PM opens UAE digital bank to foster cashless economy

Prime Minister Muhammad Shehbaz Sharif on Tuesday formally inaugurated Mashreq Digital Retail Bank; a significant step towards transforming Pakistan's banking landscape into a modern, paperless and digital financial ecosystem.

Speaking at the launching ceremony, the prime minister congratulated Mashreq Bank Chairman Abdul Aziz Al Ghurair for bringing the UAE-based digital banking platform to Pakistan. He praised the Ghurair family for its instrumental role in strengthening economic ties between Pakistan and the United Arab Emirates (UAE).

"The launch of Mashreq Digital Bank is a major development that will promote cashless, digital transaction culture in Pakistan. Our youth, which is both a challenge and an opportunity, will benefit greatly from this innovation," the prime minister remarked.

He assured full government support to the venture, stating that key economic sectors including banking, agriculture and industry required digital transformation for sustainable development.

PM Sharif emphasised the need for the country to adopt modern tools to overhaul its conventional economic system. "We must speed up our transition to a digital economy, which will not only enhance efficiency but also broaden financial inclusion across the country," he said.

Speaking on the occasion, Finance Minister Muhammad Aurangzeb expressed hope that Mashreq Bank would bring strength, innovation and inclusivity to Pakistan's financial ecosystem.

He noted that recent macroeconomic improvements were being recognised by international credit rating agencies and stressed the importance of policy consistency to ensure long-term stability.

Muhammad Aurangzeb highlighted that the new digital bank would contribute significantly to documenting the informal economy by bringing millions of unbanked citizens to the formal financial sector.

Mashreq Bank Chairman Abdul Aziz Al Ghurair praised the prime minister, stating, "Under his guidance, Pakistan's economy has stabilised and is moving towards inclusive growth."