Government to bring PayPal and Stripe to Pakistan

The Ministry of Information Technology and Telecommunication (MoITT) in Pakistan is actively engaged in developing a comprehensive financial system and policy framework with the aim of integrating international payment gateways like PayPal and Stripe into Pakistan’s financial landscape. This strategic initiative is geared towards strengthening the payment infrastructure to facilitate Pakistan’s thriving IT industry in seamlessly connecting with the global financial network.

Muhammad Zohaib Khan, Chairman of the Pakistan Software Houses Association (P@SHA), emphasized the pivotal role played by Dr. Umar Saif, the Federal Caretaker Minister for Information Technology and Telecom, in showcasing Pakistan’s IT industry on the international stage during the GITEX Dubai 2023 event.

Dr. Saif’s vision transcends the incorporation of payment gateways. He disclosed that the Ministry is actively working on the launch of the Pakistan Startup Fund, designed to attract venture capitalists to Pakistan and promote a dynamic startup culture. This fund will draw resources from IGNITE, the National Technology Fund funded by telecom industry revenues.

Furthermore, the establishment of the Special Investment Facilitation Council (SIFC) and its recognition by the United Arab Emirates represents a significant stride. SIFC has identified IT as one of its primary focus areas, further underscoring the significance of the IT sector in Pakistan’s economic growth.

The IT industry in Pakistan holds several distinctions, including being the sole major sector with a trade surplus, the potential to generate substantial foreign exchange, the capacity to address trade deficits, and the ability to boost the economy by creating high-paying jobs. The collaborative efforts of MoITT and industry leaders like P@SHA underscore a commitment to harness the full potential of the IT and IT-enabled Services (ITeS) sector, benefiting not only the industry but the entire economy.

Leave a Reply

Your email address will not be published.