Freelance Digital Accounts and Bank Cards were introduced by the Bank of Punjab (BoP) and the Pakistan Software Export Board (PSEB), an associated department of the Ministry of IT.
A memorandum of understanding (MoU) was signed between the two parties prior to the launch, and now PSEB-registered independent contractors and IT/ITeS experts have access to a full suite of banking services and solutions.
With the Freelance Digital Account and Card, freelancers and IT/ITeS workers have access to a cutting-edge banking solution tailored to their unique demands. Benefits of this solution include quick issuing of a co-branded debit/credit card, zero balance requirements, and favourable foreign currency rates.
In addition, this will be a paperless account that will not necessitate a trip to the branch and will instead require minimum Know Your Customer (KYC) paperwork and automatic enrollment into a merchant account.
Freelancers and IT/ITeS professionals can take advantage of special rates on auto loans, mortgages, and savings accounts through this digital account service, which will be offered through the BOP@Work.
PSEB and BoP’s collaboration is commendable
PSEB and BoP’s collaboration is a huge step forward in bringing more freelancers and independent professionals in the IT and ITeS fields into the financial mainstream in Pakistan.
The chief guest at the launch ceremony, Member IT of the Ministry of Information Technology and Telecommunications Syed Junaid Imam, made the following statement: “The IT and ITeS industry is a major contributor to Pakistan’s economy, and the Government of Pakistan is committed to promoting this sector to achieve its full potential.”
He stated that Syed Aminul Haque, the Federal Minister for IT, is dedicated to increasing the country’s IT exports to $15 billion.
According to him, Pakistan’s prime minister has set a goal of US$15 billion for IT exports, and the country’s Ministry of IT is committed to and actively working towards that goal.
As a result of the lack of banking facilities from commercial banks, the majority of IT companies have set up shop overseas, prompting the Imam to urge commercial banks to promote their banking products for enabling IT enterprises and freelancers.
He predicted that the partnership between the BoP and the PSEB would be a boon to the independent workforce and the IT sector. Freelancers, he added, play a crucial part in the IT industry’s growth, and measures are being taken to alleviate the industry’s problems and make it more accessible.
Bank of Punjab CEO Zafar Masud was pleased to announce the launch of the Freelance Digital Account and Card, a product tailored to the specific requirements of independent contractors and information technology (IT) and information technology services (ITeS) specialists. He said that their joint efforts with PSEB show how dedicated they are to fostering the development of Pakistan’s IT sector.
“PSEB is committed to providing support to the IT industry in Pakistan,” said PSEB’s Chief Commercial Officer, Zeeshan Khattak. “Our participation in this partnership will allow us to further promote and cultivate the IT and IT-enabled Services (ITeS) business, and we couldn’t be happier about it”.
To maximise their growth, businesses in the IT sector need access to financing, and the financial and capital market sectors can enjoy exceptional returns and diversification thanks to the IT sector.
Pakistan’s information and communication technology (ICT) export economy relies heavily on the work of the country’s burgeoning community of almost one million freelancers. There is a larger chance to release potential worth billions of dollars, propel the economy forward, and reform lives all over the country with the launch of a freelancer digital account and credit card project backed by MasterCard and PSEB.
To read our article about “Fast track Digital Transformation for rapid economic growth” click here.
