Credit card for freelancers launched

In order to foil all the hindrances in the way of financial boost for Pakistan’s IT industry. PM recently announced a Credit Card for Freelancers Launched with a Monthly Limit of up to $5000 with financial partner BOP. The government of Pakistan is doing such brave initiatives for freelancers so to attract foreign exchange.

The launch took place during a cheque distribution form for heirs of the Prime Minister’s Youth Business and Agriculture Loan Scheme( PMYB&ALS) and was attended by Bank of Punjab( BOP) President and CEO, Zafar Masud, as well as other elderly officers. The Bank of Punjab( BOP), through this scheme, would ameliorate fiscal access for freelancers by addressing their transactional, lending, and payment-related requirements. also, this action will also enhance the country’s eventuality of attracting foreign exchange.

Zafar Masud said, “There are around 3 million freelancers in Pakistan, who contributed $400m out of the total IT export remittances of $2.616 billion during FY 2022, while their potential is worth billions of dollars. Through the freelancer segment & credit card initiative, BOP aims to unlock this potential and help the economy.”

Freelancers and IT professionals can open Freelancer Digital Accounts in both PKR and USD under this initiative, which would help to raise foreign remittances and support enhanced credit and debit limits of up to $5,000/month and $30,000 / year.

Co-working Space for Freelancers

Punjab has opened registrations for e-Earn Co-working Spaces, it is an initiative of the Punjab Information Technology Board to provide working spaces to entrepreneurs, freelancers, workers, and small businesses on behalf of the provincial government. Freelancers can secure a seat for six months after registering themselves via CNIC.

Boost in the IT industry of Pakistan from 2022 to 2023

The IT industry in Pakistan has been steadily growing over the past few years, and this trend is expected to continue in 2022 to 2023. There are several factors that contribute to this growth, including the government’s focus on digitization, the rise of e-commerce and online payment systems, and the availability of a talented and skilled workforce.

One of the key drivers of growth in the IT industry is the Pakistani government’s efforts to promote digital transformation across the country. The government has launched several initiatives to promote the adoption of technology in various sectors, such as healthcare, education, and agriculture. Additionally, the government has implemented policies to encourage foreign investment in the IT sector, which has led to an increase in the number of IT companies operating in Pakistan.

The rise of e-commerce and online payment systems has also contributed to the growth of the IT industry in Pakistan. As more people in the country use the internet to shop and make payments, there is a growing demand for IT services and solutions that can support these activities. This has led to the development of a thriving e-commerce ecosystem, with companies like Daraz, Amazon, and Alibaba setting up operations in the country.

Finally, the availability of a skilled and talented workforce has helped to drive the growth of the IT industry in Pakistan. The country has a large pool of highly educated and skilled IT professionals, many of whom have experience working for multinational companies. This has attracted foreign investors to the country, who are looking to tap into the country’s skilled workforce.

In conclusion, the IT industry in Pakistan is expected to continue its growth trajectory in 2022 to 2023. The government’s focus on digitization, the rise of e-commerce and online payment systems, and the availability of a talented and skilled workforce are all contributing factors to this growth. With the right policies and investments, Pakistan has the potential to become a major player in the global IT industry in the coming years.