The Bank of Punjab (BoP) in collaboration with the Pakistan Software Export Board (PSEB), the attached department of the Ministry of IT, launched their Freelance Digital Account and Bank Cards 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 cards. Moreover, this will be a fully digital account with no visit to the branch required, no physical paperwork needed, minimal KYC requirement, and auto-enrollment into the 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 and ITeS sector.
Member IT, Ministry of Information Technology and Telecommunication, Syed Junaid 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 the IT industry and facilitate it, adding that freelancers have an important role in the development of the IT sector.
Speaking at the ceremony, 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.”
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 the IT industry gets access to finance to optimize their scalability and for the Financial and Capital market sector to reap benefits from the IT industry in the shape of unprecedented ROIs 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 this initiative, supported by Mastercard and the Pakistan Software Export Board (PSEB), there is a greater opportunity to unlock the potential worth billions of dollars.
Source: Pro Pakistani