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Mashreq, a Dubai-based banking group, has collaborated with Mastercard to support the launch of its digital bank in Pakistan.
The companies entered a multi-year agreement in this regard.
This partnership, unveiled at a ceremony in Dubai, will focus on card portfolios across consumer, affluent, and business segments.
In January this year, Mashreq Pakistan launched pilot operations as a digital retail bank after receiving a restricted licence from the State Bank of Pakistan.
This aligns with the government's strategy to improve financial access for the underserved.
Mastercard Pakistan and Afghanistan country manager Arslan Khan said: “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.”
This alliance leverages Mastercard’s Pakistan and worldwide expertise along with Mashreq’s regional foothold.
The aim is to expedite the adoption of digital payments and support financial inclusion in Pakistan.
Mashreq Pakistan CEO Muhammad Hamayun Sajjad said: “Our strategic collaboration with Mastercard exemplifies the strong synergy between our two organisations 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.”
"Mashreq teams up with Mastercard for digital bank launch in Pakistan" was originally created and published by Retail Banker International, a GlobalData owned brand.
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