Tag: Umar Saif

  • Pakistan welcomes PayPal through strategic alliance

    Pakistan welcomes PayPal through strategic alliance

    In a groundbreaking move for Pakistan’s burgeoning freelance community, PayPal is set to establish its presence in the country through a strategic partnership with an existing international payment gateway.

    The joint venture announcement is anticipated for next week, marking a significant milestone for the approximately 1.5 million freelancers and IT professionals in Pakistan, making it the fourth-largest community globally.

    Caretaker Minister for IT and Telecom, Dr Umar Saif, confirmed that PayPal would operate indirectly in Pakistan through this collaboration. This development follows persistent efforts by previous governments to convince PayPal to operate within the country, which initially faced resistance citing security concerns.

    Dr Saif emphasised the positive impact of this move on IT exports and freelancer remittances, underscoring recent measures supporting a more liberal financial regime. He revealed that IT exports have already experienced a notable surge, with a 13 per cent increase in November alone, and expressed confidence that this growth trajectory will continue.

    The IT Ministry, under Dr Saif’s leadership, has implemented various initiatives to bolster the IT sector. These include providing smartphones through installment plans, standardising quality tests for IT graduates, and approving the National Space Policy. Dr Saif expressed optimism about launching 5G services in Pakistan by July 2024, with a spectrum auction offering 300 MHz.

    The government aims to boost IT exports from the current $2.6 billion to approximately $5 billion by facilitating a more liberal financial regime. As part of this effort, IT companies can now retain 50 per cent of their export revenue in dollars in a local account, simplifying international payments.

    In addition to these measures, the government plans to launch 10,000 e-Rozgar centres across the country, providing facilities for freelancers and start-ups. The recently approved National Space Policy allows companies to utilise low-orbit satellites for communication services, further enhancing the technological landscape in Pakistan.

    The upcoming joint venture between PayPal and an international payment gateway is expected to usher in a new era of financial opportunities for Pakistan’s freelancers and IT professionals, contributing significantly to the country’s economic growth and global standing in the IT sector.

  • IT minister promises 5G launch, easy smartphone installment plans

    IT minister promises 5G launch, easy smartphone installment plans

    Caretaker Federal Minister for IT and Telecommunication, Dr Umar Saif, emphasised on Wednesday that the government’s foremost commitment is to deliver high-quality telecom services to the public.

    During a meeting with the Group Chief Executive Officer of VEON, alongside CEO Jazz, Aamir Ibrahim, Dr Umar Saif highlighted that the government is actively taking measures to enhance connectivity across the country.

    A news release stated that various aspects of the telecom sector of mutual interest were discussed in the meeting.

    Dr Umar Saif, in discussions with the VEON delegation, revealed plans to auction the tech-neutral spectrum soon, aiming to elevate telecom services for the public.

    He pledged full support for the launch of 5G, assuring that the Ministry of IT and Telecommunication would collaborate closely with the telecom industry. Furthermore, he announced the forthcoming availability of smart mobile phones in convenient installments.

    Addressing the delegation, Dr Umar Saif conveyed that Pakistan offers a favourable investment environment and encouraged Jazz to invest in the e-agriculture, e-education, and e-health sectors.

    He praised the VEON Group for its noteworthy contributions to the technology sector and the provision of smartphones.

    Aamir Ibrahim, CEO of VEON, emphasised the importance of stable telecom systems as a foundation for the digital ecosystem and the economic stability of the country.

    The meeting was attended by senior officers of the IT Ministry, adding depth to the discussions on matters crucial to the development of the telecom sector.

  • Here’s when PayPal and Stripe payment services will be available in Pakistan

    Here’s when PayPal and Stripe payment services will be available in Pakistan

    Dr Umar Saif, Pakistan’s interim Federal Minister for IT and Telecommunications, shared noteworthy developments on Wednesday regarding the imminent availability of PayPal and Stripe payment gateways within the country. Addressing the flourishing freelancing community, he drew attention to the current scarcity of financial tools to facilitate payments within this sector. 

    During these discussions with major industry players, including PayPal, Stripe, and Wise, a compelling case for Pakistan was presented, despite reservations, including those arising from the Financial Action Task Force (FATF). 

    Dr Saif expressed optimism, foreseeing promising updates on PayPal and Stripe services in the coming four to six weeks, heralding positive implications for the freelancer community. 

    Highlighting the substantial size and potential of Pakistan’s IT freelancing workforce, the country ranks as the world’s second-largest online workforce, boasting approximately 1.5 million active IT freelancers. Nonetheless, the sector’s growth has been stymied by infrastructure limitations. 

    To address these challenges, the E-Rozgar programme is set to offer interest-free loans to the private sector, with plans for establishing co-working spaces capable of accommodating 500,000 individuals. Dr Saif also revealed a collaborative initiative with the Higher Education Commission (HEC) to introduce standardised testing for IT graduates. 

    The significance of Pakistan’s IT sector cannot be understated, with around 19,000 companies contributing substantially to both employment and the national economy, boasting official exports worth $2.5 billion. 

    Another pertinent issue discussed by Dr Saif is the reluctance of some IT companies to maintain foreign exchange reserves and revenues abroad due to constraints on repatriating US dollars. Despite conservative estimates placing Pakistan’s IT exports at $4–4.5 billion, the reality is obscured by restrictions on US-dollar spending. 

    Fueled by cooperative efforts between the IT ministry and P@SHA, a positive development has emerged. IT companies can now retain 50 per cent of their revenue in US dollar accounts and receive corporate debit cards from banks, facilitating international payments without hindrance. 

    In addition, the State Bank of Pakistan (SBP) has played a crucial role in assisting IT exporters. The SBP recently increased the permissible retention limit for IT exporters, allowing them to hold 50 per cent of their export proceeds in Exporters’ Specialised Foreign Currency Accounts (ESFCAs) with the aim of bolstering IT and IT-enabled services exports. 

  • Pakistan plans to establish 5,000 e-working centres to empower freelancers 

    Pakistan plans to establish 5,000 e-working centres to empower freelancers 

    Dr Umar Saif, the Caretaker Federal Minister for Information Technology and Telecommunications, has announced a significant government initiative to establish 5,000 collaborative e-working centres designed specifically for freelancers.  

    In a recent statement, Minister Saif unveiled plans to provide interest-free loans for the creation of these joint E-Working Centres, with the primary goal of facilitating freelancers and, in turn, generating millions of job opportunities throughout the country.  

    A press release from the Ministry, issued on Thursday, also highlighted Minister Saif’s commitment to attracting global investors to support startup ventures. Additionally, he mentioned an upcoming visit to Saudi Arabia to further these discussions.  

    Furthermore, Minister Saif emphasised a positive dialogue with Caretaker Finance Minister Shamshad Akhtar, focusing on a comprehensive 5-point agenda centred on the IT sector. One key topic of discussion was the issue of retaining dollars within the IT industry.   

    According to Geo News, the Ministry believes that addressing this matter will not only repatriate overseas IT accounts to Pakistan and restore investor confidence but also enhance the inflow of foreign currency into the country, consequently boosting the volume of IT exports.  

    Separately, Minister Saif stressed the need for the Pakistan Software Export Board (PSEB) to redefine its role. He proposed that the PSEB should actively assist IT companies in securing international clients and expanding their businesses on the global stage, ultimately promoting the image of Pakistan in the international market.  

    During the 58th meeting of the PSEB, Minister Saif underlined Pakistan’s unique strengths in terms of IT professionals and its favourable time zone. He emphasised the importance of presenting Pakistan’s IT/ITeS products to the world effectively. He suggested that the PSEB should collaborate with Pakistan’s trade and commerce missions in embassies worldwide to support the growth of exports by Pakistani IT companies.  

    In a directive to the PSEB, Minister Saif urged the expedited implementation of all necessary measures to train 200,000 IT professionals, with the goal of contributing $5 billion to the country’s IT exports. The meeting also delved into discussions concerning the IT industry and strategies for increasing investment within Pakistan.