Local-Business
Daraz to organize one-day sale campaign ‘11.11’ on Nov 11
Daraz Bangladesh , a concern of Alibaba Group and one of the country’s large online marketplaces, announced on Thursday that it is hosting its biggest one-day sale Eleven Eleven (11.11) campaign for the 4th consecutive time.
A press conference was organized at the Harmony Hall, Bangabandhu International Conference Center (BICC) in the capital, where the company announced the details of the campaign.
The mega campaign will begin on November 11 and will be active for only 24hours, and it will comprise more than twenty-five million products at massive discounts, alongside numerous attractive offers including ‘Mystery Box,’ ‘Surprise Voucher,’ ‘1 Taka Game,’ ‘Thousands Taka Discount,’ ‘Shake Shake-Seller Double Taka Voucher,’ ‘Flash Sale,’ ‘Big buy win,’ ‘11’o’Clock Deals,’ and ‘Add to Cart’ Giveaway.
IFC inks deal with BFIU to develop eKYC infrastructure for fast-tracking financial Inclusion
To create a secure digital banking environment and to accelerate financial inclusion, IFC has signed a cooperation agreement with Bangladesh Financial Intelligence Unit (BFIU) for implementing an Electronic Know Your Customer (eKYC) project in Bangladesh, where only half the adult population has access to a formal financial system.BFIU, an independent government agency tasked with investigating suspicious transactions and money laundering, is also the central agency for ensuring KYC/eKYC compliance.Under the agreement, IFC and BFIU will work together to develop and adapt eKYC infrastructure, which is a foundational regulatory arrangement for conducting customer due diligence during new client on boarding process for collecting and verifying customer data electronically during opening of new accounts at banks, non-bank financial institutions, mobile financial service providers, insurance companies, and capital market intermediaries, said a press release of Bangladesh Bank.
Also read: IFC provides liquidity succour to Covid-hit RMG sector
According to central bank, an efficient digital on boarding infrastructure is one of the major building blocks for fast-tracking financial inclusion in Bangladesh.Under the current KYC protocol for opening new accounts, customers need to present their national identity (NID) cards in person and financial institutions (FI) must authenticate and keep a record manually photocopying and printing the NID.The process is time-consuming, costly, and inconvenient for both clients and FIs. Moreover, in-person account opening has become more difficult amid the COVID-19 pandemic and the development of eKYC will help in social distancing.Once in place, the eKYC infrastructure will not only cut time and cost of client on boarding, but it will help reach more customers digitally, thus, reducing the number of unbanked people, particularly the underserved such as small business owners and women entrepreneurs.The project will contribute to the financial inclusion agenda of the government of Bangladesh as well as IFC’s target of including an additional 30 million unbanked adults in the country by 2030.BFIU is expected to issue a comprehensive eKYC regulatory guideline for the financial sector by December 2024.Along with establishing a regulatory infrastructure, the eKYC project will also deliver data analytics, case studies, knowledge creation and dissemination and awareness building in the financial market. IFC estimates that 500,000 people will be covered by the e-KYC system by end of the project implementation period in 2025.“Financial sector especially financial institutions are experiencing a drastic process of digitalization.This digital transformation enables easy access of customer, even from the remote location, into the financial services.
Also read: Kamal seeks soft IFC loan for private sector development
This may pose some underlying risk of money laundering, terrorism financing and related criminal activities by abusing financial institutions and its services.To minimize such risk of financial sector e-KYC can be one of the most optimal solutions” said Md. Masud Biswas, Executive Director & Deputy Head of BFIU.“Promoting financial inclusion is one of the priorities for IFC’s work in Bangladesh. The implementation of eKYC infrastructure will offer seamless experience for end users and support the financial sector to reach out to last mile customers in Bangladesh, significantly increasing access to financial services”, said Qamar Saleem, IFC's Regional Manager Advisory Services for Financial Institutions Group in Asia and Pacific.IFC helps advance financial inclusion through investments in the financial sector, advisory services to investment clients and other private sector clients, and through advisory services to stakeholders in financial infrastructure.Earlier, for conversion from manual KYC to eKYC, BFIU ran a small-scale testing by opening 1,500 accounts using eKYC technology, such as biometrics, and the results confirmed its effectiveness.
IBBL launches service excellence campaign
Islami Bank Bangladesh Limited (IBBL) inaugurated the "Campaign for Service Excellence" Sunday in the capital.
The campaign will be run in the branches, sub-branches and other units of the bank until 11 November 11.
Mohammed Monirul Moula, managing director and CEO of the bank, inaugurated the campaign as chief guest.
Read: IBBL board of directors' meeting held
Muhammad Qaisar Ali, additional managing director, and JQM Habibullah, deputy managing director, addressed the programme as special guests.
Md Omar Faruk Khan, additional managing director, presided over the programme; Md Mahboob Alam, senior executive vice-president, delivered the welcome speech.
IBBL deputy managing directors Abu Reza Md Yeahia, Taher Ahmed Chowdhury and Md Mostafizur Rahman Siddiquee, head of wings, divisions, zones and branches of the bank were present, according to a media statement.
Read: IBBL Bogura holds clients' get-together
Mastercard, Brac unveil Mastercard Millennial Titanium Credit Card
Mastercard and Brac Bank announced the launch of the Mastercard Millennial Titanium Credit Card Sunday to cater exclusively to the lifestyle and aspiration of millennials and young working professionals in Bangladesh.
Through this card, Mastercard and Brac Bank will offer unique, personalised solutions that meet the needs of millennials.
The card's welcome pack offers unparalleled rewards and benefits, including cashback, vouchers, and discounts on e-commerce portals, clothing shops, beauty salons and online bookstores.
Read Mastercard, Dutch-Bangla, bKash partner to make cross-border remittance transfer easier
Other benefits include bonus reward points on grocery and online transactions, BOGO (Buy-One-Get-One) hotel stays, dining and lifestyle offer at more than 5,500 partner outlets in Bangladesh, two complimentary visits to airport lounges per year, and 500 bonus points on the endorsement of a minimum $5,000 on travel.
Also, the card will allow millennials to make a retail purchase at zero per cent interest.
The Mastercard Millennial Titanium Credit Card also comes with year-round offers, including the chance to earn 1,000 reward points monthly on a minimum cumulative spend of Tk5,000 at Gloria Jeans, North End Coffee, Crimson Cup, Coopers, Domino's Pizza, and double bonus reward points on a monthly spend on selective weekend grocery transactions and up to 15 per cent cashback on selective online food delivery apps.
Read Nagad, Southeast Bank, Mastercard Launch ‘Add Money’ Service
"It is high time to engage the youths, the prime promoters of the digital lifestyle, with the economy and empower them so that they can realise their full potential," Selim RF Hussain, managing director and CEO of Brac Bank, said.
"With ever-evolving technologies within reach, Brac Bank hopes this endeavour will not only compliment their unique lifestyle needs but also help them advance in their personal and professional fields."
"Today millennials account for one-third of Bangladesh's population. With continuously evolving aspirations, this generation of mobile-first digital natives provides a tremendous opportunity to drive a less-cash economy," said Syed Mohammad Kamal, country manager for Mastercard.
Read Consumer habits emerging from pandemic set to become permanent: Mastercard
"As a technology company in the payment industry, Mastercard combines safety and security with seamless user experiences that are highly valued by millennials. We are delighted to partner with Brac Bank to launch this first of its kind card in Bangladesh."
IBBL holds Shariah compliance webinar
Islami Bank Bangladesh Limited (IBBL) organised the webinar "Compliance of Shari'ah in Banking Operations" Saturday on a virtual platform.
Professor Md Nazmul Hassan, chairman of the bank, addressed the function as chief guest.
Mohammed Monirul Moula, managing director and CEO, presided over the function while Dr Mohammad Gias Uddin Talukder, chairman of IBBL Shariah Supervisory Committee, addressed it as chief discussant.
Read: IBBL board of directors' meeting held
Muhammad Qaisar Ali, the additional managing director of the bank, addressed the programme as a special guest and Professor Mohammad Abdus Samad, member secretary of Shariah Supervisory Committee, as a special discussant.
Md Omar Faruk Khan, additional managing director, and Md Shamsuddoha, executive vice-president, also addressed the webinar.
Read: IBBL Bogura holds clients' get-together
Deputy managing directors Abu Reza Md Yeahia and JQM Habibullah, Chief Risk Officer Mohammad Ali, SM Rabiul Hasan, principal of IBTRA, were also present, according to a media statement.
Investors lose Tk 10,261 crore at DSE in one week
Investors have lost their capital amounting to Tk 10,261 crore in the Dhaka Stock Exchange (DSE) over the last week with the share prices witnessing a downtrend.
According to a market review, the main index of the Dhaka Stock Exchange Index (DSEX), the country's main bourse, shed 167.4 points to 7,076 points during the October 17-21 period.
Among the other two DSE indexes, the DSES (Shariah Index) index shed 49 points to 1,518 points and the DS-30 (blue chip index) index lost 19 points to 2,699 points.
The prices of 31 shares, out of those of 382 companies, marked a rise in the DSE during the one-week period. Besides, the share prices of 338 companies declined and the share prices of nine companies remained unchanged.
Read: Tk 850-crore revolving fund for capital market in the offing
Of the 362 companies traded during the last week, the prices of 124 companies marked a rise. Besides, the share prices of 231 companies declined and that of 23 companies remained unchanged.
The market capitalization of DSE has come down from Tk 10,261.56 crore to Tk 5,69,851.24 crore last week (3rd week in Oct) due to the fall in the prices of the shares of most of the companies. The total transaction volume of the market was Tk 5,80,112.81 crore in the second week of October.
RFL launches awareness campaign on water wastage
RFL Bathroom Fittings has launched a month-long campaign to create awareness among everyone on water wastage.
RN Paul, managing director of RFL Group, inaugurated the campaign at the head office of RFL Group in the capital recently.
Under the campaign, awareness messages are being spread through various mediums to make people aware.
Moreover, anyone can win prizes by sharing ideas on water wastage. Details of the campaign can be found on the RFL Bathroom Fittings Facebook page, according to a media statement.
RN Paul said, "Most of the extracted water is wasted due to our negligence. It is possible to prevent the wastage of water with little awareness."
Shariful Islam, assistant general manager (marketing) of RFL Bathroom Fittings, said, "The supply of pure water is declining due to daily wastage, which is a big threat to our lives and the next generation. We have launched a campaign to prevent water wastage by changing our habits."
IBBL board of directors' meeting held
A meeting of the board of directors of Islami Bank Bangladesh Limited (IBBL) was held Thursday on a virtual platform.
The meeting approved the third quarterly unaudited financial statement of the bank. It also discussed the business performance of the bank and took some policy-related decisions.
Read: IBBL Bogura holds clients' get-together
Professor Md Nazmul Hassan, chairman of the bank, presided over the meeting.
Dr Areef Suleman, foreign director and representative of Islamic Development Bank; IBBL vice-chairmen Yousif Abdullah Al-Rajhi and Md Shahabuddin, Managing Director and CEO Mohammed Monirul Moula, and JQM Habibullah, Deputy Managing Director and Company Secretary, attended the meeting.
Sonali Bank writes off Tk 2,728 crore of Hall-Mark, 19 other defaulters
Sonali Bank Limited, a state-owned bank, has written off Tk 2,728 crore of its top 20 defaulters, including Hall-Mark, due to non-recovery.
Sources said the bank has set a target of recovering Tk 272 crore, or 10 per cent of the loan cancelled this year but the latest data says the bank could not achieve even 8 percent of the target even after eight months.
When contacted, Managing Director of Sonali Bank Md Ataur Rahman Prodhan told UNB that the loans have been written off as per rules.
Also read: SC cancels Hallmark chairman’s bail; asks her to surrender
“We’re trying to recover the loans …our teams are working in this regard. Writing off does not mean the loans won’t be repaid. It’s just keeping the loans in a separate balance sheet,” Ataur Rahman Prodhan said.
Bangladesh Bank (BB) introduced a loan writing-off system in 2002 and then rule was amended in April 2019. As per the amended rule, a bank can write off its loan which is treated as bad loan for three consecutive years. It was five years previously, says Sonali Bank.
According to the central bank, Sonali Bank has written off the highest amount of default loans of Tk 6,995 crore among the public banks.
Of the total defaulted loans of the state-owned bank, 38 percent are with 20 defaulters, the BB data shows.
Hall-Mark is among the 20 defaulters which have got its Tk 1,229 crore written off out of Tk 3,000 crore.
Sources at the Bangladesh Bank said Sonali Bank could not yet overcome the burden of the huge scam since not a single penny could be recovered. Hall-Mark's loan scam had shaken the banking sector, casting a long-lasting burden on Sonali Bank’s investment.
Also read: Two govt panels to probe alleged special treatment to jailed Hallmark GM
Not only Hall-Mark, but also 18 others of the top 20 defaulters of Sonali Bank failed to repay 'zero' amount as of August this year.
The other defaulters that got their default loans written off from Sonali Bank are: New Rakhi Textile Mills Limited (Tk 123 crore), Jasmi's Vegetable Oil (Tk105.55 crore), Fair Expo (Tk 96.30 crore), Alpha Tobacco (Tk 96.3 crore), One Spinning Mills (Tk 93.90 crore), Imperial Dyeing and Hosiery (Tk 90.13 crore), Rokeya Textile Mills (Tk 82.65crore) ,Sahil Fashion (81.18 crore), Imam Traders (Tk 80.85 crore), Sumi's Sweater (Tk76.7 crore), Riverside Leather and Footwear (Tk73.76 crore), Unity Knit (Tk 71.13 crore), Siddique Traders (Tk 69. 26 crore), KPF Textiles (Tk 68.56 crore), Moon Knitwear (Tk 67. 64 crore), AR Khan Sizing and Fabrics (Tk 66.86 crore), Jadu Spinning Mills Limited (Tk 50.34 crore), Sahil knitwear (Tk 57.68 crore) and Mask Sweater's (Tk 48.86 crore).
Spain can help Bangladesh modernize its agro-processing sector: Envoy
Bangladesh can use Spanish experience and technological know- how in improving its agro-processing sector as Spain holds the first position in producing agricultural products and in agro-processing business, said Spanish Ambassador to Bangladesh Francisco de Asis Benites Salas.
Ambassador Francisco said this when he met President of Dhaka Chamber of Commerce and Industry (DCCI) Rizwan Rahman on Monday at the DCCI Building in the capital.
The Spanish Ambassador also proposed the use of their experience and knowledge in preserving the historic and heritage sites in Bangladesh which will help the country attract more tourists from home and abroad.
Also read: Agro-Tech Startups in Bangladesh: Tech revolution in Agriculture Sector
Rizwan Rahman told the envoy that the bilateral trade between Bangladesh and Spain was $2.37 billion in FY2019-20, of which Bangladesh’s export and import was $2.19 billion and $177.98 million respectively.
He said export from Bangladesh to Spain is heavily concentrated on its RMG products, but Bangladeshi footwear, carpet and floor covering, jute goods, bicycle, plastic, consumer goods, dairy products also have huge potential to be exported to Spain.
The DCCI President urged Spanish entrepreneurs to invest in infrastructure, railways, healthcare, agro machineries and agro-product processing, tourism, IT & ITES, automotive and APIs (active pharmaceutical ingredients) sectors of Bangladesh.
Ambassador Francisco mentioned that Bangladesh has made tremendous economic success in recent years to become a role model for the rest of the world.
Also read: Agro revolution to be seen in saline areas: Dr Razzaque
He said that there is a huge scope to improve bilateral trade between the two countries as Spanish entrepreneurs can invest in tourism, infrastructure, railways, healthcare and automotive sectors in Bangladesh.
DCCI Senior Vice President N K A Mobin, FCS Vice President Monowar Hossain and Commercial Counselor of Spanish Embassy Francisco Javier Yepes were also present at the meeting.