The bKash Limited advertising board in the street of Dhaka (File photo)
The leading mobile financial services provider of Bangladesh, bKash Limited, and Ant Financial Services Group, operator of China’s Alipay, on Wednesday announced a strategic partnership to promote financial inclusion for communities in Bangladesh where people do not have access to banking and financial services.
The partnership involves Ant Financial investing in bKash, thus increasing bKash’s technological capabilities and allowing it to provide greater convenience and security in mobile financial services throughout Bangladesh.
Established in 2010 by founding shareholders BRAC Bank Limited and Money in Motion LLC, bKash is running a network of more than 180,000 agents throughout urban and rural areas of Bangladesh with over 30 million registered accounts.
“This investment opens many new opportunities for bKash and demonstrates the confidence a world-class player (Ant Financial) is placing in Bangladesh,” said Kamal Quadir, chief executive officer of bKash.
Eric Jing, executive chairman and chief executive officer of Ant Financial, also showed his confidence in bKash’s cooperation, saying, “We can bring highly secure and inclusive financial services to address the needs of local people and small businesses here.”
bKash and Ant Financial were both named on the Fortune Change The World 2017 list, a recognition given to companies that have exerted positive social impact through activities that are part of their core business strategy.
