APP
ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif has formally inaugurated Mashreq Digital Retail Bank, marking a significant transition toward transforming the country’s banking landscape into a modern, paperless, and digital economy initiative.
Addressing the launching ceremony, the Prime Minister applauded Chairman Mashreq Bank for successfully bringing the United Arab Emirates-based digital banking platform to the country. He praised the Ghurair family for its instrumental role in strengthening economic ties between Pakistan and the UAE.
“The beginning of Mashreq Digital Bank in Pakistan is a major development that would promote a cashless, digital transaction culture in the country. Our youth, which is both a challenge and an opportunity, would benefit largely from this innovation,” the prime minister asserted.
PM Shehbaz assured the government’s full support for the venture, stating that key economic sectors, including banking, agriculture, and investment, required a digital shift for sustainable development.
He emphasised the need for Pakistan to adopt modern tools to overhaul its conventional economic system. “We must speed up our transformation to a digital financial procedure, which will not only boost efficiency but also broaden financial inclusion across the country,” he added.
Finance Minister Senator Muhammad Aurangzeb was also present on the occasion. He expressed the hope that Mashreq Bank would bring strength, innovation, and inclusivity to the country’s financial ecosystem.
He stated that recent macroeconomic improvements were being recognised by international credit rating agencies and stressed the importance of maintaining policy consistency to ensure long-term stability.
Muhammad Aurangzeb asserted that the new digital bank would contribute significantly to documenting the informal economy by bringing millions of cash-dependent citizens into the formal financial sector in Pakistan.
Chairman Mashreq Abdul Aziz Al Ghurair lauded the PM Shehbaz leadership, emphasising, “Under his guidance, Pakistan’s economy has stabilised and is progressing toward inclusive growth. His vision grants us the confidence to bring investment in Pakistan’s digital banking sector.”
He further said that Pakistan was turning into a digital economic powerhouse in South Asia.
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CEO of Mashreq Pakistan, Muhammad Hamayun Sajjad, stated that digital transaction volumes in Pakistan had surged by 35%, yet a big portion of the population remained unbanked. He revealed that Mashreq’s goal was to onboard 10 million new users into the digital banking system in the near future.
Minister for Planning and Development Ahsan Iqbal, Petroleum Minister Ali Pervez, Minister of Railways Hanif Abbasi, Minister for Maritime Affairs Junaid Anwar, and Governor State Bank of Pakistan Jameel Ahmad were also present on the occasion.
