Mobile Financial Services & Digital Banking
bKash continues to lead Bangladesh’s mobile financial services sector, offering a wide range of services including money transfers, bill payments, and digital loans. The platform has significantly enhanced financial inclusion, especially among the unbanked population.
Nagad, operating under the Bangladesh Post Office, has emerged as a prominent digital financial service provider. It offers services like cash-in, cash-out, and bill payments through its mobile app. Nagad has been recognized for its innovative approach to digital financial services in the country.
Bank-Led Fintech Innovations
Eastern Bank Limited (EBL) introduced the world’s first biometric metal card, integrating IDEX Biometrics technology to enhance security and user experience.
Mutual Trust Bank revamped its e-commerce acquiring services by partnering with Compass Plus Technologies, aiming to improve digital payment solutions.
Startups & Funding
Druto Fintech Limited, a Bangladeshi fintech startup, secured $125,000 in a pre-seed funding round from both local and international investors, including Ridwan Hafiz of GoZayaan and Razy Shah of 2Stallions Digital Marketing Agency.
Financial Inclusion & Digital Transformation
Bangladesh has made significant strides in financial inclusion, with mobile financial services playing a pivotal role. The country’s first National Financial Inclusion Strategy (2021–2026) aims to further integrate the unbanked population into the formal financial system. Mobile money platforms like bKash, Rocket, and Nagad have been instrumental in this progress.
Global Fintech Updates
Cryptocurrency & Treasury Strategies
Meliuz, a Brazilian fintech company, announced plans to expand its bitcoin reserves strategy, proposing to make cryptocurrency the main strategic asset in its corporate treasury. A shareholder meeting is scheduled for May 6 to vote on this initiative.
Major Fintech Developments
Revolut achieved significant milestones, including obtaining a UK banking license and planning the relocation of its global headquarters to Canary Wharf. The company reported a revenue of $2.2 billion in 2023 and reached a valuation of $45 billion, making it Europe’s most valuable private fintech.
ClearScore, a credit checking fintech, is considering a potential IPO in London, citing the city’s scale and brand recognition as factors. The company aims to list once it achieves sufficient business scale and diversification.
Legal & Regulatory
Charlie Javice, founder of the fintech startup Frank, was convicted of defrauding JPMorgan Chase out of $175 million by fabricating user data to inflate the company’s valuation during its acquisition. She faces up to 30 years in prison on the most serious charge.