PPA
Karachi: Mashreq Pakistan, a part of Mashreq which is the leading financial institution in the MENA region, is proud to announce its partnership with 1LINK – Pakistan’s premier switch and payment services provider. This is a significant milestone towards Mashreq’s bid to revolutionize the digital banking experience for Mashreq customers across Pakistan.
By joining forces with 1LINK, Mashreq establishes itself as the pioneering digital bank on the 1LINK network, delivering a comprehensive range of services to its customers. This collaboration will unlock access to over 18,000+ ATMs for fund withdrawals, facilitate near real-time funds transfers to all 1LINK members comprising more than 40 entities, and introduce the convenient 1BILL service for payments to over 2,500+ billing entities, including but not limited to educational institutions, public utilities, government receipts etc. Mashreq will also be able to issue PayPak debit cards through this arrangement.
Commenting on the partnership, Muhammad Hamayun Sajjad, Chief Executive Officer, Mashreq Pakistan, said, “As a trusted international digital leader, Mashreq aims to offer unparalleled digital banking solutions in Pakistan powered by state-of-the-art technology, seamless customer experience and a strong commitment to responsible banking. We are here to catalyse Pakistan’s growth by empowering its people through banking innovation, superior customer experience and financial accessibility for all. This partnership enables us to offer superior digital banking through the full spectrum of 1LINK’s services and is testament to Mashreq’s commitment to exceptional customer experience.”
Mr. Najeeb Agrawalla, CEO 1LINK, commented “We welcome and congratulate Mashreq Pakistan as the first digital bank on 1LINK’s grid. This collaboration will enable Mashreq to innovate tailored products and services for its customer segments using 1LINK rails. This also reflects 1LINK’s commitment to continuous innovation, making it an ideal partnership.”
Mashreq is actively progressing towards acquiring a restricted license from the State Bank of Pakistan to initiate pilot digital retail banking operations, marking an important step in its journey to becoming a licensed banking entity. The In-Principal-Approval (IPA) received last year is a significant step towards its commitment to bring innovative digital banking solutions in line with the bank’s broader strategic ambition of becoming a digital banking leader across its international markets and the country’s vision for a digitally empowered economy. Building on the success of neo banking across the MENA region, Mashreq is geared up to leverage its established tech-ready infrastructure and technology prowess to empower its customers in Pakistan.