Mashreq, one of the leading financial institutions in the Middle East and North Africa (MENA), announced today that it has acquired a Digital Banking license under the Digital Regulatory Framework issued by the State Bank of Pakistan (SBP).
Mashreq aims to bring its digital expertise to Pakistan and further the interests of the SBP in the digital arena. With the launch of digital banking operations, Mashreq will be introducing a team of bankers and engineers with multicultural experience as well as its proven Neo banking capabilities and world-class technology to address the evolving needs of customers in Pakistan.
Mashreq has over five decades of expertise and is one of MENA’s best-performing banks with an expanding presence in Europe, Asia, and the US. The bank has always considered Pakistan to be an attractive financial destination due to the country’s banking sector’s recent growth and turnaround. Mashreq is also known for its excellence in cybersecurity and compliance, which is established through a robust technological infrastructure and compliance strategy, combined with accomplished technical expertise and an effective risk management culture for each geography it expands into.
Mashreq’s comprehensive suite of digital banking products, such as Mashreq Neo, NeoPay, and NeoBiz, positions the bank to become one of the most progressive in the country. Pakistan has the third-largest unbanked adult population globally, with about 100 million adults without a bank account and 82% of women without access to financial services. According to the World Bank, 63% of the country’s population comprises youth aged 15 to 33 years, making it an important market for Mashreq.
With financial inclusion and customer convenience at the center, Mashreq plans to bring its premium offerings to provide innovative possibilities and empower customers in rural areas and underserved markets. The bank plans to contribute to economic activity by increasing lending to small businesses and providing consumer loans to low-income households, especially women entrepreneurs and the youth. Additionally, Mashreq has plans to invest in rural infrastructure, including microfinance institutions. These initiatives will help increase access to financial services for underserved populations and promote economic growth through increased lending activity. Thus, by addressing the distinctive needs of its customers in Pakistan, Mashreq will set the standard for all banking operations entering the country’s financial landscape for years to come.
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