bKash, Ant Financial announce strategic partnership

Financial services provider bKash Limited and Ant Financial Services Group, operator of Alipay, on Thursday announced a strategic partnership to promote financial inclusion for the unbanked and under-banked communities in Bangladesh, says UNB.

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.

The announcement came at an agreement signing ceremony at a city hotel in the afternoon.

 Kamal Quadir, chief executive officer of bKash Ltd, and Douglas Feagin, senior vice-president of Ant Financial, signed the deal on behalf of their respective organisations.

Addressing the function, Kamal Quadir said, "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."

Established in 2010 by founding shareholders, BRAC Bank Limited and Money in Motion LLC, bKash is running a network of over 180,000 agents throughout urban and rural areas of Bangladesh with over 30 million registered accounts.

bKash and Ant Financial were both named in Fortune Change The World 2017 list, a recognition given to companies that have had a positive social impact through activities that are part of their core business strategy.