Our friends at Mashreq have rolled out commercial operations for its full services digital retail bank in Pakistan, marking the bank’s first full-scale international deployment of the platform outside the UAE, according to a press release. The lender had so far been operating on a pilot basis since the start of the year, under a restricted license from State Bank of Pakistan.

In the pipeline: Mashreq has pledged USD 100 mn to build out its Pakistan operations by 2025 and is also looking to double its workforce by investing in local talent though Mashreq Global Network Pakistan.

To be rolled out: Mashreq Bank Pakistan will provide Mashreq Neo services for retail customers and Mashreq NEOBiz for SMEs. Both are fully digital, mobile-first, and paperless, offering features such as instant onboarding, debit cards, 24/7 customer access, and zero-fee ATM withdrawals. Pakistani nationals living abroad will also be able to open accounts and send remittances.

It’s a good time to be in Pakistan: “Pakistan holds strategic significance for Mashreq, underpinned by its progressive regulatory framework for digital banking, growing technology adoption, dynamic youth population, and the strong cultural and economic ties that link our nations,” Mashreq CEO Ahmed Abdelaal said. The country’s digital banking offerings are still at a nascent stage, despite strong digital penetration and its booming remittance market.

We spoke with Mashreq Pakistan CEOMuhammad Hamayun Sajjad earlier this yearabout Mashreq’s strategy and plans in Pakistan, as well as how it plans to navigate the shift to Islamic banking in the country and its target clients.

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