Mashreq’s digital retail bank in Pakistan makes commercial launch

Core Insights - Mashreq has launched its digital retail bank in Pakistan, marking its first deployment outside the UAE [1] - The new entity, Mashreq Bank Pakistan, will operate as a Shariah-compliant digital bank, focusing on mobile-first services [1] Group 1: Product Offerings - Products include Mashreq NEO for personal customers and Mashreq NEOBiz for small and medium-sized enterprises, providing round-the-clock, paperless services [1] - Customers can complete onboarding digitally, access fee-free ATM withdrawals, and receive debit cards at no charge [2] Group 2: Strategic Objectives - Mashreq aims to widen access to financial services, support digital adoption, create jobs, and encourage innovation over the next five to ten years [3] - A funding pledge of $100 million by 2025 will support the Pakistan retail bank and Mashreq's Global Capability Centre [4] Group 3: Employment and Operations - Mashreq Global Network (MGN) Pakistan currently employs over 415 people in various sectors, with plans to double the headcount [4] - The bank's operations will facilitate account opening and remittances for Pakistanis living in the UAE [2] Group 4: Strategic Importance - Pakistan is viewed as a strategic partner for Mashreq due to its progressive regulatory framework for digital banking and strong cultural and economic ties [5] - The launch reflects Mashreq's commitment to long-term investment, financial innovation, and inclusive growth in Pakistan [6]