ISLAMABAD, Mar 05 (APP): Payoneer, a leading global financial technology company empowering small and medium-sized businesses (SMBs) to manage cross-border transactions, has partnered with Meezan Bank, Pakistan’s largest Islamic bank. This strategic collaboration aims to revolutionize international payment withdrawals for Pakistani entrepreneurs, freelancers, and SMBs, making global business transactions faster and easier.
Seamless Integration for Faster International Transactions
The partnership was formalized at a signing ceremony held at Meezan Bank’s Head Office, attended by Syed Amir Ali, Deputy CEO of Meezan Bank, and Mohsin Muzaffar, Country Manager of Payoneer Pakistan, according to a press release.
Through this collaboration, Meezan Bank customers can now link their Payoneer accounts directly to the bank’s mobile banking app, enabling real-time withdrawals in multiple global currencies into their local receiving accounts. This innovation provides a more efficient way for businesses to manage international payments and cash flow.
Key Features of the Payoneer-Meezan Bank Integration
The integration offers a range of benefits for Pakistani SMBs and freelancers, including:
âś… Multi-Currency Support: Withdraw funds in multiple global currencies directly to your Meezan Bank account.
âś… Transparent FX Rates: Enjoy clear and competitive foreign exchange rates with no hidden fees.
✅ Easy Account Linking: Quickly connect your Payoneer and Meezan Bank accounts through the bank’s mobile app.
âś… Quick Authentication: Secure transactions with fast SMS verification.
✅ Proceeds Realization Certificate (ePRC): Automatically receive the ePRC document with every transaction, ensuring compliance with Pakistan’s regulatory requirements for tax filing and export rebates.
This seamless process allows Pakistani businesses to receive payments from international clients, marketplaces, and vendors with ease, making global trade more accessible.
Boosting Pakistan’s Digital Economy
The collaboration aligns with Pakistan’s growing digital economy, which has shown significant progress. In FY2023-24, the country’s IT exports reached $3.2 billion, reflecting a 24% year-on-year increase. Additionally, Pakistan’s freelance community, consisting of over 1.5 million professionals, contributed $350 million to the nation’s foreign exchange reserves.
Learn more about Pakistan’s digital transformation and freelance industry growth in our latest insights.
Industry Leaders’ Vision for the Future
Mohsin Muzaffar, Country Manager at Payoneer Pakistan, emphasized the partnership’s impact, saying:
“Our partnership with Meezan Bank empowers Pakistani businesses with advanced financial tools to expand globally. We remain committed to supporting Pakistan’s export landscape and helping businesses thrive internationally.”
Abdullah Ahmed, Group Head of Transaction & International Banking at Meezan Bank, highlighted the bank’s role in driving financial innovation:
“Our advanced digital infrastructure and expertise make us the ideal Islamic banking partner for Payoneer. This collaboration reflects our shared commitment to financial inclusion, innovation, and supporting Pakistan’s digital economy while adhering to Islamic financial principles.”
Why This Partnership Matters for Pakistani SMBs
For Pakistani SMBs, freelancers, and entrepreneurs, this partnership offers a faster, more secure, and cost-effective solution for managing international payments. With the added benefit of regulatory compliance through ePRC issuance, businesses can focus on expanding their global reach without worrying about payment complexities.
Interested in enhancing your business’s global transactions? Explore more about Meezan Bank’s cross-border payment solutions and Payoneer’s global services on their official website.