Pakistani freelancers will soon be able to open Wise accounts to collect payments straight from international clients. The service is scheduled to be launched in Pakistan in the next four to six weeks, said Pakistan Software Export Board (PSEB) CEO Faisal Jeddy.
Sources in the Ministry of Information Technology and Telecommunication (MoITT) and PSEB have confirmed the news.
In the first phase, Wise accounts will primarily act as a payment-receiving facility. Freelancers would be able to share their account data with clients abroad to receive and send foreign payments in Pakistan.
Faisal Jeddy said this will be the first phase of Wise’s implementation in the country. We will more generally explore the platform’s multi-currency capabilities.
The Wise app allows users to send and receive money in many countries and currencies. However, Jeddy said present State Bank of Pakistan (SBP) laws do not fully support all such features.
PSEB has spoken to Wise representatives in the Philippines and has undertaken meetings with the State Bank of Pakistan and the federal finance minister to comply with regulatory obligations. The talks are focused on building a structure that would enable Pakistani freelancers to receive overseas payments through Wise accounts.
PSEB is also in discussions with PayPal for a potential debut in Pakistan. Jeddy said it has been more difficult to hold negotiations with PayPal since the corporation has been reticent to negotiate with a government body. PSEB is now looking at other options for a partnership with the global payments giant.
The planned Wise launch is part of a bigger attempt by PSEB to enhance digital payment options for Pakistan’s freelancers and IT exporters. For many professionals earning from clients abroad, limited access to international payment methods has remained a big obstacle.
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