UAE’s Mashreq launches digital banking operations in Pakistan

KARACHI: Mashreq, a leading financial institution in the MENA region, on Monday announced its “successful incorporation” in Pakistan, marking what it called a “significant milestone” in its strategic expansion and underlining its commitment to drive digitization and financial inclusion in high growth markets, Arab News reported.

The announcement came after a high-level Mashreq delegation, including senior members of the executive committee visited Pakistan, along with independent board members Syed Naseer Hassan and Rashid Khan.

“We eagerly anticipate the opportunities to collaborate with local stakeholders and contribute toward a robust digital ecosystem that will transform the country’s financial landscape,” Fernando Morillo, Group Head of Retail Banking at Mashreq, said.

“We are committed to playing a vital role in the country’s digitization efforts and financial development, particularly in the sectors of SME, payments, and inclusion. The bank’s tech-ready infrastructure, coupled with its digital DNA, will be leveraged to empower customers in the market, meet their evolving needs, deliver seamless banking experiences and support the country’s vision of a financially inclusive, digitally led economy.”

Mashreq currently has a Center of Excellence (CoE) in Pakistan to deliver a portfolio of innovative products.

“Leveraging its successful incorporation in Pakistan, Mashreq is confident

that its entry into the country will lay the foundation for a fruitful partnership that will benefit consumers, businesses, and the economy alike,” the company said.

Mashreq is the oldest privately owned bank in the United Arab Emirates and one of the oldest banking institutions in the Middle East.

Founded as the Bank of Oman in 1967, it now offers online banking and ecommerce. Mashreq has 16 overseas offices in 13 countries, with corporate banking businesses in Bahrain, Qatar, Kuwait and India, as well as corporate and retail banking in Egypt and foreign exchange businesses in Bangladesh, Pakistan and Nepal.

There are also full-service branches in New York, London and Hong Kong. Mashreq also provides conventional and Islamic personal and investment banking and asset management services.