Payoneer & Meezan Bank Launch Global Payment Solution

In a significant development for Pakistan’s growing digital economy, Payoneer (NASDAQ: PAYO) has partnered with Meezan Bank, Pakistan’s leading Islamic bank, to introduce an enhanced cross-border payment system designed specifically for the country’s small and medium-sized businesses (SMBs), entrepreneurs, and freelancers.

The collaboration was officially launched during a signing ceremony at Meezan Bank’s Head Office, with Syed Amir Ali, Deputy CEO of Meezan Bank, and Mohsin Muzaffar, Country Manager of Payoneer, in attendance. This partnership addresses a critical need in Pakistan’s digital export ecosystem by simplifying international transactions and improving cash flow management capabilities for local businesses engaged in global commerce.

Through this integration, Meezan Bank customers can now link their Payoneer accounts directly to the bank’s mobile banking application, enabling real-time withdrawals in multiple global currencies into their local Meezan Bank accounts. This seamless connection allows Pakistani businesses to receive funds from international clients, vendors, and marketplaces worldwide, effectively enabling them to operate as “local” entities regardless of geographic boundaries.

The new system offers several key benefits for users, including multi-currency balance monitoring, transparent foreign exchange rates, elimination of hidden costs, pre-populated personal details, quick SMS authentication, and a streamlined account-linking process. These features collectively create a more accessible and efficient international payment infrastructure for Pakistan’s growing digital workforce.

A particularly valuable component of this integration is the automatic issuance of an electronic Proceeds Realization Certificate (ePRC) with every transaction. This document, provided by Meezan Bank, serves as essential documentation for regulatory compliance, tax filing, and securing export rebates addressing a critical legal requirement for Pakistani businesses engaged in cross-border trade.

The partnership comes at a strategic time for Pakistan’s rapidly expanding digital economy. The country’s IT exports reached $3.2 billion in FY24, representing a significant 24 percent year-on-year increase. Additionally, Pakistan’s vibrant freelance community, now numbering over 1.5 million professionals, contributed $350 million to the nation’s foreign exchange reserves.

Mohsin Muzaffar, Country Manager at Payoneer Pakistan, emphasized the importance of this collaboration, stating: “By 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’s export landscape.”

Abdullah Ahmed, Group Head Transaction & International Banking Group at Meezan Bank, highlighted the alignment of this partnership with Islamic banking principles, noting: “This seamless integration reflects our shared vision of fostering financial inclusion, driving innovation, and supporting Pakistan’s digital economy in alignment with ethical and Islamic financial principles.”

This collaboration represents a significant step forward in modernizing Pakistan’s international payment infrastructure while supporting the country’s growing role in the global digital economy.

For more updates, stay tuned to CurrentAffair.com.pk.