Govt to introduce PayPal, Stripe

Aims to enhance payment ecosystem for IT industry

KARACHI:

The Ministry of Information Technology and Telecommunication (MoITT) is actively working on establishing a financial system and policy framework to introduce PayPal and Stripe payment gateways in Pakistan. This initiative aims to enhance the payment ecosystem for the country’s thriving IT industry by integrating these international payment gateways into the global IT industry’s financial framework, said Muhammad Zohaib Khan, Chairman of Pakistan Software Houses Association (P@SHA).

Khan emphasised the crucial role played by Federal Caretaker Minister for Information Technology and Telecom, Dr Umar Saif, in attracting global attention to Pakistan’s IT industry during the GITEX Dubai 2023 event.

Quoting Saif, Khan said that the Ministry of Information Technology and Telecom is actively working on launching the Pakistan Startup Fund, which is expected to draw venture capitalists to Pakistan and promote the startup culture in the country. The fund will be established using resources from IGNITE, the National Technology Fund, which is funded by the federal government’s telecom industry revenues.

Khan highlighted the establishment of the Special Investment Facilitation Council (SIFC), which has garnered praise from the United Arab Emirates (UAE). SIFC has designated IT as one of its five focus areas.

The P@SHA chairman stressed the importance of innovation and financial inclusion in achieving rapid growth in the IT and IT-enabled Services (ITeS) industry. The IT sector in Pakistan holds several significant distinctions: it is the only major industry in the country with a trade surplus, the capability to earn up to $5 billion in foreign exchange within a year, the potential to bridge Pakistan’s trade deficit, and the ability to stabilise the economy by generating high-paying jobs.

Khan highlighted the recent success of the Pakistan Pavilion at GITEX Dubai 2023, showcasing the country’s IT and tech potential to a global audience. The event saw an unprecedented B2B footfall of multinational companies, government delegations, and venture capitalists, which is expected to result in export orders.

Published in The Express Tribune, October 25^th, 2023.

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