Mastercard has signed a multi-year strategic agreement with Mashreq to support its launch as a digital bank in Pakistan.
Announced at a signing ceremony held at Mashreq HQ in Dubai, UAE welcoming leadership from Mashreq and Mastercard, the collaboration is to be on 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, this 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.
“Our strategic collaboration with Mastercard exemplifies the strong synergy between our two organizations and our shared vision to support Pakistan’s growth by delivering exceptional customer experiences and greater financial accessibility. This collaboration will enable us to offer unmatched efficiency, reliability, and security across card products for both consumers and businesses. Our ambition is to simplify payments through fast and secure transactions, redefine service delivery that empowers financial growth, and drive innovation that creates mutual value and financial empowerment. Together, we look forward to expanding the reach of digital payments, catalyzing sustainable growth, and contributing meaningfully to Pakistan’s digital economy,” said Muhammad Hamayun Sajjad, CEO for Mashreq Pakistan.
“At Mastercard, we are committed to harnessing the power of collaboration to develop the financial service ecosystem in Pakistan. We are proud to be Mashreq’s choice to aid with launch of its digital bank in Pakistan with leading digital propositions for customers and businesses alike. 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,” said Arslan Khan, Country Manager, Pakistan and Afghanistan, Mastercard.