Overview

• Dubai-based Mashreq began commercial operations of Mashreq Bank Pakistan, marking its first full-scale deployment of its digital platform outside the UAE.
• The bank offers mobile-first services under Mashreq NEO for individuals and NEOBiz for SMEs with paperless onboarding, fee-free ATM withdrawals, free debit cards and AI-enabled risk controls.
• Mashreq pledged $100 million by 2025 to support the new bank and its local capability center, Mashreq Global Network, which currently employs more than 415 people with plans to expand.
• The Pakistan Banks Association hosted a launch reception in Islamabad attended by Mashreq chairman Abdul Aziz Al Ghurair, Group CEO Ahmed Abdelaal, SBP Governor Jameel Ahmad and Minister Bilal Azhar Kayani.
• Officials and industry leaders said the move is expected to boost competition, attract foreign direct investment and aid remittances by facilitating account opening for Pakistanis in the UAE.