Shimanto Bank joins Visa network, to launch card products soon
Visa reinforces leadership in Bangladesh with 42 financial institution clients
Shimanto Bank, Bangladesh’s new age scheduled commercial bank, has received an issuing and acquiring license from Visa, the leading global payments network, which will allow it to issue Visa-branded payment products and acquire merchant transactions.
Visa connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. Visa operates one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants.
On joining the Visa network, Mr. Muklesur Rahman, Managing Director & CEO, Shimanto Bank said, “Bangladesh is witnessing an increase in the adoption of electronic payments and our alliance with Visa will allow us to first launch Visa Debit cards and then other digital solutions, providing a convenient and secure payment experience to our customers. The ease of usage and enhanced security features which come with a Visa Card will help drive more acceptance and card usage amongst our customers.”
Commenting on Shimanto Bank joining the Visa network, Mr. TR Ramachandran, Visa’s Group Country Manager, India and South Asia, said, “We are excited to partner with Shimanto Bank as it will allow us to expand access to electronic payments and provide Visa payment solutions to an even greater number of people across Bangladesh.
“With the increased focus on electronic payments and a strong eCommerce industry, Bangladesh is rapidly moving towards new age banking. At Visa, we are focused on enabling migration from cash to electronic payment solutions, ensuring every transaction is faster, more convenient and secure. We are proud of our association with Shimanto Bank and look forward to working with the bank in realizing its vision of building an international standard Bangladeshi bank.”
Shimanto Bank is planning to roll out Visa Debit cards soon, which will enable its customers to access funds directly from their bank accounts to make purchases wherever Visa is accepted online, in stores and overseas, as well as for withdrawing cash from ATMs.
The partnership with Shimanto Bank further reinforces Visa’s leadership in the payments industry in Bangladesh, with the company now having 42 Financial Institution clients in the country.
Bangladesh’s Honorable Prime Minister Sheikh Hasina launched services at Shimanto Bank in September 2016. The Bank is owned by the Border Guard Bangladesh (BGB) and finances welfare-oriented initiatives for the members of the border force. The Bank is primarily focused on fulfilling all the banking needs of the BGB members while offering commercial banking functions through asset and liability products and services tailored for the country’s Retail, SME and Corporate clients.
About Visa Inc.
Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks - VisaNet - that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information visit www.visa.co.in.