Banglalink Receives Approval to Launch Digital Wallet Service in Bangladesh
Today, Banglalink, a prominent telecom operator, has obtained initial approval from Bangladesh Bank to introduce a digital wallet service. The central bank has granted the company a ‘No objection certificate’ (NOC) to operate as a payment service provider (PSP).
Earlier this year, Grameen Telecom, another telecom operator, received the final license from the banking regulator to function as a PSP. Banglalink expressed that this approval signifies a significant achievement in enabling broader access to digital payments for all individuals.
Typically, Bangladesh Bank issues a one-year NOC, and the company must fulfill various regulatory requirements to secure the final license. The proposed digital wallet service provider is mandated to adhere to anti-money laundering and counter-terrorism financing policies, conduct customer due diligence, and comply with ICT security standards applicable to scheduled banks in the country.
Moreover, the company must undergo software quality and vulnerability assessments, enforce data backup and retention policies, and establish precise network architecture and topology as outlined in the regulations. Upon launch, customers will have access to various services including instant money transfers, remittance facilities, bill payments, e-commerce transactions, salary disbursements, and emerging financial solutions like micro-savings and insurance premium payments.
The primary goal of the service is to enhance access to formal financial services, especially for unbanked and underserved communities. The platform is designed with a robust security framework to ensure secure, reliable, and seamless transactions that instill long-term customer trust.
Banglalink, a subsidiary of Veon, a global digital operator, views this approval as a significant stride towards promoting digital financial inclusion and laying the groundwork for a cashless society. Johan Buse, the CEO of Banglalink, emphasized the company’s commitment to establishing a secure and inclusive digital payment ecosystem for Bangladesh through its nationwide presence and global capabilities.
The company believes that straightforward, secure, and accessible digital financial services should be within reach of all individuals. A PSP facilitates electronic payment processes and transaction settlements through scheduled banks or financial institutions. Currently, there are nine licensed PSPs in the country, including iPay Systems, D Money Bangladesh, and Recursion FinTech.
Industry experts have indicated that mobile network operator Robi is also interested in entering the digital wallet sector, while online marketplaces such as Daraz and Chaldal have already applied for PSP licenses.