Standard Chartered Bangladesh recently inked an agreement with BRAC to enable digital collection and payment processes for 2,800 microfinance branch offices across BRAC’s footprint. This project is a collaborative initiative between BRAC and Standard Chartered and provides BRAC with a first-of-its-kind solution suited to their wide-ranging cash management requirements.
The bespoke solution uses the Bangladesh Electronic Funds Transfer Network (BEFTN) and Bangladesh Real Time Gross Settlement (BD-RTGS) to digitise loan disbursement. Additionally, Direct Debit Instruction (DDI) is utilised to fully automate the collection process.
The agreement between Standard Chartered Bangladesh and BRAC was signed by Luthful Arefin Khan, Head, Transaction Banking, Standard Chartered Bangladesh and Asif Saleh, Executive Director, BRAC.
Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh; Enamul Huque, Managing Director, Head of Client Coverage, Corporate, Commercial & Institutional Banking, Standard Chartered Bangladesh; Jason Ving, Regional Head, Public Sector and Development Organisation, ASEAN & South Asia, Standard Chartered; Arinjoy Dhar, Senior Director, BRAC Microfinance Bangladesh; and other senior officials were also present.
