BRAC Bank and Trust Axiata Pay (tap) have signed an agreement to enable tap to disburse remittance in Bangladesh, said a press release.
Under the same automated system between BRAC Bank and tap, all KYC, Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), and AML-CFT based screening for each remittance transaction will be done digitally as well as per Bangladesh Bank and government guidelines.
Selim R. F. Hussain, Managing Director & CEO of BRAC Bank, said “We are delighted to be a tap partner in bringing remittance of the wage earners directly and instantly to mobile wallet of the beneficiaries. This service will give comfort and convenience to the remittance customers and play a role in enhancing remittance inflow through the legal channel and boosting foreign exchange reserves.”
Dewan Nazmul Hasan, Chief Executive Officer (Acting) of tap said “This is our immense pleasure to start our partnership with BRAC Bank. Trust Axiata Pay (tap) is co-owned by a Malaysian Company – Axiata, Malaysia is one of the key NRB hubs. Therefore, we believe we can add significant value to our non-resident Bangladeshis (NRB) base in Malaysia through this partnership and expand the service experience to every NRB throughout the world. This will be another step from tap to build this nation.”
