BOP & PSEB Launch Freelancer Digital Account with Debit & Credit Cards

The Bank of Punjab (BOP) in collaboration with Pakistan Software Export Board (PSEB) and Mastercard has launched their first Freelander Digital Account with co-branded Debit and Credit Cards on Tuesday.

According to the details, the launch took place after signing of the memorandum of understanding (MoU) between the parties (BOP, PSEB, Mastercard) to offer tailored banking services and solutions to PSEB-registered freelancers and IT/ITes professionals.

The Bank of Punjab (BOP) Freelancer Digital Account and Co-Branded Cards are an innovative banking solution to meet the needs of freelancers and IT/ITeS professionals in the country by providing them with a fully functional digital account with no branch visits and minimal KYC requirements.

Furthermore, these freelancers and IT/ITeS professionals will be issued a PSEB co-branded debit or credit cards with loan facilities and auto enrollment into merchant accounts, which provide instant invoice generation, next-day payments and minimal charges.

Moreover, the Freelancer Digital Account will be provided under BOP@Work, which will make freelancers and IT/ITeS professionals eligible for discounted offerings on auto finance, home loans, and personal finance.

This partnership between Bank of Punjab (BOP) and Pakistan Software Export Board (PSEB) marks an important step towards facilitation of freelancers in the country by promoting financial inclusion in the sector.

“The IT and ITeS industry is a major contributor to Pakistan’s economy, and the government of Pakistan is committed to promoting this sector to achieve its full potential.” said the Ministry of Information Technology and Telecommunication Member IT, Syed Junaid Imam, during the launch ceremony.

“The collaboration between BOP and PSEB will provide a significant boost to the freelancers and IT industry.” he added while urging commercial banks to introduce their banking products for facilitation of IT companies and freelancers, as most of them opened their accounts in foreign countries because of non-availability of facilities from commercial banks.

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.” He added, “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.”

He added, “It is imperative that that IT industry gets access to finance to optimize their scalability and for Financial and Capital market sector to reap benefits from the IT industry in the shape of unprecedented ROI’s and Diversification.”

He also said that eligible freelancers from this segment will be able to get loans from schemes like Prime Minister Youth Business and Agriculture Loan Programme and the Punjab Rozgar at rates as low as 5 or 4 percent.

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