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D-Money vows to empower unbanked community leveraging technology

  • Published at 05:23 pm June 21st, 2016
D-Money vows to empower unbanked community leveraging technology

D-Money has been founded by Aref R Bashir, managing director and CEO of Syntec and Sonia Bashir Kabir, managing director of Microsoft Bangladesh and director of Syntec.

D-Money has entered into an agreement with Uddipan Energy Ltd (UEL). Under this agreement D-Money will provide services and access to its core digital currency payment network to UDDIPAN beneficiaries in Bangladesh. The D-Money/Uddipan innovative service delivery agreement's strategic objective is to empower MFI community in Bangladesh. D-Money plans to expand its team rapidly and engage in market awareness activities nationwide while investing in its home grown software platform.

D-Money and UEL will be bridging several core legacy banking systems and providing true monetary value and unparalleled functionality in the financial services arena. The platform will offer the ability to provide UDDIPAN beneficiaries, unbanked and underbanked loan disbursements/collections, deposit receipts/refunds, agent banking, merchant acquiring/registration, insurance premium collection/claim settlement and bill payments. The beneficiaries will also be able to use their existing feature phones to access financial services via the D-Money platform.

Additionally D-Money will provide electronic KYC compliance and a full range of e-commerce and other non-core financial activities. Beneficiaries that do not have access to a smartphone or connectivity for utilisation of the D-Money's m-Wallet will be issued a D-Money NFC enabled chip and pin card for processing transactions through brick and mortar branches and branchless banking.

Md Emranul Huq Chowdhury, chairperson UEL said he is happy to be able to provide financial services in a digital form to the underprivileged people of Bangladesh with D-Money. 

Aref R Bashir, CEO and managing director of D-Money said “I am excited to be a part of this journey with Uddipan and expect this to be the beginning of many such initiatives. We will be working closely with regulators to expand our services to different verticals and customers. I believe we are very well positioned to leverage technology to innovate and bring financial services to the last mile. We are looking forward to harnessing the local talents to create a world class digital payment platform and network, providing innovative financial services and solutions to the people of Bangladesh. ”

Sonia B Kabir said, “I am ecstatic to announce that we have invested in building a 100% local software and plan to go global. It has always been my passion to bring technology specially to women in Bangladesh and I know D-Money will be the catalyst in changing the game when it comes to our under privileged population. I believe it is our duty to take technology to them and empower them to do more.”