Mobile Operators Move into Fintech: Robi Gets Nod for ‘SmartPay’, Banglalink Awaits Approval
Bangladesh’s mobile network operators are now stepping into the fintech frontier. Robi Axiata Limited has received approval to launch its own digital wallet service, SmartPay, as an independent entity, marking its formal entry into the digital financial services (DFS) market as the country’s tenth licensed Payment Service Provider (PSP). The Bangladesh Bank granted the no-objection certificate (NOC) after two years of evaluation, under 17 specific conditions set by the central bank.
Speaking about the new service, Robi Axiata PLC’s Chief Corporate and Regulatory Affairs Officer, Shahed Alam, said, “We applied for this license as per the guidance of Bangladesh Bank for some of our ongoing services. We sincerely thank the authorities for providing the NOC to operate under the name SmartPay Limited as a PSP. We believe this license will mark a new chapter in the country’s digital inclusion journey and open up new opportunities. Our goal is to make cashless transactions easier, safer, and more inclusive for everyone. Through this license, we aim to build a payment platform that connects consumers, businesses, and government services within the same technology-driven ecosystem. Robi has always been at the forefront of innovation-driven services, and through our PSP initiative, we intend to partner with banks and fintech institutions to bring solutions aligned with the national goal of a cashless society.”
Following Robi, Banglalink has also applied for a PSP license under the name New PSP Limited, fully owned by local investors. Its application is currently under review. According to sources, Banglalink, owned by VEON Group, submitted its application to Bangladesh Bank in November 2024. It has already passed commercial and technical evaluations, with CID and other verifications now in progress. Taimur Rahman, Banglalink’s Chief Corporate and Regulatory Affairs Officer, confirmed the development, adding that the operator expects to obtain approval later this year as the country’s eleventh PSP. VEON Group also expressed its interest in obtaining a digital banking license in a letter to Bangladesh Bank Governor Ahsan H. Mansur on September 14.
To date, nine companies have received PSP licenses from Bangladesh Bank, including iPay Systems, D Money Bangladesh, Progoti Systems, Green & Red Technologies, Recursion Fintech, Digital Payments Limited, ABG Technologies, Sheba Fintech, and Shomadhan Services Limited.
Confirming the developments, Bangladesh Bank’s Executive Director and Spokesperson, Arif Hossain Khan, said, “We have issued the NOC to Robi, and Banglalink’s application is currently under consideration. We welcome globally experienced institutions to enter the digital payment market. It will enhance service quality and benefit customers.”
He further noted that Bangladesh spends around BDT 20,000 crore annually on printing banknotes, in addition to logistical risks and hassles in distributing cash to banks. “By ensuring cashless transactions in daily life, the government can increase revenue collection while curbing money laundering and corruption,” he added.
According to Bangladesh Bank regulations, a company must have a minimum paid-up capital of BDT 20 crore to operate as a PSP. Once licensed, PSPs can process digital payments on behalf of merchants for credit and debit card transactions and act as intermediaries between consumers and retailers.
However, PSPs must strictly comply with guidelines related to data privacy and security, merchant recruitment, anti-money laundering and counter-terrorist financing (AML/CFT) measures, ICT infrastructure protection, and disaster recovery management. They must also maintain dedicated data centers in separate geographical zones, develop proprietary software and applications with verified quality standards, and ensure transparent data backup and retention policies.
