Financial services for freelancers

KARACHI: BankIslami Pakistan Limited and The Pakistan Freelancers' Association (PAFLA) signed a Memorandum of Understanding (MOU) on Tuesday to offer financial services for the growing freelance community in the country.

The collaboration aims to provide a dedicated Freelance Account Opening service and a Foreign Currency (FCY) debit card for individual freelancers and software houses, enabling them to manage their earnings in multiple currencies.

BankIslami, the first financial institution to introduce such a service, will also launch university events across Pakistan to educate and engage freelancers on financial planning, digital banking solutions, and entrepreneurship.

"BankIslami is committed to fostering innovation and exclusivity within Pakistan's dynamic freelance community. Our partnership with PAFLA marks a pivotal step towards providing tailored financial solutions for the growing needs of freelancers," said Rizwan Ata, President & Chief Executive Officer of BankIslami.

He added that the private sector and commercial banks should support and promote freelancers on global platforms, invest in education and digital infrastructure, and collaborate with the government and other stakeholders.