Dubai-based lender Mashreq has announced the commercial launch its digital retail bank in Pakistan.
This is the first time Mashreq’s digital banking platform has been deployed outside the UAE.
The new Pakistani entity, Mashreq Bank Pakistan, will operate as a Shariah-compliant digital bank, providing mobile-first services.
Products announced include Mashreq NEO for personal customers and Mashreq NEOBiz for small and medium-sized enterprises, offering round-the-clock, paperless services.
Mashreq said that customers will be able to complete onboarding digitally, and access fee-free ATM withdrawals.
Customers will also receive debit cards at no charge and benefit from AI-powered risk controls.
Additionally, the bank plans to facilitate account opening and remittances for Pakistanis living in the UAE.
Mashreq chairman Abdul Aziz Al Ghurair said: “For the UAE, Pakistan remains a natural partner – linked through trade, remittances, and shared regional stability objectives.
“Building on Mashreq’s own longstanding relationship with Pakistan — dating back to the establishment of our representative office in Karachi in 1978, we start a new chapter in our journey, grounded in trust, shaped by regional aspirations, and backed by long-term cooperation.
“Pakistan is a story of resilience and sustained ambition and we’re here because the future is promising, and we want to help build it.”
Mashreq has outlined objectives related to widening access to financial services, supporting digital adoption, creating jobs and encouraging “innovation” over the next five to ten years.
A funding pledge of $100m by 2025 will cover the Pakistan retail bank and Mashreq’s Global Capability Centre, Mashreq Global Network (MGN).
MGN Pakistan currently employs over 415 people in areas such as technology, compliance, credit, human resources and customer service, largely working remotely.
Plans are on to double the centre’s headcount eventually.
Mashreq Group CEO Ahmed Abdelaal said: “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.
“These fundamentals resonate deeply with our values and vision for inclusive, technology and innovation-led banking. The launch of our full services digital retail bank reflects our deep belief in the country’s digital future and a strong commitment to long-term investment, financial innovation, and inclusive growth.
“And as we expand globally, Pakistan stands out as a key pillar in our vision to build a digitally empowered, interconnected global financial ecosystem.”
