Brac Bank has partnered with five new exchange companies to channel wage earners’ remittance through its countrywide network.
The new remittance partners are: KL Remit Exchange SDN BHD (Malaysia), CBL Money Transfer (Malaysia), Crown Agents Bank (UK), Hamdan Exchange LLC (Oman), and Global Money Exchange Company (Oman).
Earlier, the bank also obtained permission from Bangladesh Bank as per the regulatory guideline.
“Wage earner remittance is an important driver of our economy and also a major contributor to the nation’s foreign currency reserve,” said Mahiul Islam, head of retail banking at Brac Bank.
“Brac Bank is committed to enhancing our remittance ecosystem. With the new partners, we believe that the Bangladeshi diaspora will be able to send wage remittance at their comfort and convenience.”
It is worth mentioning that one of Brac Bank’s continuous big strategies is to harness the power of strategic relationships and deliver cutting-edge facilities to its customers.
In addition, as part of its digital transformation, Brac Bank has recently partnered with Ripple, the bank said in a statement.
Ripple is a rapidly growing global network of 350+ financial institutions that enjoy plug-and-play facilities to automate payments between each other.
Ripple uses blockchain technology optimised for peer-to-peer payments between financial institutions.
“With unparalleled customer convenience at its DNA, Brac Bank offers Probashi Bangladeshi (NRBs) the facility to open accounts from anywhere in the world. The customers can also operate their accounts from their residing countries, using ‘Astha’, BRAC Bank’s mobile banking app,” said Islam.
“NRBs can deposit a portion of their income in their accounts, instead of sending all of it for the household expenses of their families back home.”