Mastercard announced the signing of a multi-year strategic agreement with Mashreq to support its launch as a digital bank in Pakistan.
The collaboration is for card portfolios across the consumer, affluent, and business market segments.
The State Bank of Pakistan (SBP) has awarded Mashreq Pakistan a restricted license for pilot operations as part of the government’s strategy to unlock Pakistan’s digital potential and provide greater access to financial services to underserved consumer groups.
Combining Mashreq’s regional success with Mastercard’s global and Pakistan expertise, the collaboration will introduce innovative digital propositions to individuals and businesses in Pakistan with the aim of bolstering the digital economy, accelerating digital payment adoption and driving financial inclusion in Pakistan.
Muhammad Hamayun Sajjad, CEO of Mashreq Pakistan, said the collaboration will enable the bank to offer unmatched efficiency, reliability, and security across card products for both consumers and businesses.
“Together, we look forward to expanding the reach of digital payments, catalyzing sustainable growth, and contributing meaningfully to Pakistan’s digital economy,” he said.
Arslan Khan, Country Manager, Pakistan and Afghanistan, Mastercard, said the company is committed to harnessing the power of collaboration to develop the financial service ecosystem in Pakistan.
“Our collaboration with a leader like Mashreq serves to transform the digital economy and broaden access to financial services and while driving meaningful change for underserved communities in Pakistan,” he said.
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