How Raast facilitates cross border digital payments
State Bank of Pakistan Governor Jameel Ahmed recently announced that Pakistan has reached a significant milestone by enabling cross-border payments in Pakistani rupees between Pakistan and Arab countries. This has been achieved by integrating the country's Raast instant payment system with the Buna platform of the Arab Monetary Fund. Moreover, Pakistan's central bank is working towards allowing e-wallet holders in the country to make direct payments in China via online banking, as part of its broader initiative to enhance regional financial connectivity and promote digitalization. The SBP also unveiled plans to launch the third National Financial Inclusion Strategy (NFIS) 2028 during the fiscal year 2024-25. This strategy aims to expand banking services to 75% of the adult population, up from the current 60%, with the goal that by 2028, 25% of these users will be women. Raast is Pakistan's first instant payment platform which enables end-to-end digital payments between individuals, businesses and government
Cross-Country Payments: How They Work
In an increasingly globalized world, cross-country payments play a crucial role in facilitating trade, investment, and remittances between individuals, businesses, and governments across borders. These payments are essentially financial transactions made from one country to another, involving the transfer of money between parties using different currencies and banking systems. Understanding how these transactions work is essential for anyone engaged in international business, personal remittances, or trade. The Basics of Cross-Country Payments At the core of cross-country payments is the process of converting one currency into another. When an individual or business in one country needs to send money to another country, the currency they hold (e.g., U.S. dollars) must often be exchanged for the currency used in the recipient's country (e.g., euros or yen). This conversion is typically handled by banks, financial institutions, or online payment platforms, which charge fees for currency exchange and the transaction itself. Types of Cross-Country Payments Bank
Starlink Satellite Fast Internet: PTA to grant license to Starlink
Officials at PTA confirm that Starlink would have to go for a commercial agreement with Suparco. In an effort to increase internet speed throughout the country, the Pakistan Telecommunication Authority has moved one step further by intending to issue a license to Starlink—a satellite internet company by Elon Musk. The officials from the PTA said that, in principle, a license has already been given to Starlink; now, the final step will be when the security clearance comes through, after which Starlink will be officially licensed. "Starlink's license is ready, and only security clearance is pending," PTA confirms to the reporters. The new high-speed satellite internet service, Starlink, is going to be introduced in the near future, and this can give a major fillip to internet connectivity over large parts of the country, especially in those rural and remote areas where conventional broadband services are either unavailable or slow. The PTA officials, who initially started
5 Vlogging Hacks That You Need to Make Viral Content on YouTube and Other Platforms
Living in a world where every moment carries the possibility of being or becoming a story, young creators are leading the league in capturing and sharing the essence of their lives through vlogging. Be it young creators, travel enthusiasts, fitness enthusiasts, or tech-savvy professionals—all are onto creating uniqueness in stories shared, inspiration, and value-driven content that reverberates with their audience. But that, of course, won't differentiate them from the digital multitudes unless they just so happen to possess the required gadgets, the right attitude, and a dash of magic. The Right Vlogging Equipment: Your Pocket-Sized Studio The right vlogging kit determines the success of your vlog. It's cool to carry a camera for vlogging, but this is sometimes impractical. Your phone is always with you, ready to capture spontaneous moments, and that makes it perfect for vlogging. It's your pocket studio, camera crew, and editor all rolled into one. You
PTA wants to ensure registration of VPNs to ensure ‘uninterrupted operations’ in eye-opening article
PTA is concerned about VPN usage The Pakistan Telecommunication Authority (PTA) has announced the registration of Virtual Private Networks (VPNs) through a "one window" system to support software companies, call centers, freelancers, and foreign missions/embassies in maintaining legitimate, secure, and uninterrupted operations, according to an authority statement. The statement further mentioned that this is an ongoing process being continuously optimized by the PTA, Ministry of Information Technology (MoIT), Pakistan Software Export Board (PSEB), and P@SHA. Since 2020, over 20,000 IPs have been registered for VPNs, the telecom regulator noted. The regulator also stated that the one window services are accessible via the PTA and PSEB websites. Earlier this month, amid reports suggesting a ban on VPNs, the PTA clarified that it was whitelisting VPNs through an "automated process" to ensure the smooth and secure operation of IT services and online businesses. This clarification followed PTA Chairman Hafeezur Rehman’s briefing to the Senate's Standing Committee on
President Biden Signs Legislation to Ban Targeting TikTok: What This Means for the Popular Video-Sharing App
President Biden signed legislation to ban or force a sale of TikTok, following Congress' historic rebuke of the video-sharing platform’s Chinese ownership due to alleged national security risks. The Senate approved the measure 79 to 18, and the House passed it earlier. The law gives TikTok’s parent company, ByteDance, nine months to sell the app or face a national ban, extendable by 90 days by the president. TikTok, with over 170 million U.S. users, plans to challenge the law in court, arguing it violates free speech rights. CEO Show Zi Chew stated, “Rest assured, we aren’t going anywhere.”
Bright Future for Freelancers – Pakistan’s National Freelancing Policy
The Ministry of Information Technology and Telecommunication is poised to transform Pakistan's freelancing landscape with the unveiling of the "National Freelancing Policy." By making Pakistan a global leader in freelancing, this forward-thinking initiative hopes to increase exports and the country's foreign exchange revenues. The policy provides a number of initiatives aimed at empowering this dynamic workforce in an effort to encourage and support registered freelancers. Tax Incentives: Boosting Pakistan's Freelance Industry The establishment of a reduced sales tax rate, not to exceed 2 percent, for local service revenue produced by independent contractors registered with the Pakistan Software Export Board (PSEB) is one of the main aspects of this programme. It is pertinent to state that this tax break aims to lessen the financial strain on independent contractors and propel the expansion of this rising industry. The strategy expects cooperation between PSEB and the State Bank of Pakistan (SBP) to streamline inward foreign exchange remittances from
