Riding on Bangladesh's success in mobile finance, a Bangladeshi-American is hoping to revolutionize global remittance by ensuring instant money transfer with the click of a button.
Saiful Khandaker, a successful entrepreneur, says his company, Famacash, will put money into the hands of people whenever they want and wherever they want.
“Famacash wants to be a leader in cross-border payments,” Saiful added.
While bKash, a mobile financial services company, has made massive impact within Bangladesh, international money transfer is still primarily done through Western Union and other bank to bank transfers.
According to Saiful, Famacash will be an app-based service where the transactions will take place through a phone or a computer and the recipient can collect the money from 10,000 locations all over Bangladesh.
“We will charge just three dollars for a transaction and the maximum amount that can be transferred in a month will be US $10,000,” he said.
Famacash has just received US $500,000 in funding from a New York City venture capital group and hopes to be operational in the next 60-90 days.
The technology will also enable people to send gift cards on social occasions that can be used in Bangladeshi retail outlets.
Saiful further said: “We will bring the Bangladeshi diaspora much closer to their families back home.”
He added that his company has already tied-up with financial institutions in 50 countries and hopes to do the same with the rest of the countries across the world.
Saiful Khandaker came to the United States in 1986 as a student from Pabna in Bangladesh and has a doctorate degree in organizational leadership, a master's of science degree in technology management, and a bachelor of science degree in computer information systems.
Saiful said he was highly inspired by the outsourcing boom in India in the 90s and while working full-time with Delta Airlines in the US, he also launched a company in Bangladesh.
He said his aspiration is to promote the same start-up culture in Bangladesh that has made the US so successful. “We are making progress but we still have a long way to go.”
Affluent Bangladeshis are happy to put money in traditional ventures like restaurants or other such businesses, but when it comes to investing in technological platforms they are highly skeptical, he observed.
He believes the future of Bangladesh lies in becoming a cashless and digital economy and he will be travelling to Dhaka to discuss the idea of a national wallet in partnership with the government.
“A large number of people still do not see this technology. I hope the success of Famacash can be the role model,” he added.
In the next three to four years he hopes that his company will be listed on the New York Stock Exchange.
He said: “If that happens, we will be the first Bangladeshi-American company to be listed on NYSE.”This article was first published on banglatribune.com
Thursday, June 04, 2026
