Faster Cross-Border Income Transfers

NRB Bank PLC and digital financial services provider Fasset Labuan Limited have signed a remittance services agreement to help freelancers, remote workers and offshore business owners bring their foreign earnings into Bangladesh quickly through legal banking channels. This marks Fasset’s first partnership with a bank in Bangladesh. The two companies also describe the initiative as the first of its kind in the country.

The agreement was signed on September 22 at NRB Bank’s corporate head office in Gulshan, Dhaka, in the presence of senior officials from both organizations.

Under the agreement, customers receiving money from abroad through Fasset will be able to collect their funds in Bangladesh through NRB Bank. The bank’s applicable exchange rate will apply. For the first time, Fasset customers in Bangladesh will have the opportunity to bring their earnings directly into the country through a local bank.

As every transaction will be processed through banking channels, customers will have verified banking records of their foreign income. Where applicable, they will also be eligible for the government’s cash incentive on inward remittances. The arrangement is also expected to simplify the documentation process for businesses receiving export earnings.

As an authorized dealer (AD) bank, NRB Bank will distribute remittances in compliance with Bangladesh Bank’s foreign exchange regulations. Fasset will be responsible for customer Know Your Customer (KYC) verification and Anti-Money Laundering (AML) checks. Before crediting funds to customers’ accounts, NRB Bank will verify recipient information and conduct local AML screening. According to the companies, these measures will strengthen transaction security and ensure that every transfer has a traceable record.

At the signing ceremony, Anwar Uddin, additional managing director, chief operating officer (COO) and chief anti-money laundering compliance officer (CAMLCO) of NRB Bank, said, “This partnership is a major step forward for us in increasing remittances and making customer service easier. By leveraging Fasset’s digital technology, expatriate Bangladeshis will be able to send their hard-earned money home more quickly, securely and reliably.”

Saad Navid Pal, chief growth officer of Fasset, said, “We are delighted to work with NRB Bank. This partnership will further expand our operations in Bangladesh. We want to build a technology-driven and hassle-free international transaction system, and this agreement fully aligns with that goal.”

Pal added, “Together, we will make remittances easier and bring digital financial services closer to more people.”

NRB Bank is focusing on strategic partnerships and technology-driven services to expand its remittance business. The agreement is part of that initiative. The two organizations will also explore opportunities to make international remittance services easier and more efficient in the future.

Other attendees included Kimia Saadat, additional managing director and chief business officer (CBO) of NRB Bank; Mohammad Toufiqul Alam Chowdhury, senior executive vice president; Khaja Wasiullah, first vice president and head of the Cards Division; Asif Nahin Tapas, Fasset’s country manager for Bangladesh; and Kazi Sajidul Hasan, global senior product manager at Fasset.
//DBTech/GEPR/SVP/MIST//