bKash, Ant Financial to promote financial inclusion in Bangladesh
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.”
Photo courtesy of Institute for Money, Technology and Financial Inclusion.