Brac Bank and Trust Axiata Pay (TAP) have signed an agreement to enable tap to disburse remittance in Bangladesh.
TAP has already opened a trust cum settlement account with Brac Bank and will soon enter digital automation with the bank, which may take few months to complete, said a press release.
Once implemented, tap can disburse remittances received by Brac Bank from across the world through different exchange houses and banks. Brac Bank will directly channel the funds to tap wallets owned by remittance beneficiaries in real time.
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.
About the agreement, Brac Bank Managing Director and CEO Selim RF Hussain 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. Our extensive global partnership will help the expatriate Bangladeshis send money from any part of the world. This seamless remittance payment reflects on our commitment to making a cashless society."
TAP Chief Executive Officer (Acting) Dewan Nazmul Hasan 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."