Bangladesh Finance – a leading financial institution, and PalmPay Limited – a prominent fintech innovator that’s currently operating in multiple countries, headquarters in London & China, are pleased to announce a strategic partnership aimed at revolutionising access to consumer electronics in Bangladesh through a new digital loan facility.
This partnership, marked by a landmark agreement signed on August 27, 2024, at Bangladesh Finance's head office, will introduce a significant influx of foreign funds into the country's financial sector, marking a major step towards enhancing financial inclusivity.
This collaboration will empower customers to purchase TECNO, Itel, and Infinix mobile phones, as well as other electronic products, on credit with a minimal down payment of just 10%. The remaining balance can be repaid over a flexible six-month period, reads a press release.
The financing option is fully digital, simplifying the loan approval process to require only a national ID, thereby eliminating the need for a credit card.
Additionally, the repayment process is designed for maximum convenience, allowing customers to make payments through any digital payment method, without the need to visit a physical branch.
The signing ceremony was attended by distinguished leaders from both organizations. Representing Bangladesh Finance were Manwar Hossain, Chairman; Furkan N Hossain, Director; Suman Kumar Kundu, Chief Risk Officer; Md Faisal Hossain, Chief Technology Officer; and Md Rafiqul Amin, Group Head of Operations.
From PalmPay, notable attendees included BinBin Fan, Head of Overseas Finance; Md Safkat Islam, Head of Strategic Partnership & Business; and Jun Zeng, Director & Country Head of PalmPay Limited.
Managing Director and CEO of Bangladesh Finance Md Kyser Hamid expressed his excitement about the partnership, saying, “This agreement underscores our commitment to offering tailored financial solutions that empower our customers.
“By partnering with PalmPay Limited, we are furthering our goal of enhancing financial inclusivity and enabling wider access to essential technology. The infusion of foreign funds through this partnership comes at a crucial time for Bangladesh’s economy.”
He added, “With global economic challenges and local inflationary pressures affecting liquidity and consumer spending power, the introduction of foreign capital serves as a stabilising force.
“These funds not only enhance Bangladesh Finance’s ability to offer more inclusive financial products but also play a vital role in bolstering the country’s financial stability.”
By channeling foreign investment into the local economy, Bangladesh Finance can extend its reach to a broader customer base, providing them with the financial tools necessary to access modern technology.
This, in turn, stimulates economic activity, promotes technological advancement, and supports overall economic growth.
Moreover, the increased liquidity strengthens Bangladesh Finance's financial position, allowing it to offer competitive rates and terms, thereby contributing to a more resilient financial system.
PalmPay Limited Director & Country Head Jun Zeng added, “We are thrilled to collaborate with Bangladesh Finance to bring this innovative credit facility to consumers.
“This partnership reflects our ongoing efforts to revolutionize the financial services sector by providing accessible and convenient solutions that meet the evolving needs of our customers.”
This partnership enhances Bangladesh Finance's digital loan offerings, ensuring greater access to TECNO, Itel, and Infinix products. The foreign funds boost its ability to provide inclusive financial products and strengthen long-term stability.
With a stronger capital base, Bangladesh Finance can better navigate economic challenges and support local businesses. Interested customers can visit TECNO Mobile stores or contact Bangladesh Finance for details.
