Mashreq of the UAE plans to launch digital banking services in Pakistan

The bank wants to promote the financial expansion of SMEs.

According to a statement released on Monday, the UAE-based Mashreq has finished the process of becoming incorporated in Pakistan and will shortly start conducting digital banking operations.

According to Fernando Morillo, Group Head of Retail Banking at Mashreq, the bank is dedicated to playing a significant part in Pakistan’s digitalization initiatives and financial development, particularly in the fields of small and medium-sized enterprises (SME), payments, and inclusion.

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One of the oldest banking establishments in the Middle East and the oldest privately held bank in the United Arab Emirates is Mashreq. Once established in 1967 as the Bank of Oman, it currently provides online banking and e-commerce.

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With corporate banking operations in Bahrain, Qatar, Kuwait, and India, retail and corporate banking in Egypt, and foreign exchange operations in Bangladesh, Pakistan, and Nepal, Mashreq boasts 16 abroad offices spread over 13 countries. Additionally, full-service branches are located in Hong Kong, London, and New York.

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