Dhaka, Bangladesh, February: Tranglo, the cross-border payment gateway specialist, has partnered up with Bangladesh’s Mutual Trust Bank (MTB) to offer instant cross-border cash transfers into bKash wallet. This partnership will facilitate bank transfers to any bank accounts in Bangladesh, instant cash transfers from any branch/agents of Mutual Trust Bank and instant transfers to bKash wallets.
Starting with coverage in Asia Pacific region (and soon Middle East and Europe), this service creates a formal channel for cross-border cash transfers to Bangladesh in conjunction with Mutual Trust Bank. With the alliance launched, Bangladeshi diaspora can now have peace of mind and make formal cross-border payouts round the clock to home.
Tranglo CEO and founder, Mr. Hui Yong Sia commented about the partnership, “After years of preparing, we finally able to offer formal bKash service in conjunction with Mutual Trust Bank to the overseas Bangladeshi. bKash is highly popular in Bangladesh and it will allow our Bangladeshi users to instantly transfer fund to their loved one.”
bKash CEO Mr. Kamal Quadir said, “Remittance is a lifeblood to Bangladesh economy, playing a crucial role in socio-economic development of the country. A concerted effort from all stakeholders including regulators, banks, remittance service operators and mobile money providers is needed to increase the flow of fund through formal channels by providing the migrant populations easy and cost effectives solutions. I hope the partnership between bKash, Tranglo and Mutual Trust Bank will encourage millions of Bangladeshi living outside the country to use this formal remittance service to transfer fund directly into the bKash wallets through Mutual Trust Bank.
Highlighting on bKash’s omnipresent reach across Bangladesh, Mr. Quadir said, bKash could be a very safe, efficient, convenient and low cost delivery channel for banks and international money transfer companies for real time transfer of remittances to the Beneficiaries.
Mr. Anis A Khan, managing director and CEO of MTB, said, “The partnership will help us deliver low-cost remittance service at the doorsteps of our customers. This digital transaction will bring more efficiency in remittance delivery system by cutting cost and travelling time.”
This alliance saw Tranglo further magnifies their expertise in delivering payment needs to the Asian, Middle East and European markets. Bangladeshi diaspora are now able to use this service via various Tranglo partners including Tik FX, Max Money, Bahrain Financing (BFC), Akbar Money, CBL Remittance, GPL Remittance, Golden Union KL, Happy Remit, GmoneyTrans and Siammali. More partners will be announced soon.
Tranglo is a leading global payment hub that enables cross-border remittance, business payments, mass payout, airtime transfers and bill payments. We work with prominent financial institutions, payment gateway, mobile operators, retailer, distributors and remittance service providers across the globe through its local offices in London, Dubai, Kuala Lumpur and Jakarta. For more info on Tranglo, please visit www.tranglo.com, www.linkedin.com/company/tranglo or www.facebook.com/tranglo.
About Mutual Trust Bank
Incorporated in 1999 with headquarter in Dhaka, Mutual Trust Bank provides various commercial banking services in Bangladesh. With a total of 111 branches of Mutual Trust Bank situated in 33 districts of Bangladesh, MTB offers retail banking services, including deposit products, such as savings and current accounts, and fixed deposits; personal, auto, home, home equity, and professional’s loan products; cards; and locker services throughout Bangladesh. It also provides wholesale banking services comprising term finance and trade finance – including export finance. Further, it provides off-shore banking services, NRB banking products, SME banking services and treasury services.
Launched in 2011, bKash is a joint venture of BRAC Bank, a SME focused commercial bank in Bangladesh, Money in Motion LLC, an USA based company, International Finance Corporation (IFC), the private sector investment arm of World Bank Group and Bill & Melinda Gates Foundation. bKash makes financial services accessible and affordable to millions of Bangladeshis, who would not otherwise have access to simple banking services, and helps drive financial inclusion by bringing the poor and unbanked into a regulated financial system.