The Pakistan Software Export Board (PSEB) has signed a Memorandum of Understanding with Meezan Bank Limited to expand access to banking and financial services for PSEB-registered information technology and IT-enabled services companies and freelancers. The agreement is aimed at connecting businesses and independent professionals working in Pakistan’s technology sector with relevant banking products, including Foreign Currency Accounts, while operating within applicable banking regulations. The collaboration comes as IT companies and freelancers increasingly work with international clients and receive payments from overseas markets.
Under the agreement, PSEB-registered IT and ITeS companies and freelancers will be connected with financial products and services offered by Meezan Bank that are relevant to their business and export activities. Foreign currency banking is particularly relevant for technology exporters and freelancers receiving international payments, as it can provide mechanisms for managing export proceeds and foreign currency earnings. The State Bank of Pakistan has also issued regulations specifically covering IT companies and freelancers, including provisions related to Exporters’ Special Foreign Currency Accounts and the processing of inward export receipts and outward payments.
The partnership is part of PSEB’s broader efforts to develop an enabling environment for Pakistan’s technology export industry. Earlier this year, PSEB sought proposals from financial institutions for the provision of foreign currency accounts and other financial products for the IT and ITeS sector, with successful institutions expected to enter into three-year MoUs with PSEB. The initiative reflects the growing need for banking services designed around companies and independent professionals earning from international technology markets.
Meezan Bank already offers foreign currency account facilities and has services specifically addressing the banking requirements of freelancers. Its published information on Exporters’ Special Foreign Currency Accounts outlines facilities for retaining foreign currency proceeds and making eligible international payments. The bank also maintains foreign currency current and savings account products. Through the new collaboration with PSEB, the two organizations will provide a more direct connection between registered members of Pakistan’s technology export community and relevant financial services, supporting companies and freelancers as they expand their international business activities.
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