The leading mobile financial services provider of Bangladesh, bKash Limited (“bKash”) and Ant Financial Services Group (“Ant Financial”), operator of Alipay, today announced a strategic partnership to promote financial inclusion for the unbanked and underbanked communities in Bangladesh. The partnership involves Ant Financial investing into bKash and increasing its technological capabilities, allowing it to provide greater convenience and security in mobile financial services throughout Bangladesh.
Established in 2010 by founding shareholders, BRAC Bank Limited and Money in Motion LLC, bKash is running a network of more than 180,000 agents throughout urban and rural areas of Bangladesh with over 30 million registered accounts.
“Along with its investment, Alipay brings the best payment technologies built by thousands of engineers and the knowledge of applying those technologies to economies like China which went through a massive transformation in recent years. Such track record makes Ant Financial a fitting partner for bKash since Bangladesh too has a large population of 160 million and an economy that is advancing rapidly. This investment opens many new opportunities for bKash and demonstrates the confidence a world-class player is placing in Bangladesh,”said Kamal Quadir, Chief Executive Officer of bKash.
“Ant Financial and bKash share similar goals, in that we want to bring equal opportunities to everyone here in Bangladesh. bKash can tap on the experience Alipay has built over the last decade serving 800 million users together with our strategic partners worldwide. As part of Ant Financial’s global strategy, we are keen to share our technology know-how with partners like bKash, who has successfully brought financial services to the largely unbanked population in Bangladesh. bKash is managed by a strong team with deep local knowledge and execution capabilities. We are confident, together with bKash, we can bring highly secure and inclusive financial services