Mashreq Pakistan secures SBP licence to begin digital banking pilot operations
Mashreq Pakistan, a subsidiary of the UAE’s Mashreq Bank, has been granted a restricted licence by the State Bank of Pakistan (SBP) to begin pilot operations as a digital retail bank in the country.
UAE-based Mashreq now operates in 14 countries
The move follows the SBP’s issuance of five no objection certificates (NOC) in January 2023, permitting Mashreq and four other applicants to establish digital banks in Pakistan.
Mashreq, which now operates in 14 countries, says it aims to launch a digital banking model with Islamic banking solutions designed “to meet the demands of Pakistan’s growing population”.
The bank adds that it plans to “onboard millions of retail customers catering to all their personal and business needs” over the next five years.
Fernando Morillo, Chairman of the Board of Directors of Mashreq Pakistan and Group Head of Retail Banking at Mashreq, says: “The speedy approval from SBP to commence pilot operations has reinforced our commitment to enable greater financial accessibility for all, particularly the underserved and unbanked communities.”
In 2024, Mashreq announced its plan to roll out a suite of Oracle FS solutions across its international operations.
