The newly elected government of Pakistan is going to get the ball rolling on efforts to bring PayPal, an American business that runs a worldwide online payment system and provides solutions for making online payments, to the country.
An official source has informed that Prime Minister Shehbaz Sharif will be attending the annual meeting of the World Economic Forum in Davos, Switzerland the following week. While there, he will have the opportunity to meet with world leaders, CEOs of energy sectors, and commerce delegations. In addition to this, he will meet with executives from PayPal in order to extend an invitation to the corporation for it to begin offering its services in Pakistan.
They went on to say that the Ministry of Finance, as well as the Ministry of Information Technology and Telecommunication (MoITT), are looking into the endeavor and that representatives from at least one of those ministries will be present at the conference.
During today’s meeting of the Cabinet, Prime Minister Sharif asked for a briefing on the reforms in the IT industry and the reasons why PayPal has not been brought to Pakistan by the Ministry of IT and Telecommunications.
Both in 2015 and 2019, efforts were made to bring a global leader in online payment systems to Pakistan, however, those efforts were unsuccessful. The extensive list of regulatory constraints imposed by the State Bank of Pakistan (SBP) and the challenging clearance procedure, which consists of three stages, is PayPal’s primary concern over its entry into the Pakistani market.
According to certain sources, one of these concerns is also the fact that Pakistan is on the grey list maintained by the FATF. Because of FATF, international companies that provide electronic payment services are required to adhere to stringent standards for their consumers in order to prevent money laundering and avoid having their licenses revoked.
Originally published at lahoreherald.com