A fintech company called WellxPay has apparently set up financial traps in Bangladesh, with false claims of having the due license from the central bank and formal engagement with prominent personalities and institutions.
The company told different foreign media outlets that it received the Payment Service Operator (PSO) license from the Bangladesh Bank and signed an agreement with leading mobile financial service (MFS) provider bKash. Besides, noted tech entrepreneur Sonia Bashir Kabir is the founder and managing director of the company.
However, Prothom Alo came to know that none of these claims are true, which raised concerns of financial frauds for the clients using the payment gateway.
On 16 November last year, an advertisement report in Hindustan Times said WellxPay has been awarded a Payment Service Operator (PSO) license by Bangladesh Bank. But a scrutiny revealed that the tech company did not even apply to the central bank, let alone receive the license.
The bKash confirmed that they have no deal with WellxPay and that the particular company is spreading wrong information. Sonia Bashir Kabir also clarified that she has no involvement with WellxPay.
The PSO license enables the payment gateways in transactions via any banks and mobile financial service providing entities.
Mezbaul Haque, executive director and spokesperson of the Bangladesh Bank, confirmed to Prothom Alo that the central bank approved no license in favour of any company called WellxPay. He also clarified that the Bangladesh Bank has a list of licensed entities on its website.
Another advertisement report in a foreign news outlet said WellxPay made a deal with bKash, a widely recognised MFS entity in Bangladesh. It also mentioned Sonia Bashir Kabir as the company’s founder and managing director.
However, the bKash authorities confirmed that they have no deal with WellxPay and that the particular company is spreading wrong information. Sonia Bashir Kabir could not be reached for comment, but she also clarified to the media that she has no involvement with WellxPay.
As per its website, WellxPay is based in Indonesia and provides payment services in India, Pakistan, and Bangladesh. It accepts cryptocurrency alongside other conventional currencies.