Mastercard to support Mashreq’s digital bank launch in Pakistan
UAE-based banking group Mashreq has teamed up with payments giant Mastercard to support its planned digital bank launch in Pakistan.
Mashreq partners Mastercard to support Pakistan digital bank launch
The multi-year strategic partnership will aim to introduce a range of digital offerings to Pakistani consumers and businesses, with a focus on card products within the consumer, high-net-worth, and business market sectors.
The collaboration announcement comes two months after Mashreq Pakistan secured a restricted licence from the State Bank of Pakistan (SBP) enabling it to begin pilot operations as a digital retail bank in the country.
The bank said at the time that its Pakistan business aims to “onboard millions of retail customers catering to all their personal and business needs” over the next five years.
With its entry into Pakistan, Mashreq now operates in 14 countries.
In 2023, Mashreq also partnered with rival payments heavyweight Visa, alongside climate engagement fintech Ecolytiq, to develop a climate banking platform which leverages transaction data to generate carbon footprint analytics.
