Pakistan PM inaugurates second digital retail bank

Pakistan Prime Minister Shehbaz Sharif on Tuesday inaugurated the Mashreq Digital Retail Bank, calling it a milestone step toward transforming the country’s economy on modern and digital lines.

Addressing the ceremony, Sharif said digitalization was the need of the hour and that the establishment of Mashreq Digital Bank would help promote a cashless economy, strengthen the financial sector, and ensure transparency by reducing human intervention.

He said Pakistan’s youth, who make up the majority of the population, were the country’s true asset and must be empowered through innovation and modern financial services.

The inauguration ceremony was attended by Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, Petroleum Minister Ali Pervez Malik, Railways Minister Hanif Abbasi, Maritime Affairs Minister Junaid Anwar, Governor State Bank Jameel Ahmad, and Finance Secretary Imdadullah Bosal.

The Prime Minister welcomed the entry of Mashreq Digital Bank as Pakistan’s second digital bank and acknowledged the United Arab Emirates’ consistent support for Pakistan’s economic and social development.

He appreciated the role of UAE business leaders in strengthening bilateral relations and expressed hope that Mashreq Bank’s experienced team would bring innovation to the country’s financial landscape.

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Finance Minister Aurangzeb, in his remarks, said the government was striving for economic stability under the leadership of the Prime Minister. He termed remittances Pakistan’s “lifeline” and noted that international rating agencies had endorsed the country’s improving economic performance.

He added that reforms were underway in administration, energy, the banking system, and state-owned enterprises to ensure policy continuity.

Mashreq Bank Chairman Abdul Aziz Al Ghurair said the Bank was proud to begin its financial journey in Pakistan, praising the government’s reform agenda and the State Bank’s digital regulatory framework. He said Pakistan’s strategic location and business environment made it a strong candidate to become a “digital economic powerhouse.”

Mashreq CEO Muhammad Humayun Sajjad highlighted that digital payments in Pakistan had grown by 30 percent last year, stressing that the country’s youth were the digital future of its financial sector.