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The State Bank of Pakistan (SBP) has granted the first restricted license for pilot operations to Mashreq Bank Pakistan Limited (MBPL) during a special meeting with the Board and senior management of MBPL.
Earlier this year, a microfinance bank received the first Digital Retail Bank (DRB) license for commercial operations.
MBPL, a wholly owned subsidiary of Mashreq Bank PSC (UAE), brings a rich history of innovation, customer-centricity, and agility in the banking sector. Mashreq Bank’s extensive regional and global presence, including offices in Europe, Asia, Africa, and the U.S., provides a solid foundation for operations in Pakistan.
In 2022, SBP introduced a regulatory framework for licensing full-fledged digital banks, enabling both fintech startups and traditional banks to establish fully digital banking services. The framework offers two types of licenses: Digital Retail Bank (DRB) and Digital Full Bank (DFB), with operations conducted exclusively through digital channels.
SBP issued No-Objection Certificates (NOCs) to five institutions: Easypaisa Bank Limited, Mashreq Bank Pakistan Limited (MBPL), Raqami Islamic Digital Bank Limited (RIDBL), HugoBank Limited, and KT Bank Limited.
The Governor of SBP expressed his expectations for MBPL to maintain high standards of excellence by leveraging cutting-edge technologies like artificial intelligence (AI) and cloud computing to offer seamless and personalized banking services.
He also encouraged MBPL to contribute to the transformation of Pakistan’s banking landscape by adhering to rigorous regulatory standards while fostering competition and innovation within the sector.
