Skip to content Skip to Search
Skip navigation

UAE’s Mashreq obtains digital banking license in Pakistan

Office Building, Building, High Rise Creativer Commons
Mashreq plans to increase lending to small businesses and provide consumer loans to low-income households

UAE’s Mashreq has acquired a digital banking license under the digital regulatory framework issued by the State Bank of Pakistan (SBP), the bank said in a statement.

Ahmed Abdelaal, group CEO, Mashreq, said the move will act as a catalyst in leading the evolution of digital finance and the wider digital economy in Pakistan through the deployment of transformational banking platforms and solutions.  

Fernando Morillo, group head of retail bank, Mashreq, added that the bank aims to create and deploy a digital ecosystem in Pakistan with infrastructure and institutional frameworks for the rapid delivery of digital services.

Pakistan has the third largest unbanked adult population globally, with about 100 million adults without a bank account and 82 percent of women without any access to financial services. 

According to the World Bank, 63 percent of Pakistan’s population comprises youth aged 15 and 33, making it an important market for Mashreq. 

The UAE-based bank plans to increase lending to small businesses and provide consumer loans to low-income households, especially women entrepreneurs and youth. Mashreq also intends to invest in rural infrastructure, including microfinance institutions. 

The statement said these initiatives will help increase access to financial services for underserved populations and promote economic growth through increased lending activity.

Latest articles

An artist's impression of part of the Diriyah Square development

Diriyah Square planned for historic Riyadh district

A public space featuring 400 retail outlets and 100 restaurants and cafes is planned for the historic Riyadh district of Diriyah. Diriyah Square will be announced next week at the World Retail Congress in Paris and aims to attract a combination of international retail brands and local artisans.  Diriyah Gate Development Authority group CEO Jerry […]

Nature, Undersea cables account for as much as 90 percent of Europe-Asia telecommunications, Water

Iraq and Kuwait team up for European telecom corridor

Iraq’s Informatics and Telecommunication Public Company, a division of the Ministry of Communications, has signed an agreement with Kuwait’s Zajil Telecom to create a telecommunications corridor from the Gulf region to Europe, transiting through Iraq and Turkey. The new route will pass through Iraqi sea and land ports. Iraq’s minister of communications Hayam Al-Yasiri said […]

Passengers at Beijing Capital International Airport. Air China will fly from the airport to Riyadh three times a week.

Third Chinese airline to launch flights to Saudi Arabia

Air China is set to begin flights to Riyadh in May, becoming the third Chinese airline to establish a route to Saudi Arabia. It joins China Southern and Eastern Airlines in connecting China with the kingdom.  Air China’s Airbus A330-300 will serve the Beijing-Riyadh route three times a week. The expansion in capacity between the […]

Highway traffic in California. Opec said the upcoming 'driving season' in the US will provide the usual additional demand for fuel

Opec stands by predictions for oil demand growth

Opec predicts robust fuel use this summer and has stuck to last month’s forecast of relatively strong growth in oil demand in 2024 and 2025. The oil producers’ organisation predicted in its monthly report that global demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. […]