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Remittances to Bangladesh's leading mobile wallet bKash, a subsidiary of BRAC Bank, will also be introduced by end-2022
SINGAPORE, March 18, 2022 /PRNewswire/ -- Bangladeshi migrants working in Singapore will now be able to easily transfer their hard-earned income to their families back home, with minimal fees and in real-time using DBS Remit, the bank's remittance service integrated within its digital banking platform, DBS digibank. With the launch of DBS' partnership with BRAC Bank, one of Bangladesh's largest banks, all DBS/POSB customers in Singapore can now remit funds to any of BRAC Bank's 187 branches and more than 700 agent banking outlets across Bangladesh. Customers can also credit their remittances via DBS Remit to any bank account in Bangladesh.
By end-2022, customers will also be able to use DBS Remit to transfer funds to Bangladesh's leading mobile wallet bKash, a subsidiary of BRAC Bank. With bKash estimated to be used by 22% of Bangladeshi adults[1], customers here will be able to access an even wider network in Bangladesh.
Today, there are more than 200,000 Bangladeshi migrants working in Singapore. Most of them are blue-collar professionals who struggle to send money home regularly and conveniently. Challenges include high remittance fees (due to fluctuating exchange rates and/or multiple transaction fees), which can sometimes drive them towards informal channels with higher risks to reduce costs. With DBS Remit, customers now have access to safe, affordable, and real-time automated digital remittance facilities to Bangladesh, allowing them to easily remit funds anytime, anywhere.
For remittances to Bangladesh, DBS Remit has no service fee charges, provides guaranteed exchange rates as well as real-time automated deposits to any bank account there. BRAC Bank's extensive network also allows recipients in Bangladesh to easily collect funds in cash if they prefer. For remittances deposited to a BRAC Bank account, BRAC Bank customers can use Astha (the bank's app) to pay utilities, insurance and loan installations, credit card and phone bills as well as transfer funds to any bank account or mobile wallet in Bangladesh. They can also withdraw their cash at any ATM around the nation.
Said Rhidoi Krishnakumar, Regional Head of DBS Remit, "We are very pleased to partner BRAC Bank, one of the most innovative financial institutions in Bangladesh, to enhance our DBS Remit capabilities and provide more accessible, affordable and secure remittances for our customers. We also look forward to enabling remittances to bKash wallet by the end of this year so customers can remit to even more touchpoints across Bangladesh."
"Inward foreign remittance is one of the backbones of our economy, and we're always working hard to facilitate its continuous growth. We joined hands with DBS Bank, the leading digital bank in the world because they, like us, offer their customers the best service experience, backed by the most advanced technologies," said Selim R.F. Hussain, MD & CEO of BRAC Bank.
| [1] Source: Dhaka Tribune, "Fortune lists bKash among 50 companies that are changing the world", 11 September 2017, link |
About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named "World's Best Bank" by Euromoney, "Global Bank of the Year" by The Banker and "Best Bank in the World" by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named "World's Best Digital Bank" by Euromoney and the world's "Most Innovative in Digital Banking" by The Banker. In addition, DBS has been accorded the "Safest Bank in Asia" award by Global Finance for 13 consecutive years from 2009 to 2021.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
About BRAC Bank
BRAC Bank is a leading commercial bank in Bangladesh, having started its operations in 2021. It one of the largest distribution networks in the country, and employs cutting edge technology to provide the best in class service quality to its more than 1.4 million customers. With $1 billion in market capitalization, BRAC Bank takes pride in the highest Moody's Rating (currently Ba3) among all banks in Bangladesh for 4 years consecutively. It's also the first and only bank in Bangladesh with an issuer rating by S&P Global Ratings (B+), and ISO 18788:2015 certification for security management operations. Hailed as the best bank in Bangladesh by Asiamoney for 3 years in a row, BRAC Bank is also the only member of the Global Alliance for Banking on Values (GABV) in the country.
To facilitate wage earners' remittance inflow to the country, BRAC Bank maintains a network of 60+ partnerships with leading exchange houses and banks around the globe. During the pandemic, the bank worked with United Nations Capital Development Fund (UNCDF) to design and promote digital remittance channels and disseminate digital financial literacy to Bangladeshi migrants and their families back home. The bank offers automated and real time remittance settlement in multiple payment modes, including cash, account deposit, and mobile wallet deposit.
