Eastern Bank PLC (EBL) and icddr,b have joined forces in a pioneering initiative to advance healthcare waste management through sustainable and environmentally-friendly practices. The partnership was formalised with the signing of a Memorandum of Understanding (MoU) at EBL's head office in Dhaka on Wednesday. Gas crisis grips Narayanganj; residents being forced to adapt to alternative options for cooking The new partnership with Eastern Bank PLC will enable icddr,b to establish a state-of-the-art solid biohazardous waste treatment facility. This facility will be equipped with advanced waste sterilizers and shredders, allowing for the complete decontamination and destruction of biohazardous polymer products, said a press release. This initiative paves the way for recycling polymer materials, thereby converting waste into an asset and significantly reducing environmental impact of waste management. Workshop on vitamin-fortified safe edible oil held in Dhaka Dr Shams El Arifeen, Acting Executive Director and Senior Director, Maternal & Child Health Division at icddr,b, said, "This collaboration with Eastern Bank PLC is a testament to the importance of corporate responsibility in fostering sustainable healthcare practices. It marks a crucial step towards a more eco-friendly approach in healthcare waste management." Ali Reza Iftekhar, Managing Director and CEO of EBL said, ‘Solid biohazardous medical waste poses a significant challenge for Bangladesh and the management of medical waste is still in its early stages. We are very happy to partner with icddr,b in this timely initiative. “ Koko’s 9th death anniversary observed The project aims to promote similar initiatives across Bangladesh, with icddr,b hosting workshops and seminars to share its expertise in sustainable waste management with healthcare leaders and government officials.

Eastern Bank Limited (EBL) is offering International Student Identity Card (ISIC) Co-brand Prepaid Card with SSBCL Group in association with Visa. The ISIC cards will come in three variants, especially designed to cater to students, youth and full-time teachers and professors. An agreement to this effect was signed between EBL and SSBCL Group recently at the EBL’s head office in the capital, said a press release. Read: Social media prepaid card launched for women entrepreneurs These cards have been endorsed by the United Nations Educational, Scientific and Cultural Organization (UNESCO) since 1968 to help nurture cross-cultural understanding and international exchange. The cardholders will get access to exclusive discounts on travel opportunities, allowing them to discover and interact with new countries, cultures and languages at reduced rates. Read: iFarmer raises $2.1 million fund EBL Deputy Managing Director and Head of Retail and SME Banking M Khorshed Anowar, Visa Bangladesh Country Director Soumya Basu and SSBCL Group Managing Director Sumon Talukder along with senior officials from respective organisations were present.

Eastern Bank Limited has published a job circular for recruitment of manpower. The institution will recruit trainee assistant officers. Interested candidates can apply online. Position Name: Apprentice Assistant Officer Position: Not mentioned READ: Border Guard Bangladesh BGB Job Circular on www.bgb.gov.bd Educational Qualification: Graduate pass, CGPA should be at least 3.00 on a scale of 4.00. Other Qualifications: Must have six months of work experience in the same position and the mentality to work in any shift in 24 hours. Work place: Dhaka Salary and benefits:  Salary will be determined subject to negotiation.  Festival allowance, medical facilities will also match if you get a job in this post. You will also get other benefits as per the company policy. READ: Job Circular in City bank How to apply :  Interested candidates need to apply online. To apply you need to login to the website www.ebl.com.bd/career. Last date of application: October 23, 2021.

The idea of a cashless society is not new. In this day and age, technological innovations and new methods of payment are aiming to replace the age-old monetary barter system through cash.  To provide easier everyday transactions, EBL’s launched Bangla QR payment solution in its EBL SKYBANKING app on September 02, 2020, . This comes in line with debit cards, credit cards as well as the MFS in Bangladesh. The specialty of the new system is that it focuses on contactless payment using Quick Response or QR code technology. Traditional banks and financial institutions will now be able to access contactless, interoperable transaction systems.  Importance of Cashless Payment System  The importance of a cashless payment system is immense considering several factors. There is a long-standing idea that “Cash is King”. While cash is still the major economic transactor in the world, its benefits fall much short compared to the cashless payment system.  The reason is primarily because of the drawbacks of using cash. A physical currency makes way for easier counterfeiting. It is also susceptible to being stolen.  Read:Agricultural Loans in Bangladesh: Banks Offering Loans to Farmers and Farms There is also the sunk cost of transporting, counting, and storing physical currency. There is also a bar on the international transaction as local currencies don’t work for foreign payments. Cash-based economies are also susceptible to a higher risk of corruption.  All of these drawbacks of a cash-based economy can be negated by the introduction of a cashless payment system.  What is Bangla QR by EBL? How Does it Work? Bangla QR is an interoperable QR-based payment solution. It’s a step forward in the cashless and contactless payment system in Bangladesh. The payment system is based on the mVisa platform which brings all the utilities and services of Visa without the need of a POS machine.  Though QR code-based transactions have been happening in Bangladesh, these transactions aren’t directly regulated by the central bank. Rather the transactions are carried out by the own regulation of fintech services like bkash and Nagad.  Read:Best Business Ideas Amidst the Pandemic and New Normal It's important to note that none of the existing contactless payment systems of Bangladesh are a direct-service of any bank. Rather it's limited to fintech organizations. Bangladesh Bank created a regulatory guideline for the contactless payment system. It was done to make the system more streamlined. And Bangla QR is the direct product of the new policy guideline.  Bangladesh bank opted for the merchant presented QR code transaction or EMVQRCPS. It lets a user scan a QR code displayed by the merchant and make instant payments.  Read Digital Currency: Benefits and Risks of the Cashless Economy in Bangladesh Banks and lenders are exclusively dependent on Point of Scale (POS) for payment gateway through their card or internet banking app. The internet banking app is also designed for internal and external account fund transfer rather than merchant payment. The Bangla QR will help to eliminate the need for POS machines and bring the lenders hand in hand with the MFS in terms of merchant payment.  EBL was the first bank to adopt the Bangla QR as a payment option back in 2020. This is the first major private bank of Bangladesh that has opted for the platform as a payment solution. However, it wasn’t just aimed at going cashless.  Read:How to Test and Validate Your Startup Idea? Potentials of Bangla QR by EBL The managing director of EBL, Ali Reza Iftekhar thinks that this new horizon of payment option will be a great addition to ensure health safety by going contactless during this troubled time of the pandemic. The MFS sector itself brought banking to a huge chunk of the unbanked in the country. Now leading financial institutions and lenders can play a key role to make their services more easily accessible like that of the MFS.  From the context of Bangladesh, beyond the existing mobile financial services there are other online monetary services like debit cards, credit cards, e-wallet, bank accounts, and prepaid cards. Bangladesh Bank aims to create a uniform payment solution for all these services. The aim is also to include the MFSs to better streamline the cashless payment systems and bring efficiency. Rather than having a multiple QR code option, it will be a one for all system. Read Renowned online payment gateways in Bangladesh for domestic, international transactions There are about 15.99 Lac credit cards and over 1.93 crore debit cards in circulation in the country. Out of them, over 80% are based on the Visa platform. There is a huge opportunity here for all the banking institutions to tap into this new payment system. In recent years, people’s banking habits are changing. As more and more people get initiated with the digital transaction, the service is expected to be even more popular among the youths.  EBL itself has over 5 Lac debit cards and 1.6 Lac debit cards in circulation. Initially, the bank plans to work with 2 to 3 thousand merchants. Sequentially they plan to include more merchants and sectors within this payment system.  Read:Women Loans in Bangladesh: Best Schemes for Female Entrepreneurs The Emergence of the Cashless Payment System in Bangladesh  Even though the pandemic has accelerated the use of a cashless payment system in Bangladesh, the system itself isn’t new. A cashless payment system, specifically the QR code-based transactions came into Bangladesh through the hands of the MFS.  A record 40 million users are registered in the network of Nagad, one of the leading MFS of Bangladesh. The company has a daily transaction of over 400 crores. bKash is also another major player in the sector with over 2.2 million registered customers.  The services have been especially popular among the youths due to the seamless and instantaneous performance of cashless payments.  Read Fintech MFS: Best Mobile Financial Services in Bangladesh However, almost 71% of the overall economic transactions still occur in the traditional cash system. As a country, Bangladesh still has a long way to go to properly implement the cashless payment system. However, steps like the MFS and Bangla QR are making the process increasingly simple and more penetrable to the general masses.  Final Thoughts  Bangla QR is a positive step towards making Bangladesh a cashless society. The contactless payment system offers a huge opportunity for the banks to compete with the MFS in retail transactions. The increased competition will only help to make the transaction process more seamless as well as open up new opportunities. The change in people's transaction habits won't come overnight. However, it's still a significant leap towards digital economic growth. Read Best Credit Cards in Bangladesh: A Comparative Analysis

The idea of a cashless society is not new. A cashless monetary system not only eases the transactional processes but also helps to reduce the emergence of black money in the market. And one of the important stepping stones to this cashless transaction system is credit cards. The concept of credit cards is not new in Bangladesh. ANZ Grindlays Bank (now Standard Chartered bank) first introduced credit cards to the masses in 1989. The bank was also the first to introduce Visa and Mastercard as well.  Since then, every major bank and NBFI has introduced a credit card system. Read Top FMCG Companies in Bangladesh: At a Glance A simple look in the first quarter of the 2020-21 fiscal years shows the steady growth of credit card adoption and usage. Even in the pandemic, banks have seen transaction levels to be almost similar to the pre-pandemic level. This goes a long way to show that more and more expenditure opportunities are opening up for the cardholders and people are becoming more and more inclined to use them. However, it is not all smooth sailing. Credit cards are, after all, a loan system issued against your card and account and you will need to pay your debt that is your expenditure amount back. Failing to meet deadlines will land you in default and harm your creditworthiness and CBI value. Not to mention, the compounding interest on your expenditure. Read Best Personal Loans in Bangladesh to Make Your Dream Come True But everything's aside, credit cards are still a good option to make your transactions easier. So, which credit card should you get? Let us take a deeper look into the individual offerings against the cards to see what facilities the clients are getting. Top Credit Cards in Bangladesh The City Bank Amex Card City Bank is one of the few banks that offer Amex Cards to its clients. The Visa and Mastercard may be the most popular transaction routes but the Amex card also has its certain niche in Bangladesh for local and international transactions. The Regular APR stands at 27% and the grace period ranges up to 45 days. The renewal fee is slightly higher ranging from 1500 BDT to 25000 BDT depending on card facilities. There is a 5% outstanding fee applicable and there are no installment facilities available with this card. Also read: IFAD names new country director for Bangladesh Standard Chartered Bank Credit Card As one of the oldest and an international bank in our country, the Standard Chartered bank is much reputed. The bank offers a range of credit cards depending on the creditworthiness of the client. This card varies in limits and other facilities. However, the standard regular APR is 26% across cards.  The grace period is 45 days as well and the maintenance and renewal fee ranges from 1500 BDT to 10000 BDT. Standard Chartered provides an installment facility which is a bonus. You can also get an additional supplementary card which is subject to charges. Read Fintech MFS: Mobile Wallet for Easy Money Transfer, Payment & Savings in Bangladesh BRAC Bank Credit Card BRAC Bank is another pioneering bank in Bangladesh. The main idea behind BRAC bank was to increase the inclusiveness in the banking sector by making banking more accessible to the rural as well as economically drawn part of our society. Over the years, the bank has expanded its horizon of service and has introduced several cards. The renewal fee for the cards varies from 1500 BDT to 25000 BDT. However, you can waive this fee by making at least 18 transactions a year. The APR stands at 27% and the grace period is 45 days. You also get installment facilities and the supplementary card with this one is free of charge. Read Mobile Insurance Offers in Bangladesh Can Save Lives Eastern Bank Credit Card EBL was a pioneer of mobile banking in Bangladesh and to this day, they have the most robust infrastructure when it comes to mobile banking. They are also equally adept with their card services. One of the more lucrative aspects of EBL cards has to be the privilege of using EBL SkyLounge while traveling abroad. That alone might incline a client towards EBL. You’re getting a standard APR rate of 27%, a grace period of 45 days, and installment facilities. You can also avail of their supplementary card subject to additional charges. Read Best Home Loans in Bangladesh to Build Your Dream Nest DBBL Credit Card Bangladesh’s first joint venture bank DBBL has been the pillar of ATM service in our country. They have made banking more accessible through agent points and ATMs even in remote locations. Their credit cards also offer lucrative facilities making them one of the top credit issuers on the list. The APR is significantly low at 15% and in addition to that, you get a 50-days grace period. Depending on cards, you will also get waivers on the renewal fee. However, there are no installment facilities but you do get a supplementary card for free. Read Best Car Loans in Bangladesh to Grab Your Dream Car Verdict So far we have discussed the leading credit cards in Bangladesh. It is clear that each bank has services that they are excelling in. Standard Chartered will provide you with a unified experience, DBBL will give you low APR and with EBL and City Amex you are getting a host of transactional benefits including lounge access. However, the issuance of cards isn't the only factor that determines the performance of cards. In fact, it all comes down to personal preferences and your expectations from the bank itself. Of course, other financial institutions are working alongside to provide better services. As long as people aren’t actively using the cards, the banks don’t stand to gain anything. In order to get the most out of your credit card facilities, you as a client need to decide what the purpose of your credit card is. The credit card landscape of our country is expanding at a rapid pace and if you’re willing and your means support, you should avail the services as well.  Read Zero Investment Business Ideas to Try Amidst the Pandemic

Eastern Bank Limited (EBL) has signed a Memorandum of Understanding (MoU) with German-headquartered trade finance provider TradeWind GmbH on Wednesday to offer secure and innovative trade finance solutions.