Pathao gets PSP license
FE REPORT | Monday, 3 April 2023
Pathao, a tech-based startup that offers ridesharing and food and non-food delivery services, got a licence by the Bangladesh Bank on Sunday to operate as a payment service provider (PSP).
BB on Sunday provided the PSP licence which named "Pathao Pay".
A circular signed by payment system department director Mr. Md Badiuzzaman Dider said the license had been given "Pathao Pay brand as payment service provider for doing business within the country on condition.
Pathao was founded in 2015 by Hussain M Elius and Shifat Adnan and Fahim Saleh with the dream of making lives better.
Now, there are six PSP operating in the market - Pathao, iPay Systems Ltd, D Money Bangladesh Ltd, Recursion FinTech Ltd, Green & Red Technologies Ltd and Progoti Systems Ltd.
Fahim Ahmed, managing director and CEO of the Pathao told the FE: "We are very pleased to see the circular regarding the issuance of PSP to operate Pathao Pay, a digital payment wallet".
Mr Ahmed said this is subsidiary of Pathao and he will elaborate on the services later after getting official documents from the central bank.
jasimharoon@yahoo.com