The system forms part of Bangladesh Bank’s Cashless Bangladesh initiative and is built on the country’s existing Bangla QR mobile payments service that to date has only enabled customers of specific banks to make QR code payments at merchants that have an account with the same financial institution.
At launch, 10 banks — Dutch-Bangla Bank, Mutual Trust Bank, AB Bank, Eastern Bank, Islami Bank Bangladesh, United Commercial Bank, City Bank, Bank Asia, Pubali Bank, and One Bank — as well as Mastercard, Visa, American Express and mobile payments providers bKash, Rocket, and Islami Bank’s mCash are supporting the service, Bangladesh Bank says.
Migrants from Bangladesh can benefit from real-time money transfers to their home country, with no fees, through DBS’ digital banking platform to a Brac Bank account.
DBS Remit will provide guaranteed exchange rates and no service fees for the over 200,000 migrant workers from Bangladesh who now work in Singapore and want to send funds in their home country.
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