Mashreq forays into Pakistan to drive digital banking operations

By Gloria Mathias

Mashreq, a financial institution in the MENA region, has announced its successful incorporation in Pakistan.

This marks a milestone in the firm’s strategic expansion and underlines its commitment to driving digitization and financial inclusion in high-growth markets.

Fernando Morillo, Group Head of Retail Banking at Mashreq said, “Our foray into Pakistan is a pivotal moment for Mashreq, marking a new chapter in our strategic expansion. We eagerly anticipate the opportunities to collaborate with local stakeholders and contribute towards a robust digital ecosystem that will transform the country’s financial landscape. We are committed to playing a vital role in the country’s digitization efforts and financial development, particularly in SME, payments, and inclusion sectors.”

To mark this significant occasion, a high-level Mashreq delegation, including senior executive committee members, visited Pakistan to strengthen ties and consider collaboration to recognize this momentous milestone along with our independent board members Syed Naseer Hassan and Rashid Khan.

“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,” added Morillo.

Currently, Mashreq has a Centre of Excellence (CoE) in Pakistan to deliver a portfolio of innovative products. Leveraging its incorporation in Pakistan, the company aims to lay the foundation for a partnership that will benefit consumers, businesses, and the economy alike.

The platform is committed to fostering the country’s growth by harnessing local talent and expertise. Through cultivating a digital ecosystem supported by robust infrastructure and institutional frameworks, Mashreq aims to propel Pakistan towards a future of digital innovation and financial inclusivity. It has pioneered key innovations and developments in banking, starting with entry-level digital-first customers all the way to powering some of the region’s most prominent corporations and wealth accounts.