Mastercard, Dutch-Bangla, bKash partner to make cross-border remittance transfer easier

Mastercard, Dutch-Bangla Bank and bKash on Monday launched “HomeSend Cross-Border Remittances” to advance the international mobile money transfer capabilities of Bangladesh’s financial ecosystem.

The largest multilateral remittance service HomeSend will enable money transfers from 136 countries to 90 million Bangladeshis.

HomeSend is a joint venture between Mastercard and Wameja. It is the most extensive cross-border money transfer network in the world with over 20,000 connected financial institutions.

State Minister for Information, Communication and Technology Junaid Ahmed Polok launched the money transfer service online.

HomeSend Chief Executive Officer Stephen Doyle said, “We are extremely proud to launch this international mobile money transfer service in partnership with Mastercard, Dutch-Bangla Bank and bKash through Bank Asia.”

“Bangladesh is a nation with a high penetration of mobile phones and bank accounts. A service such as the one we are launching today is integral to facilitating financial inclusion.”

Dutch-Bangla Managing Director Abul Kashem Md Shirin said the partnership among Mastercard, HomeSend and DBBL would allow customers to receive remittance literally at their fingertips.

“This groundbreaking service revolutionises how remittance is received locally and is an example of innovations in financial services,” Abul Kashem said.

Chief Executive Officer of bKash Kamal Quadir said, “We believe, this collaboration under the regulation of Bangladesh Bank will further contribute in the remittance flow of our economy and will empower rural households in receiving the remitted amount in the most convenient ways.”

“Recipients can cash out the money at any time from bKash’s 240,000 agent points across the country and avail various services like utility bill payment, send money, mobile recharge, payment of online shopping, e-ticketing, and payment of educational institutions or hospital expenses. They can also save money in their accounts.”

President and Managing Director of Bank Asia Md Arfan Ali said, “We are excited to connect with the remittance hub model managed by HomeSend where 50 exchange houses from over 136 countries are connected and deliver cross border remittances directly to 50 million bKash accounts through Bank Asia in real-time.”

Vikas Varma, chief operating officer of Mastercard South Asia, said, “With more than 10 million international migrant workers contributing to the economy and sending money to their families, cross-border remittances are one of the largest financial inflows to Bangladesh.”

The country has also witnessed widespread adoption of mobile phones, providing many people with the opportunity to adopt financial technology inclusion.

“HomeSend will offer flexibility and convenience to remitters and make Bangladesh’s financial system accessible to more people, expanding financial inclusion to even the remotest parts of the country,” Vikas said.

Source: United News of Bangladesh