New mobile financial and payment service Trust Axiata Pay, "tap," was launched Wednesday. Chief of Army Staff General SM Shafiuddin Ahmed, who is also the chairman of Trust Axiata Digital – the company that owns tap, announced the commercial operation of the country's newest mobile financial and payment service at the Trust Bank head office in Dhaka. "In this technological era, mobile financial services or MFS is a very fitting and useful technological tool. So, Trust Bank – a company of the Army Welfare Trust – has partnered with Axiata Digital Services to launch the Trust Axiata Pay or tap," General Shafiuddin said. Read: Mobile financial service providers must inform customers about service charges: BB Humaira Azam, managing director and chief executive officer of Trust Bank, said: "Trust Bank aims to provide the best banking services to the people. That is why we have teamed up with Axiata Group. I believe digital transaction services can reach new heights through this partnership." Trust Axiata Digital was founded in May last year as a mobile financial services company. The company is a joint venture between Bangladesh's Trust Bank and Malaysia's Axiata Digital Services. Read: Fintech MFS: Best Mobile Financial Services in Bangladesh Formed under the Bangladesh Mobile Financial Services Regulations, 2018, Trust Axiata Digital will operate as an MFS and payment service provider (PSP). Tap will cater to all customers; corporate and government payments like merchant shopping, bill payment, fund transfer, cash-out from agent, add money from bank, insurance bill, passport fees, utility bill, NID fee, tuition fees, mobile recharge and e-commerce.
The Bangladesh Bank on Thursday issued guidelines for trust fund management in payment and settlement services. These guidelines shall be applicable for Mobile Financial Services (MFS), Payment Service Provider (PSP), Payment System Operator (PSO), and any other non-banking entity authorised by Bangladesh Bank to provide payment and, or settlement services that require to hold Trust Fund against the payment and, or settlement obligation created by the entity to its customers and, or participants. The relevant clauses of these guidelines shall also be applicable for scheduled banks that open and maintain Trust Cum Settlement Account for the Trustee, BB said. According to the guidelines, the money received by MFS, PSP, PSO or any related services for issuing e-money/payment instrument and, or settlement of transactions or sales proceeds or any other fund directed by the BB shall be held in the trust fund. Besides, these entities shall open and maintain, subject to the prior approval of BB, Trust Cum Settlement Accounts with the scheduled commercial banks in Bangladesh. The central bank guidelines also state that a certain portion, as instructed and, or approved by the central bank from time to time, of the trust fund has to be invested in approved government securities, fixed deposit receipt (FDR) and/or any other approved instruments. According to the guidelines, customers and, or participants who have lawful payment and settlement claims on the fund shall be the beneficiary of the Trust Fund. Bangladesh Bank shall be the Overseer of the Trust Fund on behalf of the beneficiaries. Besides, the central Bank will reserve the right of imposing financial penalties, withholding, suspending and cancelling the approval/NOC, if the activities of a service provider seem to be detrimental to public interest.