Singapore-based F1Soft International will provide online and mobile money transfer software to Bangladesh Commerce Bank to help customers seeking ways to send money to family members in other countries.
The software will enable the bank to offer those customers the Transborder System for online and real-time mobile money services, the companies state in a Sept. 23 press release.
F1Soft is a unit of First Global Data Ltd. and will work with Hypertag Solutions Ltd., its partner in the Bangladesh region. Hypertag will assist the bank in implementing the new software and system for domestic and international remittance.
The Transborder System will connect the bank to international money transfer systems and exchange houses in approximately 150 countries to enable customers to complete transfers.
The remittance market in Bangladesh has witnessed an exponential growth and migrants are accepting this new mobile money channel for sending money back to their home, Pankaj Kumar, chief marketing officer of F1Soft, states in the release.
F1Soft's capabilities in handling mobile money remittance and payout locations of Bangladesh Commerce Bank will help the bank provide the new system for its customers, Kumar says.