BB, Nagad hold workshop on ‘Trust Fund cum Settlement Management’

Bangladesh Bank has recently organized an awareness workshop for the officials of the Bangladesh Postal Department’s mobile financial service Nagad.

The workshop titled ‘Guidelines for Trust Fund Management in Payment and Settlement Services’ was led by Hafia Tazrean, Joint Director of the Bangladesh Bank’s Payment System Department which was held at a five-star hotel in Dhaka on Saturday, said a press release on Wednesday.

The event was hosted with the objective of providing an overview of the Bangladesh Bank-authorized financial institutions.

Hafia Tazrean and Tanvir A Mishuk, Founder and Managing Director of Nagad Limited, distributed certificates to the participants at the end of the session.

In addition, Mohammad Aminul Haque, the Executive Director of Nagad Limited, Sheikh Aminur Rahman, the Chief Business Officer, and Md. Nurul Alam, FCS were present from Nagad Limited.

Postal Attaché of Postal Department Masud Khan and Additional Post Master General Al Mahbub represented the Bangladesh Postal Department during the session.

Tanvir A Mishuk, Managing Director of Nagad, thanked Bangladesh Bank at the end of the workshop and stated, “Nagad always believes in preserving utmost transparency. We are dedicated to adhering to all Bangladesh Bank policies as the regulating authority.”

Hafia Tazrean, Joint Director of Bangladesh Bank, discussed digital transactions, starting from the initial commodities trade, and gold exchange system to banknotes. Throughout the workshop, she emphasized the obligations and duties of non-banking financial organizations.

In her speech, Hafia tazrean the joint director Bangladesh Bank Said “The financial industry is evolving at the same pace as the ongoing technological advancement. Bangladesh Bank consistently requests that all financial institutions operate with the utmost openness. Trust funds are client deposits held by financial organizations. Therefore, Bangladesh Bank anticipates that Nagad will be extremely vigilant when handling this fund.”

The joint director also spoke about Nagad’s obligations as an MFS institution and how MFS business can safeguard its customers’ funds and the Bangladesh Bank’s regulations in this respect. She later discussed what a “Trust Fund” is, how it is administered, and the guidelines for utilizing the Trustcom Settlement Account.