BRAC Bank, upay sign deal on fund transfer

BRAC Bank has signed an agreement with mobile financial service provider upay recently, allowing BRAC Bank customers to transfer funds from Mobile App ‘ASTHA’ to their upay accounts.

Users can transfer up to Tk 50,000 to upay account in a day. Soon, upay customers will be able to transfer fund to BRAC Bank account from their upay account as well, said a statement.

This agreement will also enable migrant Bangladeshis to send money home directly to upay account, with the help of BRAC Bank’s 60+ remittance partners, including leading exchange houses and banks worldwide.

Together, BRAC Bank and upay will automate the processing of remittance transactions, leading the way to the pinnacle of convenience where the beneficiary will receive the remittance instantly, no matter which corner of the world the remittance is sent from.

upay will also use the payment settlement services of BRAC Bank to facilitate transactions for its mobile account. The integration between BRAC Bank and upay will help the customers of both organisations enjoy smooth, reliable and secure transactions conveniently.

Under this agreement, BRAC Bank shall provide the TCSA (Trust Cum Settlement Account) service which shall enable upay to operate its Trust Fund in line with MFS and TCSA guideline. Also upay shall avail various collection and payment solution that includes BRAC Bank’s Corporate Internet Banking Platform, CORPnet.

BRAC Bank Managing Director and CEO Selim RF Hussain and upay Managing Director and CEO Rezaul Hossain signed the agreement on behalf of their respective organisations at BRAC Bank head office in Dhaka on August 28, 2022.

From BRAC Bank, Tareq Refat Ullah Khan, Deputy Managing Director and Head of Corporate Banking; Md Mahiul Islam, Head of Retail Banking; Jabedul Alam, Head of Transaction Banking; Shahrear Zamil, Head of Remittance and Probashi Banking; Rashedul Hasan Stalin, Head of Payments and Partnership, were present.

From upay, Syed Md Enamul Kabir, Chief Financial Officer; Ziaur Rahman, Chief Strategy Officer; Shams Azad, Deputy Director, Strategy and Product; Syed Mohidul Islam, Assistant Manager, Strategy, were present.

Commenting on the partnership, Selim RF Hussain said, “This integration with a leading MFS company is as part of BRAC Bank’s continued pursuit to expand digital banking services and become the most connected bank in the industry. We will continue to form new partnerships to cater to the diverse needs of our customers.”

Welcoming the collaboration, Rezaul Hossain said, “It is our immense pleasure to start a partnership with BRAC Bank. We believe we can add significant value to our customers in local fund transfers and international remittances. This is just the beginning of our mutual partnership, which we look forward to expanding further as we strive to provide greater convenience to our customers.”