Mastercard backs Mashreq’s digital bank launch in Pakistan

By Gloria Methri

Mastercard has entered a strategic partnership with Mashreq to support its launch as a digital bank in Pakistan. The collaboration will focus on enhancing card portfolios across consumer, affluent, and business segments, strengthening Mashreq’s digital banking offerings in the region.

The State Bank of Pakistan (SBP) has awarded Mashreq Pakistan a restricted license for pilot operations as part of the government’s strategy to provide greater access to financial services to underserved consumer groups.

Combining Mashreq’s regional success with Mastercard’s global and Pakistan expertise, this collaboration will introduce innovative digital propositions to individuals and businesses in Pakistan, aiming to bolster the digital economy.

Muhammad Hamayun Sajjad, CEO for Mashreq Pakistan said, “This collaboration will enable us to offer unmatched efficiency, reliability, and security across card products for both consumers and businesses. Our ambition is to simplify payments through fast and secure transactions, redefine service delivery that empowers financial growth, and drive innovation that creates mutual value and financial empowerment. Together, we look forward to expanding the reach of digital payments, catalysing sustainable growth, and contributing meaningfully to Pakistan’s digital economy.”

Arslan Khan, Country Manager, Pakistan and Afghanistan, Mastercard, said, “At Mastercard, we are committed to harnessing the power of collaboration to develop the financial service ecosystem in Pakistan. We are proud to be Mashreq’s choice to aid with the launch of its digital bank in Pakistan, which offers leading digital propositions for customers and businesses alike. Our collaboration with a leader like Mashreq transforms the digital economy and broadens access to financial services while driving meaningful change for underserved communities in Pakistan.”