Prime Minister Shehbaz Sharif on Tuesday inaugurated Mashreq Digital Retail Bank in Pakistan, terming it a landmark development in the country’s transition towards a paperless and modern digital economy.

At the launch ceremony, the prime minister congratulated Mashreq Bank Chairman Abdul Aziz Al Ghurair for introducing the UAE-based digital banking platform to Pakistan.

He praised the Ghurair family for strengthening Pakistan-UAE economic relations and hailed the initiative as a boost for youth empowerment and financial inclusion.

“The launch of Mashreq Digital Bank will promote a cashless transaction culture in Pakistan. Our youth, which is both a challenge and an opportunity, will benefit greatly from this innovation,” Shehbaz said, assuring full government support for the venture.

He stressed the need to adopt modern tools to revamp Pakistan’s conventional economic system, highlighting that sectors such as banking, agriculture, and investment required digital transformation to ensure sustainable growth.

Finance Minister Muhammad Aurangzeb said the entry of Mashreq Bank would add strength, innovation, and inclusivity to Pakistan’s financial ecosystem. He noted that international credit rating agencies had acknowledged recent macroeconomic improvements, while emphasising that policy consistency was key for long-term stability.

Aurangzeb added that the new digital bank would play a vital role in documenting the informal economy and bringing millions of unbanked Pakistanis into the formal financial sector.

Mashreq Bank Chairman Abdul Aziz Al Ghurair lauded PM Shehbaz’s leadership, saying: “Under his guidance, Pakistan’s economy has stabilised and is moving toward inclusive growth. His vision gave us the confidence to invest in Pakistan’s digital banking sector.” He said Pakistan was emerging as a digital economic powerhouse in South Asia.

Mashreq Pakistan CEO Muhammad Hamayun Sajjad revealed that digital transaction volumes in the country had already grown by 35%, but a large segment of the population remained unbanked. He announced the bank’s goal of onboarding 10 million new users into the digital system.