ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Tuesday formally inaugurated Mashreq Digital Retail Bank in Pakistan, marking a significant step toward transforming the country’s banking landscape into a modern, paperless, and digital economy.
Speaking at the launching ceremony, the prime minister congratulated Chairman Mashreq Bank, Abdul Aziz Al Ghurair, for successfully bringing the UAE-based digital banking platform to Pakistan. He praised the Ghurair family for its instrumental role in strengthening economic ties between Pakistan and the United Arab Emirates.
PM launches Mashreq Digital Bank in Pakistan, hails it a milestone for digital economy
“The launch of Mashreq Digital Bank is a major development that will promote a cashless, digital transaction culture in Pakistan. Our youth, which is both a challenge and an opportunity, will benefit greatly from this innovation,” the prime minister said.
He assured full government support to the venture, stating that key economic sectors including banking, agriculture, and investment required digital transformation for sustainable development.
He emphasized the need for the country to adopt modern tools to overhaul its conventional economic system. “We must speed up our transition to a digital economy, which will not only enhance efficiency but also broaden financial inclusion across the country,” he said.
Finance Minister Senator Muhammad Aurangzeb expressed the hope that Mashreq Bank will bring strength, innovation, and inclusivity to Pakistan’s financial ecosystem.
He noted that recent macroeconomic improvements were being recognized by international credit rating agencies and stressed the importance of maintaining policy consistency to ensure long-term stability.
Muhammad Aurangzeb highlighted that the new digital bank would contribute significantly to documenting the informal economy by bringing millions of unbanked citizens into the formal financial sector.
Chairman Mashreq Abdul Aziz Al Ghurair praised the prime minister’s leadership, stating, “Under his guidance, Pakistan’s economy has stabilized and is moving toward inclusive growth. His vision gave us the confidence to invest in Pakistan’s digital banking sector.”
He added that Pakistan was emerging as a digital economic powerhouse in South Asia.
CEO of Mashreq Pakistan, Muhammad Hamayun Sajjad, revealed that digital transaction volumes in Pakistan had surged by 35%, yet a significant portion of the population remained unbanked. He announced that Mashreq’s goal was to onboard 10 million new users into the digital banking system.
Minister for Planning and Development Ahsan Iqbal, Petroleum Minister Ali Pervez Malik, Railway Minister Hanif Abbasi, Minister for Maritime Affairs Junaid Anwar, and Governor State Bank of Pakistan Jameel Ahmad were also present on the occasion.
