For the first time, 52 applications have been submitted for getting the Digital Bank license to be launched in Bangladesh. All the online applications submitted till 17 October midnight are in joint ventures. Among those, more than 500 companies are trying to get license including 10 bank alliances. According to the applications of these institutions, the names of ‘Digi Ten PLC’, ‘bKash Digital Bank’, ‘Nagad Digital Bank PLC’, ‘Upay Digital Bank PLC’ and ‘Pathao Digital Bank’ have been announced.
Apart from this, three state-owned commercial banks, Sonali, Rupali, Agrani, have applied to form a digital bank in alliance. Mobile phone operator Banglalink and their parent company VEON have submitted an application to form a digital bank.
Never in the history of the country have so many applications for a bank license been submitted at once. However, Bangladesh Bank has not yet finalized the issue of when digital bank license will be given and how many banks will get license.
It is known that 10 banks named ‘Digi Ten PLC’ are going to invest 127 crore 78 lakh taka in total. This alliance includes City Bank, Eastern Bank, Mercantile Bank, Midland Bank, Mutual Trust Bank, NCC Bank, Prime Bank, Pubali Bank, Trust Bank and Dutch-Bangla Bank.
Apart from this, the proposed ‘bKash Digital Bank’ along with the current entrepreneur BRAC Bank, USA’s ‘Money in Motion LLC, International Finance Corporation, Bill and Melinda Gates Foundation, Ant Group and Softbank Vision Fund. Present and some other entrepreneurs of Nagad have also applied for formation of ‘Nagad Digital Bank PLC’.
United Commercial Bank (UCB), Aramit, private bank NRBC and Meghna Bank along with mobile financial services company Upay have applied in alliance. The alliance also includes UCB’s entrepreneurial company Navana Pharmaceuticals and IT services company Genex Infosys.
