Gerard Haughey, Country Head of Wholesale Banking at HSBC Bangladesh, and Arinjoy Dhar, Senior Director of Microfinance, signed an agreement at BRAC Centre in Dhaka recently. The Hongkong and Shanghai Banking Corporation Limited (HSBC) in Bangladesh has recently entered into a transformative partnership agreement with BRAC, the trailblazer in the microfinance industry.
The signing ceremony, held at BRAC Centre in Dhaka recently, marks a significant step towards digitising BRAC's collection and disbursement processes for greater efficiency, says a press release.
Gerard Haughey, Country Head of Wholesale Banking at HSBC Bangladesh, and Arinjoy Dhar, Senior Director of Microfinance, signed the agreement on behalf of their respective organisations.
This pioneering collaboration revolutionises cash management in Bangladesh's microfinance landscape.
Leveraging HSBC's cutting-edge solutions, BRAC aims to streamline the retrieval of loan payments on a substantial scale. Through direct fund pull instructions via HSBC's corporate online solution, individual requests for repayments are eliminated.
Simultaneously, BRAC can efficiently disburse loans in bulk to borrowers through HSBC's online and Host-to-Host connectivity solutions.
This collaboration signifies a powerful synergy between BRAC and HSBC poised to reshape the microfinance landscape in Bangladesh, fostering greater financial accessibility and efficiency for borrowers and the sector at large, the release added.
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