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Bank Asia to launch new online money transfer service, inks deal with Inpay

FE Report | November 26, 2018 00:00:00

Bank Asia Limited is set to launch a new online money transfer service aiming to facilitate bringing remittance from European countries in Bangladesh.

Through the service, clients will be able to send their money directly from their respective online bank accounts through internet without visiting bank branches or other facilities.

To this effect, an agreement was signed between BA Exchange (UK), a venture of Bank Asia Limited and Inpay, a cross-border payment service solution provider headquartered in Denmark.

Chief executive officer (CEO) of BA Exchange ABM Kamrul Huda Azad and Asia Pacific Regional Director of Inpay Stan Cole signed the agreement on behalf of their respective financial organisations at a ceremony, held at the Bank's headquarters in the capital on Sunday.

Bank Asia Chairman A Rouf Chowdhury, its President and Managing Director (MD) Md Arfan Ali, Deputy Managing Director (DMD) Mohammad Ziaul Hasan Molla attended the ceremony, among others.

Speaking on the occasion Md Arfan Ali said the new service is a great opportunity for not only Bank Asia but also for the country as a whole.

"The service is first of its kind to bring in remittance via online platforms from European countries," he said.

An expatriate or anybody in Europe will be able to send money using their internet enabled device like smartphone staying their home to the beneficiaries in Bangladesh or other countries, he said.

Around 7.0 million Bangladeshi emigrants across the globe send their hard earned money to their close ones, he said, adding that the new service will help transfer the money within shortest possible time.

Initially beginning from Europe, the service will be available in other countries soon.

Use of formal banking channels for bringing in the remittance of around US $16 billion is very important, said the bank MD.

In his speech Stan Cole said Bangladesh is a great remittance destination, while Bank Asia is a reliable partner for easing the fund transfer businesses.

"The new initiative of the Bank Asia will help the country ensure financial inclusion," he said.

ABM Kamrul Huda Azad said clients in eight European countries namely Italy, Germany, France, Spain, Portugal, Sweden, Denmark and Greece will primarily get the opportunity.

In response to a query, he said the remittance transfer facility will be much faster and hassle-free comparing to the existing services.

Unlike many other fund transfer businesses, the bank will be directly involved with both the delivery and recipient ends, as a result the new service will be more reliable to the customers.

"In case of Bank Asia delivery channel the fund will be available instantly, in case of other banks it would take 24-working hours at most," he said.

According to data available with the central bank, Bangladesh received remittances worth of $14.98 billion in fiscal year (FY) 2017-18, which was 17.31 per cent more than the amount received in the previous FY.


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