Bangladesh Bank and the interim government are undertaking significant efforts to restructure the country’s banking sector, focusing on recovering both local and foreign assets embezzled by corrupt individuals. Officials have confirmed that these assets, laundered abroad, are being targeted for repatriation as part of a broader initiative to bring the financial sector up to international standards. The government emphasized its commitment to reforming the financial sector, acknowledging that the process is complex and time-consuming. A key element of this strategy will be the establishment of a banking commission tasked with investigating each implicated bank, uncovering the full extent of the corruption, and developing an action plan, according to the Chief Adviser’s press wing. This plan, which can be implemented within six months, aims to overhaul the sector to ensure compliance with global banking norms. The aim of Bangladesh Bank and the government is to be capable of complying with all international standards and building a strong banking sector. However, international technical assistance and funding will be required from the beginning to the end of the activities to achieve this objective. Read more: Bangladesh Bank reconstitutes boards of 3 banks, inc. two controlled by S Alam Group The reforms come in response to revelations that unscrupulous businessmen and influential figures have embezzled vast sums from the banking sector, laundering the funds abroad through fraudulent activities. Preliminary estimates suggest the total embezzled amount could exceed Tk 1 lakh crore, though the exact figure is still being determined. Significant steps have already been taken, with reforms initiated in several banks linked to the scandal. The boards of Islami Bank, Social Islami Bank, National Bank, United Commercial Bank, Global Islami Bank, and Union Bank have been reconstituted as part of the restructuring efforts. Similar measures will be implemented across other affected banks and financial institutions. The government has also sought assistance from foreign agencies to track and repatriate the laundered funds. As the new management teams take control, they will be responsible for gathering accurate data on the embezzled amounts and leading the recovery efforts. Read more: Businesses agree with central bank's steps against bank robbers: DCCI

Mobile financial service provider upay has signed an agreement with Titas Gas Transmission and Distribution Company Limited (TGTDCL) to facilitate prepaid meter bill payment/prepaid card recharge through upay. Emon Kalyan Dutta, chief sales & service officer, and Md Eaqub Khan, company secretary of TGTDCL signed the agreement recently. Rezaul Hossain, managing director & CEO of upay, and Md Haronur Rashid Mullah, managing director of TGTDCL were present during the signing ceremony held at the head office of TGTDCL in the city, said a media release on Sunday.   Also Read: NID fees can be paid through upay Syed Abu Nosor Md Saleh, project director, installation of prepaid gas meter for TGTDCL, Mir Mubarak Hossain, manager, installation of prepaid gas meter for TGTDCL, Md Sekander-E- Azam, head of transaction banking, United Commercial Bank Ltd and Shakib Altaf, deputy director, Hasan Mohammad Zahid, assistant director, Mohammad Mockbul Hossain Bhuiyan, DGM, Md Mahfuzur Rahman, account manager of upay, among others, were present at the signing ceremony. upay, a subsidiary of United Commercial Bank, launched its operation in March 2021. Read Pathao Courier to get upay cash collection solutions

Robi is now allowing its customers to use the application of mobile financial service provider (MFS) Upay without any internet charge. Also, Robi and Airtel customers can enjoy a 1GB internet bonus and up to Tk450 cash reward by getting registered on Upay. Read Upay, Falcon sign agreement on salary disbursement Robi and Upay, a subsidiary of United Commercial Bank, recently signed an agreement at a city hotel in this connection. Sydul H Khandaker, managing director and chief executive officer of Upay, and Shihab Ahmad, the chief commercial officer of Robi, signed the agreement, according to a media statement. Read Robi’s digital employee healthcare platform becomes role-model for Axiata Shihab said: "I am really happy to sign this agreement with Upay, which will allow the Robi and Airtel customers to enjoy digital lifestyle using the benefits of Upay. I hope our customers will use the Upay app more and more."

Mobile financial service provider upay has signed an agreement with Falcon Group to facilitate the monthly salary disbursement of the group. Sydul H Khandker, managing director and CEO of upay, and Mahtab Uddin Ahmed Chowdhury, chairman and managing director of Falcon Group, signed the agreement in the capital, read a press release issued Wednesday. Upay, a subsidiary of United Commercial Bank, launched its operation in March 2021 to provide mobile financial services to people from all walks of life. Read Digital Currency: Benefits and Risks of the Cashless Economy in Bangladesh.

Upay, a recognized digital financial service provider in the country has recently signed an agreement with Guardian Life Insurance Limited to facilitate upay customers with its insurance policies using the upay app. Sydul Haque Khandaker, Managing Director and CEO of upay, and Sheikh Rakibul Karim, Deputy Managing Director and Acting CEO of Guardian Life Insurance signed the agreement on behalf of their respective organizations at the head office of Guardian Life Insurance. Also read: Land ministry, upay sign MoU on land fee payment Amid the growing popularity of ‘Micro Health Insurance’, upay customers can now buy the ‘Easylife’ products of Guardian Life from its app under this agreement. upay is a subsidiary of the United Commercial Bank that launched its service in March 2021 offering a broad range of mobile financial services to people from all walks of life. Also read: Upay to offer lowest ATM cash out charge Shamim Ahmed, Chief Operating Officer, Yeasin Arafat, Head of Digital Channels and ADC, Shariar Akanda, Key Lead, Digital Channel and ADC, Ariful Hoque, AVP, Digital Channel and ADC from Guardian Life Insurance Limited and Md. Nur-E-Alam Siddiquee, Chief Financial Officer, Saad Mohammad Faizul Karim, Director, Business Sales, Md. Nazim Uddin Ahmed, Deputy Director, Business Sales, Md. Rezwanul Hoque, Assistant Director, Business Sales of upay were present at the signing ceremony. Read Top Insurance Companies in Bangladesh in 2021

Upay will offer its customers lowest cash charge for withdrawing money from ATM booths. The charge will be Tk 8 for every Tk 1000 withdrawn, inclusive of tax and VAT. Upay is the subsidiary of United Commercial Bank (UCB), providing mobile financial services. Read Regulator shouldn't allow monopoly in MFS: Mustafa Jabbar The upay customers will be able to withdraw money at more than 500 ATMs of UCB across the country by using their upay app that can be downloaded from the Google Playstore or the upay website. Sydul Haque Khandaker, Managing Director of upay said, “Upay has already established its footprint in the MFS sector within a short time by offering the lowest fee for most of the MFS services including ATM cash withdrawal.” Upay products include mobile transaction, utility bill payment, merchant payment, inward remittance, airtime recharge, and disbursement of salary and various government social safety net allowances. Read BB issues guidelines for trust fund management in payment, settlement services Besides, upay offers some unique services exclusively available for upay customers, including payment of traffic prosecution fines, Indian visa fee payment, and gas (prepaid) bill payment- all types of bill payments free of charge. Built on state-of-the-art blockchain technology, the upay platform also ensures a greater sense of security and confidence to customers. The MFS subsidiary of UCB launched its operation on March 17, 2021, covering all the districts and upazilas in Bangladesh. Read Eden College students can pay fees through bKash