Payment Cloud Technologies (PCT), the London-based FinTech business, and BRAC Saajan Exchange Ltd, exchange company and subsidiary of BRAC Bank Limited, have today announced the bringing to market of a prepaid card providing remittance and payment services for Bangladeshi communities’ outside of Bangladesh.
Bangladesh’s busy remittance corridor is a cornerstone of the country’s economy, with the total value of funds transferred in 2014 reaching approximately $15bn. However, despite a 35% increase in migrant outflow, inward remittances from global expatriates in 2016 amounted to Bangladesh’s lowest total in five years, totalling $13.61bn, and there are national concerns that migrants have turned to illegal channels to avoid high exchange rates when transferring money back into the country.
PCT are helping Brac Saajan to curb this trend by enabling the business to deliver a HM Revenue and Customs/Financial Conduct Authority registered prepaid Mastercard. The card, which is free to apply for and does not require a credit check, is available as an instant issue SDD and upgradeable to include full KYC and personalisation.
It allows users to load funds to shop online on or in-store, pay bills, or share money with recipients in another country safely and securely.
Ian Clowes, CEO, Payment Cloud Technologies, said: ‘’At PCT, we’re committed to opening the financial services market to enable players like Brac Saajan to deliver products that meet more consumer needs, in more places. We were instantly attracted to Brac Saajan’s commitment to driving positive social change for Bangladesh and making a real difference to its migrant communities in the UK and elsewhere. Building on our proven track record with Change Account, we are delighted to be applying the same expert knowledge and program management to Brac Saajan’s new prepaid Mastercard.’’
Brac Saajan selected PCT for its credible record in enabling businesses to bring innovative prepaid solutions to market quickly and securely, and its dedicated and comprehensive program management. PCT will manage the Brac Saajan prepaid Mastercard’s end-to-end process, inclusive of full KYC/personalisation upgrades.
Jeremy Proctor, CFO, Brac Saajan Exchange Ltd, said: ‘’Brac Saajan Exchange was established with a core goal to support the needs of, amongst others, Non-Resident Bangladeshi (NRB) communities. To support our mission to become the market leader in this corridor and to diversify our business we need a partner that has a deep knowledge of regulatory compliance and how to react to changes in the industry. With PCT’s obvious success in bringing prepaid cards to market quickly and effectively, we were quickly convinced that we could achieve our objectives with Ian and his team managing our prepaid programme.’’
PCT are committed to driving positive economic and social change, evidenced through the delivery of banking services for demographics who are underserved by traditional financial services providers in partnership with charity banking organisation Change Account.
Almost half of Bangladesh’s population live on less than one dollar per day. PCT have aligned their socially responsible values with Brac Saajan’s corporate vision to combat this poverty by providing a profitable and socially responsible financial institution for a healthy, democratic and poverty-free Bangladesh.