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DHAKA, Bangladesh, July 10, 2024 /PRNewswire/ — Nagad Ltd., a leading fintech company in Bangladesh, and Huawei Technologies have joined hands, to provide world-class smart transaction experiences to customers through Nagad.
In the presence of Honourable Prime Minister Sheikh Hasina, both parties struck the deal at the Shangri-La Hotel in Beijing on Tuesday (9 July 2024).
Following this agreement, Nagad Digital Bank PLC and Nagad’s existing MFS will be integrated with cutting-edge global technologies, enabling customers to enjoy international-standard digital financial services anytime, anywhere.
Founder and CEO of Nagad Ltd. Tanvir A Mishuk and Pan Junfeng, president of Huawei South Asia Region and CEO of Huawei Bangladesh, penned the agreement on behalf of their respective sides.
At the signing ceremony, Li Fei, vice-minister of Commerce of the People’s Republic of China, highly praised Nagad’s remarkable contribution to Bangladesh’s economic growth and financial inclusion.
Regarding the agreement, Farid Khan, chairman of Nagad Digital Bank PLC, said, “Nagad MFS has brought about a major revolution in Bangladesh’s financial sector over the past five years. Now is the time to take it to a global standard. Nagad and Huawei will jointly work to achieve this for Bangladesh. Nagad Digital Bank will play a unique role in this, which will significantly contribute to building a smart Bangladesh.”
“To ensure the technological development required for a 100 percent cashless society, we have signed this agreement with the world-renowned company Huawei Technologies. Through this, our MFS and digital bank customers in Bangladesh will enjoy world-class services conveniently at affordable costs,” he also said.
Marking the golden jubilee of diplomatic relations between Bangladesh and China next year, Prime Minister Sheikh Hasina began her China visit on 8 July 2024. During this visit, the two countries signed several notable agreements and memorandums of understanding, including the one between Nagad and Huawei.
Eight years ago, when Chinese President Xi Jinping visited Dhaka, Bangladesh, and China elevated their bilateral relations to a strategic partnership from trade and economic cooperation. Later, during Prime Minister Sheikh Hasina’s visit to China in 2019, China was termed as a comprehensive strategic cooperative partner in Bangladesh’s development.
In the continuity of such cooperation, this agreement between Nagad and Huawei is also significant in the global context of digital transactions, which will lead to the introduction of entirely new financial services and products in Bangladesh, thus transforming the trend of the country’s digital transactions.
About Nagad Ltd (https://www.nagad.com.bd/)
Nagad Limited is one of the leading MFS operators in Bangladesh with 90 million registered customers and daily transactions of more than $153 million on average. It has also been recognised as the fastest unicorn startup by the Bangladesh government. The digital platform, a successful public-private partnership between Bangladesh Postal Department and the private sector, was inaugurated in 2019 by Honourable Prime Minister Sheikh Hasina of the People’s Republic of Bangladesh.
Contact:
Lincoln Md. Lutforzaman Sarker
Assistant Vice President (AVP),
Media & Communications,
Nagad Limited.
Email: lincoln.lutforzaman@nagad.com.bd
