ISLAMABAD, Pakistan: The Bank of Punjab (BoP) in collaboration with the Pakistan Software Export Board (PSEB), the attached department of Ministry of IT, launched their Freelance Digital Account and Bank Cards in a ceremony held in Islamabad on Tuesday.
The launch came after the signing of a Memorandum of Understanding (MoU) between the parties to offer tailored banking services and solutions to PSEB registered freelancers and IT/ITeS professionals.
The Freelance Digital Account and Card is an innovative banking solution designed specifically for the needs of freelancers and IT/ITeS professionals. This solution offers a range of benefits including zero balance requirements, competitive foreign exchange rates, and instant issuance of co-branded debit/credit card.
Moreover, this will be a fully digital account with no visit to the branch required, no physical paper work needed, minimal KYC requirement and auto enrollment into merchant account.
This digital account service will be provided under the BOP@Work, which will therefore make freelancers and IT/ITeS professionals eligible for discounted offerings on auto finance, home loans, and personal finance.
This partnership between PSEB and BOP marks an important step towards facilitating the growth of the freelancing industry in Pakistan, and promoting financial inclusion among freelancers and professionals working in the IT & ITeS sector.
The Member IT, Ministry of Information Technology and Telecommunication, Syed Junaid Imam who graced the launch ceremony as the chief guest, said, “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 said that Federal Minister for IT Syed Amin Ul Haque is committed to take country’s IT exports up to 15 billion dollars.
On the direction of the Prime Minister of Pakistan, the Ministry of IT is committed and playing its role to achieve the target of US$ 15 billion regarding IT exports, he said.
Syed Junaid Imam also urged the commercial banks to introduce their banking products for facilitating IT companies and freelancers, as most of the IT companies have opened their accounts in foreign countries because of the non-availability of facilities from the commercial banks.
He said the collaboration between BoP and PSEB will provide a significant boost to the freelancers and IT industry.
He said that steps are being taken to address the issues of IT industry and facilitate it, adding that freelancers have important role in the development of IT sector.
Speaking at the ceremony, Mr. Zafar Masud, CEO of Bank of Punjab, said, “We are proud to launch the Freelance Digital Account and Card, a product that has been designed to cater to the unique needs of freelancers and IT/ITeS professionals.
The collaboration between BoP and PSEB is a testament to our commitment to support the IT industry in Pakistan and help it grow further.”
Mr. Zeeshan Khattak, Chief Commercial Officer, commented, “PSEB is committed to providing support to the IT industry in Pakistan. We are excited to be part of this collaboration, which will help us promote and develop the IT and IT-enabled Services (ITeS) industry further. It is imperative that that IT industry gets access to finance to optimize their scalability and for Financial & Capital market sector to reap benefits from IT industry in shape of unprecedented ROI’s and Diversification ”
Pakistan has a thriving community of approximately 1 million freelancers who play a significant role in the country’s information and communication technologies (ICT) export industry.
With the launch of a freelancer digital account and credit card initiative, supported by Mastercard and Pakistan Software Export Board (PSEB), there is greater opportunity to unlock the potential worth billions of dollars and drive the economy forward while reforming lives at each and every corner of the country.