SIFC celebrates 2nd anniversary with PayPal launch for freelancers

ISLAMABAD: On the completion of the second year of the Special Investment Facilitation Council (SIFC), significant milestones have been achieved to boost the digital economy of Pakistan, enabling PayPal for Pakistani freelancers as a key achievement.

SIFC, by this initiative, has simplified international payments and boosted the country’s freelance ecosystem.

The trial project, launched earlier this year, lets 10,000 freelancers receive payments via PayPal through a mediator, without requiring them to create PayPal accounts themselves.

The system, PayPal for Pakistani freelancers, makes sure that payments sent from abroad are directly deposited into local bank accounts, streamlining fund transfers and enhancing financial inclusion.

SIFC has also activated 43 IT parks nationwide, with key facilities under construction in Islamabad and Karachi.

These IT parks are designed to support startups and freelancers with modern infrastructure, including co-working spaces and training hubs.

The council has also launched over 10,000 E-Rozgar centres, aiming to authorise 50,000 freelancers annually.

Under the Digital Pakistan initiative, global tech giants such as Google, Microsoft, and Cisco have invested in Pakistan’s IT and telecom sectors, contributing to a surge in IT exports, which have now surpassed $3.2 billion.

A five-year technology transfer agreement with China is also underway, focusing on industrial innovation and skills development.

To further support international transactions, the government has introduced special foreign currency accounts for IT companies and freelancers, along with a 50%-dollar retention policy.

These measures are likely to improve Pakistan’s strategic positioning and competitiveness in the global digital marketplace.

With over 1.5 million active freelancers and a rapidly expanding digital infrastructure, SIFC’s digital transformation initiatives are positioning Pakistan as a rising force in the global tech economy.

The integration of PayPal for Pakistani freelancers marks a pivotal step toward financial empowerment and international connectivity. While the initiative would boost IT infrastructure as well.