EXCLUSIVE – British payments network, Earthport Plc expands to Bangladesh by partnering with local bank BRAC Saajan Exchange Ltd.
The partnership between the two now enables inbound payments into Bangladesh through Earthport’s payment network. The partnership also marks Earthport’s entry into the South Asian country.
Hank Uberoi, CEO of Earthport, said in a Monday statement:
Earthport’s strategic partnership with BRAC Saajan Exchange enables us to deliver increased efficiencies, reliability and transparency to cross-border payments into Bangladesh. We are now well positioned to further support the sustained growth in inbound global payment transactions the region is experiencing and to benefit from the opportunities this presents.
The partnership with BRAC also serves Earthport’s expansionary goals in the South Asian market, an important market to the London-based Earthport. So much so that last month, the company raised £25 million to support its growth efforts in that area.
Prior to this, it received permission with the Reserve Bank of India to provide outbound cross border payment services to banks in the country, and has also signed partnerships with banks in Singapore and other regions in the continent.
As for today’s partnership with BRAC, the move exposes Earthport to a nascent, but growing payments market with a population of over 165 million people.
The partnership also benefits BRAC, the bank stated.
Abdus Salam, CEO of BRAC Saajan Exchange, said in a statement today:
BRAC Saajan always focuses on increasing the reliability and transparency of inward remittances and payments, which play a vital role in the GDP of the country. The partnership with Earthport allows us to serve all Bangladeshi clients and to play a key role in serving the regional payments infrastructure.
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