Pakistan Government Launches New Digital Payment System for IT Sector

The government of Pakistan is set to launch a new digital payment system aimed at facilitating outward remittances for IT companies. This initiative, as announced by the Minister of State for IT & Telecom, Shaza Fatima Khwaja, is designed to streamline the process for IT exporters, allowing them to pay international vendors without the need to navigate traditional banking channels or seek prior approval from the State Bank of Pakistan for each transaction.

During her address at the HBL-P@SHA ICT Awards ceremony 2024, Khwaja emphasized that this move represents a "complete paradigm shift" for the society, economy, and government of Pakistan. The primary goal of these changes is to enhance the global competitiveness of Pakistani IT firms, enabling them to operate more efficiently in the international market.

In addition to the digital payment system, Khwaja highlighted the government's new smartphone initiative, which aims to empower young people by providing them with opportunities for self-employment and digital business ventures. This initiative is expected to open new avenues for innovation and entrepreneurship among the youth.

The HBL-P@SHA ICT Awards, organized by the Pakistan Software Houses Association (P@SHA) in collaboration with HBL, celebrated the achievements of 33 Gold Award winners and 47 Merit Award recipients across various categories, including Consumer, Business Services, Inclusion and Community, and Student Innovation. P@SHA Chairman Muhammad Zohaib Khan remarked on the association's commitment to boosting the country's digital economy, creating job opportunities, and ensuring transparent governance.

"Our efforts have directly contributed to the consistent rise in IT exports, which reached $3.22 billion this year," Khan noted, underscoring the positive impact of these initiatives on the nation's economy.

Furthermore, Abrar Ahmed Mir, HBL’s Chief Innovation & Financial Inclusion Officer, acknowledged the crucial role of the bank's partnership with P@SHA in fostering the growth of Pakistan’s IT industry. This collaboration has proven to be instrumental in driving innovation and supporting the digital landscape of the country.

As Pakistan moves towards a more digital future, the introduction of this new payment system and the support for young entrepreneurs signal a promising shift in the economic landscape. By embracing technology and innovation, Pakistan is not only enhancing its global competitiveness but also paving the way for a more inclusive and prosperous society. The future looks bright for the IT sector, and with continued support and investment, the potential for growth is limitless.