The State Bank of Pakistan (SBP) issued Mashreq a restricted licence to support financial inclusion. Credit: Piotr Swat/Shutterstock.

Mashreq Pakistan, a division of the financial institution Mashreq, has commenced pilot operations as a digital retail bank in Pakistan.

The State Bank of Pakistan (SBP) granted Mashreq a restricted licence, a step towards increasing financial inclusion in the country.

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The bank’s objective is to introduce a digital banking model that incorporates top-tier Islamic Banking solutions.

Mashreq Pakistan directors board chairman and Mashreq retail banking group head Fernando Morillo said: “The speedy approval from SBP to commence pilot operations has reinforced our commitment to enable greater financial accessibility for all, particularly the underserved and unbanked communities.

“With Pakistan’s growing digital ecosystem and its youthful, tech-savvy population, the opportunity to drive transformation is incredibly exciting.”

Over the next five years, Mashreq aims to expand its retail customer base by offering advanced personal and business banking solutions.

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Since starting operations in 2023, Mashreq Pakistan received in-principal approval (IPA) for its digital and Islamic banking offerings and submitted an operational readiness report to the SBP on time.

Mashreq Pakistan CEO Muhammad Hamayun Sajjad said: “Our focus on innovation and agility enables us to adapt quickly to market needs and provide tailored solutions that empower women, youth, and small businesses.

“As we grow alongside Pakistan, we remain committed to fostering financial inclusion and acting as a catalyst in the country’s economic progress.”

Mashreq’s expansion into Pakistan is in line with its ‘Rise Every Day’ philosophy, which focuses on growth. Mashreq has a presence in 14 countries across the globe.

In August last year, Mashreq introduced the International Bank Account Number (IBAN) Validation API, designed specifically for its business and corporate clients.