Mashreq, a leading financial institution in the MENA region, has announced the launch of a groundbreaking cross-border service for its UAE-based Pakistani customers. Digital Cross-Border Accounts can now be opened with Mashreq Pakistan fully remotely, marking a significant milestone in banking innovation. For the first time, Pakistani nationals living in the UAE can manage their finances across borders without physical paperwork or branch visits.
Revolutionary Digital Banking Experience
The new digital service is available to Pakistani nationals who hold an account with Mashreq UAE. It eliminates the need for physical documents or in-person visits to branches in Pakistan, replacing the traditional manual account-opening process with a seamless, end-to-end digital experience. Customers will benefit from a unified global dashboard within the Mashreq UAE mobile app, enabling them to view and manage both their UAE and Pakistan account balances in one place.
Fee-Free Quick Remit Transfers
Once the customer’s Pakistan account is activated, transfers can be sent instantly and free of charge using Quick Remit, an exclusive remittance feature available only to Mashreq account holders. This zero-fee service provides enhanced visibility and control over cross-border finances, delivering unprecedented convenience for expatriate communities.
“We are delighted to introduce this pioneering digital service, which marks a significant milestone for Mashreq and our customers. As the first bank in the UAE to enable non-resident Pakistanis to open accounts in their home country digitally—without physical paperwork or branch visits—we are demonstrating our commitment to reimagining banking through innovation.”
Fernando Morillo, Group Head of Retail Banking at Mashreq
Account Benefits and Features
Pakistani customers who open an account with Mashreq Pakistan will enjoy several benefits including a current account with zero minimum balance and a free domestic PayPak debit card. The Digital Cross-Border Accounts service represents Mashreq’s commitment to breaking down traditional banking barriers and delivering meaningful impact to customers across the region.
“This milestone reflects our continued focus on building a robust digital financial ecosystem through technology-led solutions. By enabling seamless and secure cross-border account opening, we are breaking down traditional banking barriers and delivering meaningful impact to our customers.”
Ghazal AlSakaal, Global Head of Digital Strategic Partnerships at Mashreq
Future Outlook for Cross-Border Banking
The launch of this service underscores Mashreq’s continued investment in innovation that simplifies cross-border banking and delivers greater flexibility and value for expatriate communities. As the fastest-growing Middle East brand according to Banking 500 rankings for 2024 by Brand Finance, Mashreq continues to pioneer key innovations in banking. This groundbreaking service is expected to redefine how expatriates engage with their financial needs across borders, setting a new standard for digital banking in the region.