BRAC Bank Limited has signed a tripartite agreement with Delivery Tiger, a courier service, and Dana Fintech, an embedded finance and credit scoring platform, to launch platform-based e-Loans for SME businesses in Bangladesh, a press release said Monday.
This partnership will enable platform-based SME lending facilities to the cottage, micro, small and medium enterprises (CMSMEs), which will use Delivery Tiger to deliver their products all over Bangladesh.
BRAC Bank will provide short-term working capital financing to the registered CMSMEs of Delivery Tiger. Dana Fintech will facilitate technological support for digital customer onboarding and designing BRAC Bank’s credit scorecard.
Managing Director and CEO of BRAC Bank Selim R. F. Hussain, Founder and CEO of Delivery Tiger Fahim Mashroor, Co-founder and CEO of Dana Fintech GaziYar Mohammed signed the agreement at the bank’s Head Office on May 25, 2022. BRAC Bank’s DMD & Head of SME Banking Syed Abdul Momen and other senior officials took part in the signing ceremony.
This e-Loan aims to provide quick and easy financing to small businesses with customers all over the country. These enterprises will act as an alternative of brick and mortar distribution networks. Delivery Tiger and Dana Fintech will allow SMEs to apply for financing within their merchant portal and/or mobile application.
Commenting on the agreement, Selim R. F. Hussain said: “BRAC Bank is significantly focusing on new technology to meet financing needs of the CMSMEs. The technology drives business transformation and ensures faster delivery of banking services, enhancing a better customer experience. This partnership shows our commitment to ensuring easy and quick access to finance for the small-scale businesses.”
