bKash, Ant Financial to Promote Financial Inclusion in Bangladesh

1 May, 2018

Original source: Bankless Time

Bangladesh’s bKash and Ant Financial, operator of Alipay, today announced a strategic partnership to promote financial inclusion for the unbanked and underbanked communities in Bangladesh. The partnership involves Ant Financial investing into bKash and increasing its technological capabilities, 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 runs a network of more than 180,000 agents throughout urban and rural areas of Bangladesh with more than 30 million registered accounts.

“Along with its investment, Alipay brings the best payment technologies built by thousands of engineers and the knowledge of applying those technologies to economies like China which went through a massive transformation in recent years,” bKash CEO Kamal Quadir said. “Such a track record makes Ant Financial a fitting partner for bKash since Bangladesh too has a large population of 160 million and an economy that is advancing rapidly. This investment opens many new opportunities for bKash and demonstrates the confidence a world-class player is placing in Bangladesh.”

“bKash can tap on the experience Alipay has built over the last decade serving 800 million users together with our strategic partners worldwide,” Ant Financial CEO Eric Jing said. “As part of Ant Financial’s global strategy, we are keen to share our technology know-how with partners like bKash, who has successfully brought financial services to the largely unbanked population in Bangladesh. bKash is managed by a strong team with deep local knowledge and execution capabilities. We are confident, together with bKash, 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 in Fortune’s Change The World 2017 list, a recognition given to companies that have had a positive social impact through activities that are part of their core business strategy.

International Finance Corporation (IFC) and the Bill & Melinda Gates Foundation have been shareholders in bKash since 2013 and 2014 respectively.

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