Payoneer, the leading financial technology company empowering small and medium-sized businesses (SMBs) to transact globally, has partnered with Meezan Bank, Pakistan’s top Islamic bank, to facilitate seamless international payments for local entrepreneurs, freelancers, and businesses.
The signing ceremony at Meezan Bank’s Head Office was attended by Syed Amir Ali, Deputy CEO of Meezan Bank, and Mohsin Muzaffar, Country Manager of Payoneer.
This collaboration promises to significantly enhance cross-border transactions, driving growth within Pakistan’s digital economy.
Simplifying Cross-Border Payments for Pakistan’s SMBs
The partnership, formalized during a signing ceremony at Meezan Bank’s Head Office, introduces a new feature that allows Payoneer account holders to make real-time withdrawals in multiple currencies directly into their local Meezan Bank accounts. This integration, accessible through Meezan Bank’s mobile banking app, offers businesses a smooth and convenient way to handle payments from clients and vendors across the globe.
“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,” said Mohsin Muzaffar, Country Manager at Payoneer Pakistan.
This collaboration allows businesses to operate “locally” while managing international transactions effortlessly. The mobile app integration ensures easy monitoring of multi-currency balances, transparent foreign exchange rates, and a straightforward process for linking Payoneer accounts to Meezan Bank’s platform. Businesses will also benefit from quick authentication via SMS and the pre-population of personal details, making the transaction process even smoother.
Addressing Legal and Regulatory requirements
An important feature of the integration is the inclusion of the Proceeds Realization Certificate (ePRC), which Meezan Bank will issue for every transaction. This certificate is crucial for regulatory compliance, tax filing, and securing export rebates, providing Pakistani SMBs engaged in cross-border trade with a vital tool to navigate the country’s legal landscape.
Boosting Pakistan’s Digital Economy
This partnership comes at a crucial time for Pakistan’s rapidly growing digital economy. Pakistan’s IT exports surged to $3.2 billion in FY2023-24, reflecting a 24% year-on-year increase. Additionally, the freelance workforce, comprising over 1.5 million professionals, contributed $350 million to the country’s foreign exchange reserves in 2023.
“We’re committed to enabling Pakistan’s businesses to thrive on the global stage while contributing to the acceleration of the country’s digital export growth,” said Muzaffar.
Abdullah Ahmed, Group Head of Transaction & International Banking Group at Meezan Bank, emphasized the importance of the partnership in fostering financial inclusion and innovation. “Our strong digital infrastructure and deep expertise in today’s 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’s digital economy in alignment with ethical and Islamic financial principles.”
As Pakistan continues to grow its digital economy, this collaboration between Payoneer and Meezan Bank is poised to provide businesses with the tools and infrastructure needed to thrive in the global marketplace.