The financial technology company empowering the world\u2019s small and medium-sized businesses (SMBs) to transact, do business, and grow globally, has partnered with Meezan Bank, Pakistan\u2019s leading Islamic bank, to enhance cross-border payments for Pakistani SMBs, entrepreneurs, and freelancers.
\nThe signing ceremony took place at Meezan Bank\u2019s Head Office, attended by Syed Amir Ali, Deputy CEO of Meezan Bank, and Mohsin Muzaffar, Country Manager of Payoneer, said a news release.
\nThis strategic collaboration aims to simplify international transactions and improve cash flow management. Meezan Bank customers can now link their Payoneer accounts to the bank\u2019s mobile banking app to make real-time withdrawals in multiple global currencies directly into their Meezan Bank\u2019s local receiving accounts.<\/p>\n
The seamless mobile app integration allows businesses in Pakistan to effortlessly receive funds from clients, vendors, and marketplaces worldwide, enabling them to be \u201clocal\u201d to their customers, regardless of where they are. Meezan Bank customers will also access benefits including multi-currency balance monitoring, transparent FX rates, no hidden costs, prepopulated personal details, quick authentication via SMS, and a straightforward account-linking process.
\nThis integration ensures Proceeds Realization Certificate (ePRC), an essential document provided by Meezan Bank for regulatory adherence, tax filing, and securing export rebates, which will be issued with every transaction, addressing a critical legal requirement for Pakistan\u2019s SMBs engaged in cross-border trade.
\nThe collaboration comes at a pivotal time for Pakistan\u2019s digital economy, which continues to demonstrate robust growth. The nation\u2019s IT exports reached $3.2 billion in FY2023-24, a 24% year-on-year increase. Pakistan\u2019s vibrant freelance worker community of over 1.5 million professionals, contributed $350 million to the country\u2019s foreign exchange reserves.)<\/p>\n
Mohsin Muzaffar, Country Manager at Payoneer Pakistan, said, \u201cBy partnering with Meezan Bank, we are providing Pakistani businesses access to financial management tools that will support their global expansion and help them grow alongside the evolution of Pakistan\u2019s export landscape. We\u2019re committed to enabling Pakistan\u2019s businesses to thrive on the global stage while contributing to the acceleration of the country\u2019s digital export growth.\u201d
\nAbdullah Ahmed, Group Head Transaction & International Banking Group at Meezan Bank, said, \u201cOur strong digital infrastructure and deep expertise in today\u2019s interconnected global economy make us an ideal Islamic banking partner for Payoneer. This seamless integration reflects our shared vision of fostering financial inclusion, driving innovation, and supporting Pakistan\u2019s digital economy in alignment with ethical and Islamic financial principles. We look forward to a successful collaboration that empowers businesses and individuals alike through responsible and inclusive banking solutions.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The financial technology company empowering the world\u2019s small and medium-sized businesses (SMBs) to transact, do business, and grow globally, has partnered with Meezan Bank, Pakistan\u2019s leading Islamic bank, to enhance cross-border payments for Pakistani SMBs, entrepreneurs, and freelancers. The signing ceremony took place at Meezan Bank\u2019s Head Office, attended by Syed Amir Ali, Deputy CEO […]<\/p>\n","protected":false},"author":2,"featured_media":465316,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-465306","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n