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Pakistan17 DAYS AGO

Pakistan signs letter of intent for zero-cost remittances from workers in UAE

Pakistan signs letter of intent for zero-cost remittances from workers in UAE

A currency exchange dealer sorts US dollar and Saudi riyal banknotes. (File photo: Radio Pakistan)

ISLAMABAD: Pakistan signed a letter of intent (LoI) on Sunday to develop a digital wallet that will allow overseas workers in the United Arab Emirates to send remittances home at no cost, the Associated Press of Pakistan reported.


The Prime Minister's Youth Programme (PMYP) signed the LoI with Dellsons Associates Private Limited to create the platform, which will integrate with the government's Digital Youth Hub and target migrant workers in the UAE.


PMYP Chairman Rana Mashhood Ahmad Khan witnessed the ceremony at the Prime Minister's Office, joined by representatives from the Ministry of Finance, ONE LINK, and United Bank Limited. The Joint Secretary of PMYP, Dr Muhammad Ali Malik, and the Founder and Chairman of Dellsons Associates, Ibrahim Amin,  attended with their teams.


The proposed wallet will allow overseas Pakistanis in the UAE to send money through formal banking channels without transaction fees, officials said. The initiative seeks to ease financial access for migrant workers, enhance financial inclusion, and encourage documented remittance systems.


Dellsons Associates, which operates in financial technology and maintains partnerships in the UAE, will handle design, development, deployment, and management of the wallet. Implementation will proceed in coordination with ONE LINK, United Bank Limited, and other stakeholders.


The project will comply with regulatory requirements from both the Central Bank of the UAE and the State Bank of Pakistan, including anti-money laundering, counter-terrorism financing, know-your-customer protocols, consumer protection, and cybersecurity standards, according to the agreement.


The implementing partners will establish technological infrastructure, operational support systems, customer onboarding mechanisms, marketing programs, and UAE-based service centers.


Officials said the partnership aligns with the prime minister's vision for a digital economy and supports PMYP's framework focused on education, employment, engagement, and environment. The collaboration is expected to boost formal remittance inflows, reduce dependence on informal transfer channels and contribute to Pakistan's economic stability.