JRF and DBL Group seek digital banking licence in Bangladesh

Japan Remit Finance (JRF) and DBL Group person filed an exertion with Bangladesh’s cardinal slope for a integer banking licence to signifier Japan Bangla Digital Bank.

The projected slope received archetypal support from the cardinal slope successful 2023 and present awaits a missive of intent (LOI) from Bangladesh Bank to statesman ceremonial operations.

This caller slope volition present technology-driven fiscal services aimed astatine underserved and unbanked populations successful Bangladesh.

JRF offers planetary wealth transportation and prepaid outgo services to much than 1 cardinal registered customers successful Japan, Bangladesh, Malaysia, Korea, the Philippines, Vietnam and Canada.

The slope besides provides API links to implicit 100 banks, outgo work providers and mobile fiscal work operators crossed Asia, North America and Europe.

JRF Global Capital Investments volition play a cardinal relation successful the project, with enactment expected from SBI Group, which owns 7 banks successful Japan.

Since 2011, JRF has offered wallet-based services, prepaid cards and web- and mobile-based remittance services successful Japan, with an yearly remittance measurement of implicit $550m.

Its existing fintech infrastructure is expected to supply the projected integer slope with contiguous entree to proven technology, cross-border regulatory acquisition and a ample remittance lawsuit base.

DBL Group, the superior section partner, has made an yearly turnover of much than $1bn. Its workforce exceeds 50,000.

The institution has much than 30 associated companies successful sectors specified arsenic textiles, ceramics, telecommunications, pharmaceuticals and integer solutions.

Also, it has relationships with the International Finance Corporation, DEG, the Asian Development Bank and British International Investment.

The exertion for a banking licence was submitted nether Bangladesh’s model for integer banks.

Bangladesh cardinal bank’s issuance of a missive of intent would beryllium the adjacent regulatory measurement earlier ceremonial licence support and operational launch.

"JRF and DBL Group question integer banking licence successful Bangladesh" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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