BRAC Bank has recently signed a software license agreement with India’s Veefin Solutions Private Limited to implement Loan Origination System (LOS) which will reduce loan processing time.
This collaboration will enable the bank to develop a module for automating its SME and retail lending operations and significantly reduce the processing time for faster disbursements, the bank said in a statement.
BRAC Bank Deputy Managing Director & Chief Operating Officer (COO) Sabbir Hossain and Veefin Solutions Private Limited Director Raja Debnath signed the agreement at the bank’s head office in the capital on November 28.
Syed Abdul Momen, Deputy Managing Director & Head of SME Banking, and Mahiul Islam, Head of Retail Banking, BRAC Bank, were also present.
BRAC Bank has an extensive reach and wide customer base in SME and retail segments. The system expected to greatly benefit the customers across the country, added the statement.
