, reinforcing Pakistan as a hub for scalable digital innovation. Furthermore, this approach promotes local talent development.

Executive Statements

Fernando Morillo, Group Head of Retail Banking and Chairman of «Mashreq Bank Pakistan», said, “Pakistan is our first international market for a full-service digital bank. Our aim is to connect individuals, SMEs, and overseas Pakistanis to financial opportunities seamlessly.”

Muhammad Hamayun Sajjad, CEO of «Mashreq Bank Pakistan», stated, “We are proud to provide world-class digital banking solutions, create local talent opportunities, and support Pakistan’s fintech ecosystem.”

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