Bank Asia in Bangladesh has partnered with Western Union, enabling consumers to send and receive funds via a network of 1,250 bank agents throughout Bangladesh.
The deal with the Englewood, Colo.-based money transfer company supports the bank's effort to deploy more agents in rural areas where it’s using digital financial services to reach consumers who previously had no access to bank branches.
“Bank Asia has a strong digital banking platform … and I strongly believe the partnership will help extend foreign remittance to people in any corner of the country in a more affordable, convenience and faster manner,” Arfan Ali, Bank Asia’s managing director, said in a press release Sunday.
Remittances into Bangladesh totaled $13.7 billion last year. That put the country eighth in the world, ahead of Vietnam and Indonesia, according to the latest data gathered by the World Bank.