‘Pocket’ e-Wallet Introduced by ABG Technologies
Bashundhara Group is introducing a digital wallet called ‘Pocket’ to offer digital payment services. ABG Technologies Limited, a subsidiary of Bashundhara Group, will oversee the operations of this e-wallet.
Officials from the central bank have announced that Bangladesh Bank will soon grant a license to the company. The brand name chosen for the company is ‘Pocket.’
Md Mazbaul Haque, the Executive Director and Spokesperson of Bangladesh Bank, stated that the company obtained a No Objection Certificate (NOC) from the central bank as a Payment Service Provider (PSP) in December of the previous year.
Haque also mentioned that the central bank will issue the license to the institution once the necessary infrastructure work is completed.
Under the regulations of the Bangladesh Payment and Settlement System Regulation 2014, ABG Technologies Limited will be granted a central bank license as a Payment Service Provider (PSP).
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The company has proposed Sayem Sobhan Anveer, the Managing Director of Bashundhara Group, as the Managing Director of this new venture.
Currently, there are six licensed PSPs in the market, including iPay Systems Limited, D Money Bangladesh Limited, Recursion Fintech Limited, Green & Red Technologies Limited, Pragati Systems Limited, and Digital Payments Limited.
However, industry insiders have noted that most of the licensed PSPs are not performing well due to various reasons, including a lack of consumer awareness regarding the benefits of e-wallets.
Previously, many companies provided e-wallet services without a license from the central bank. However, on March 5, 2020, the central bank issued a directive to banks, prohibiting them from offering services to unlicensed PSPs and PSOs.
