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State Bank of Pakistan (SBP) has awarded the first restricted #license for pilot operations to Mashreq. The #SBP Governor granted the license in a meeting with MBPL’s Board and senior management, alongside SBP’s Deputy Governor and executives.
MBPL, a subsidiary of Mashreq, enters Pakistan’s banking sector with experience from its #operations in Europe, Asia, Africa, and the US. The license follows SBP’s 2022 #framework for #digital banks, which introduced two categories: Digital Retail Bank (DRB) and Digital Full Bank (DFB).
Earlier this year, a microfinance bank received the first DRB license. SBP later approved five #institutions, including Mashreq Bank Pakistan Limited, under its cohort-based approach. These digital #banks will operate without physical branches and aim to expand financial #inclusion.
The SBP Governor expects MBPL to use AI and cloud computing to enhance banking services while maintaining #regulatory standards. He emphasized the importance of #cybersecurity in Pakistan’s digital banking #future.
SBP remains committed to #innovation, ensuring that digital banks provide accessible financial services while maintaining #compliance. Digital banks will play a key role in serving #unbanked populations and transforming the financial sector.
