KEY POINTS
- PM Sharif says digitisation key to transparency and economic growth
- Mashreq Digital Bank opens as Pakistan’s second fully digital bank
- UAE leadership, investors reaffirm long-term commitment to Pakistan
- Finance Minister cites stability, ratings upgrades, and reform drive
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif on Tuesday inaugurated Mashreq Digital Retail Bank, calling its entry into the South Asian country’s financial sector a “milestone” for a cashless economy and modernising the banking system.
Speaking at the launch ceremony in Islamabad, the Prime Minister stressed that digitisation was the need of the hour. “Young people make up the largest segment of our population; they are our capital and our greatest opportunity,” Shehbaz said, according to APP.
PM Sharif added that strengthening the economy required making transactions paperless and reducing human interference to improve transparency.
UAE support and business ties
The Prime Minister highlighted that Mashreq Digital Bank, the country’s second fully digital bank, was a positive development reflecting Pakistan’s growing fintech ecosystem.
He noted that the United Arab Emirates has consistently supported Pakistan’s economic and social development, adding that UAE business leaders had played an important role in strengthening bilateral ties.
“Mashreq’s team is highly professional, and its presence here will bring new momentum to our financial sector,” he said.
Reform agenda and investor confidence
Finance Minister Muhammad Aurangzeb, addressing the ceremony, said that the government under PM Sharif’s leadership was pursuing economic stability through reforms in energy, banking, and state-owned enterprises.
He emphasised that remittances remained Pakistan’s “lifeline” and pointed out that international rating agencies had recently affirmed Pakistan’s improved economic performance.
“This is just a beginning — we have to move further ahead. Mashreq Digital Bank’s entry is a welcome addition to the financial system,” he said, as reported by Dawn.com.
UAE banking giant’s commitment
Mashreq Bank Chairman Abdul Aziz Al Ghurair said that the Group selected Pakistan for its first fully digital bank due to its strategic location and growing fintech environment.
“We are proud to begin our journey here under the leadership of Prime Minister Shehbaz Sharif, who is steering reforms, economic growth, and foreign investment,” Al Ghurair said, according to Khaleej Times.
He praised the State Bank of Pakistan’s digital regulatory framework as “commendable” and has pledged that Mashreq would not only establish a digital bank but also contribute to Pakistan’s long-term economic transformation.
Digital adoption and future outlook
Mashreq Bank CEO Muhammad Humayun Sajjad noted that digital payments in Pakistan grew by 30 per cent last year, highlighting the sector’s rapid expansion and potential.
Youth would shape the digital future of financial services, while cybersecurity and regulatory support from the State Bank would be critical.
