KARACHI: Pakistan’s outgoing interim Minister for Information Technology, Umar Saif, delivered positive news to the country’s online freelancers on Saturday, saying they would be able to receive PayPal remittances directly into their bank accounts for services provided to international clients, starting this month.
Until now, the absence of PayPal in Pakistan created substantial hurdles for freelancers and small businesses by limiting their ability to easily and securely receive payments from abroad. The issue extended beyond individual freelancers, impacting the broader digital economy in Pakistan, which has attracted a significant number of young professionals to undertake Internet-based projects from abroad.
In the past, many of them had repeatedly urged the government to take measures ensuring that PayPal would extend its services to the country, facilitating their businesses. However, PayPal, the international payment company, refused to establish a presence in Pakistan, citing a lack of business opportunities and concerns regarding fraud and money laundering.
“Pakistan online freelancers will be able to receive PayPal remittances starting this month through a tri-party arrangement without needing to create a PayPal wallet,” the minister said in a social media post.
“The goal is to enable them to accept PayPal payments from their clients abroad through a third-party digital wallet, which will use an international remittance mechanism to remit the dollars to Pakistan, and instantly credit the freelancer’s bank account in Pakistan,” he added.
Saif said Pakistan’s central bank would permit freelancers to open accounts against their digital wallet, issue debit cards and create dollar accounts for them to be able to freely use their earnings.
“Freelancers will be able to register with PSEB [Pakistan Software Export Board] and will only have to pay a nominal 0.25 percent tax,” he said.
“Along with our plan to create 10,000 e-rozgaar [e-earning] centers, this will enable Pakistan to truly benefit from earning potential of our online freelancers,” he added.
PayPal remittances available to Pakistani freelancers from international clients starting this month – minister
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PayPal remittances available to Pakistani freelancers from international clients starting this month – minister
- PayPal does not have presence in Pakistan due to its concerns over financial frauds and issues of money laundering
- Freelancers urged the government in the past to take measures ensuring that PayPal extended its services to Pakistan
Pakistan sells Multan Sultans for record $8.7 million ahead of PSL 11th edition
- New owner Walee Technologies plans to change franchise’s name to Rawalpindi
- PCB chairman says ‘Multan Sultans still dear to my heart, will think of something’
ISLAMABAD: The Pakistan Cricket Board (PCB) on Monday sold Pakistan Super League (PSL) franchise Multan Sultans for a record Rs2.45 billion ($8.7 million), ahead of the 11th edition of the Twenty20 tournament.
The 11th edition of the tournament will kick off on March 26, the Pakistan Cricket Board (PCB) announced on Friday, which will feature eight franchises competing across multiple venues.
The previous owner of Multan Sultans, Ali Tareen, announced in Dec. he was walking away from the ownership of the franchise. The PCB said earlier said it will run the Multan Sultans team for the 11th edition before looking for a potential buyer.
Walee Technologies, which specializes in media, finance and technology, bought the rights for the franchise for $8.7 million at an auction held in Lahore, with local media reporting the new owner planned to change its name to Rawalpindi.
“I cannot ask the person paying Rs2.45bn to keep the name Multan Sultans,” Naqvi told reporters after the auction. “Multan Sultans is still dear to my heart, but we will think of something.”
Walee Technologies was among five bidders that participated in the auction, which came a month after Hyderabad and Sialkot joined the PSL 11th edition.
FKS, an aviation and health care conglomerate based in the US who also run the Chicago Kingsmen team, bought the Hyderabad franchise for a whopping Rs1.75 billion ($6.2 million). The other winner was OZ
Developers, a real estate consortium, which bought the Sialkot franchise for Rs1.85 billion ($6.55 million) at the auction.
The PSL has become a key pillar of the country’s cricket economy, providing financial stability to the PCB and serving as a talent pipeline for the national team.
The league, which features a mix of local and international players, already had six city-based teams, including Karachi Kings, Multan Sultans, Lahore Qalandars, Islamabad United, Peshawar Zalmi and Quetta Gladiators.
