25 October 2016
Visit www.dh.com

Payza wins Bangladeshi license for inbound remittance processing

26 November 2012  |  1563 views  |  0 Source: Payza

Payza, one of the world's leading online payment processors, today announced it has received the first license issued from Bangladesh Bank, the country's central bank, for inbound foreign remittances entering Bangladesh via Online Payment Gateway Service Providers (OPGSP).

The license allows Payza to facilitate a significant portion of the more than $14 billion USD in remittances that enter the country annually based on Bangladesh Bank's projected total for 2012.

Earlier this year, Payza became the first online payment processor to be licensed by Bangladesh Bank to provide Bangladeshis with a convenient and affordable way to receive international bank transfers. The purpose behind Payza's introduction to Bangladesh was to provide localized bank transfer services to the more than 10,000 freelance software developers, who collectively earn approximately $15 million USD annually. Since the Payza platform was launched in Bangladesh in March 2012, both the company and the country have experienced a surge in inbound international payments, and the freelance sector has seen a growth of more than 50 percent.

By partnering with one of the country's leading banks, Bank Asia, the first and only bank in Bangladesh to execute OPGSP payments, Payza was able to utilize the Bangladesh Bank-organized Bangladesh Electronic Funds Transfer Network (BEFTN) to provide the burgeoning IT freelance sector with the opportunity to work for global organizations and receive international payments directly to their local Bangladeshi bank accounts. This brought convenient, low-cost international money transfer services to the previously underserviced country.

During the Payza Appreciation Day press conference held last month, Bank Asia President Md. Mehmood Hussain praised the company's efforts, saying, "This is one step ahead toward creating a digital Bangladesh, where we can work toward alleviating poverty in Bangladesh by increasing people's income levels."

By pursuing its mission of bringing online financial services to traditionally underserviced markets and emerging nations, Payza has been able to contribute directly to growth of the country's economy and the welfare of its citizens. "The steps we have followed to enter Bangladesh, a country previously overlooked by our industry, are laying the groundwork for how Payza will be systematically and systemically bringing online financial services to other developing and underservices regions," said Firoz Patel, Executive Vice President of Strategic Partnerships and Corporate Affairs at Payza.

"We are truly a globally local company -- our reach is global because we service the needs of local markets," Patel added. "Opening the world up to a new market is a viable and profitable corporate mandate. Facilitating an emerging market's entry into the global economy is not just good business; it's a great manifestation of corporate citizenship."

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Find out moreVisit www.dh.com

Top topics

Most viewed Most shared
Barclays and Citi test blockchain tech for equity swaps processingBarclays and Citi test blockchain tech for...
8794 views comments | 26 tweets | 19 linkedin
Visa treads on Swift's toes with blockchain pilot for high value paymentsVisa treads on Swift's toes with blockchai...
8422 views comments | 33 tweets | 37 linkedin
Monzo raises £4.8mMonzo raises £4.8m
8097 views comments
Visa tells Europe to be ready for 3-D Secure 2.0 by April 2018Visa tells Europe to be ready for 3-D Secu...
7626 views comments | 12 tweets | 27 linkedin
ING takes fintech startup route to UK relaunchING takes fintech startup route to UK rela...
7371 views comments | 29 tweets | 23 linkedin

Featured job

Basic £100-120K plus significant MBO and quota Bon...
London based with substantial international travel

Find your next job