SBP asked to implement faceless digital payment system to
boost IT exports
The IT industry has called on the central bank to implement
a faceless banking system for outward remittances to export-oriented companies
and freelancers, particularly in the context of the 50 percent foreign exchange
retention accounts.
A delegation of IT companies, led by Chairman P@SHA Zohaib
Khan and representatives of freelancers, including Tufail Ahmed Khan, CEO and
President of the Pakistan Freelancers Association, held discussions with
Governor State Bank of Pakistan (SBP) Jameel Ahmed and senior leadership.
HBL
and P@SHA forge partnership to promote Pakistan as a technology hub
The IT companies sought the support of the banking regulator
in introducing online internet banking for outward repatriation, aiming to
streamline the business transaction process, as opposed to the current practice
of visiting dedicated branches, which is time-consuming.
During the meeting, the P@SHA delegation emphasized the
issuance of corporate debit cards by banks to the IT industry for the
utilization of 50% of export proceeds in Exporters Specialized Foreign Currency
Accounts.
Governor Jameel Ahmed assured the delegation that the
central bank has instructed commercial banks to issue corporate debit cards to
IT companies. He further pledged that two to three banks would commence issuing
corporate debit cards to IT companies within a month.
Ministry
of IT and Telecom urges banks to support IT & ITES sector
Chairman P@SHA Zohaib Ahmed Khan stated that the IT industry's
request would be accommodated in the near future. He emphasized that the 50
percent forex retention accounts' facility would only be optimally utilized if
digital banking systems are streamlined, facilitating foreign exchange inflows
through IT services exports.
Tufail Ahmed Khan of PAFLA urged the Governor SBP to
instruct more commercial banks to provide account facilities to freelancers,
including those in small cities. This, he argued, would encourage freelancers
to work for foreign clients, attracting valuable foreign exchange.
Chairman P@SHA Zohaib Khan, in discussions with
ProPakistani, stressed the importance of a faceless digital payment system for
the IT industry to boost IT exports. Facilitating the IT industry should
eliminate the need for physical visits to bank branches, allowing IT companies
to make payments from their ESFCAs accounts without explicit approval from the
SBP or commercial banks.
SBP
unveils fresh initiatives to boost IT exports and empower freelancers
The central bank's leadership assured the delegation of
forthcoming directives to commercial banks to promote this facility.
Additionally, they committed to ongoing communication with all stakeholders for
constructive feedback and establishing help desks to enhance communication,
educate IT companies about SBP's forex retention policies, and provide a
centralized platform for addressing concerns and seeking assistance with
payment-related matters.
Source: Pro Pakistani