BSEC to help boost startup and venture capital ecosystem
Venture capital and private equity association has sought policy support to create a sustainable venture capital industry in the country. They sought the support when a delegation from Venture Capital and Private Equity Association of Bangladesh (VCPEAB) met Professor Shibli Rubayat-Ul-Islam, Chairman, Bangladesh Securities and Exchange Commission (BSEC) and his team through a video conference on Wednesday. The delegation put emphasis on the possible contribution by venture capital and private equity investments to boost trade, innovation, export and help create home-grown startups that can contribute to the securities market in Bangladesh. The delegation was led by Shameem Ahsan, Chairman of VCPEAB and General Partner of Pegasus Tech Ventures (former Fenox Venture Capital), according to a statement. During the meeting, the team discussed different initiatives related to strengthening the venture capital, private equity and startup ecosystem. BSEC Commissioner, Dr. Shaikh Shamsuddin Ahmed said that they will give all kinds of support to improve the startup and venture capital industry in Bangladesh. Shawkat Hossain, General Secretary, VCPEAB, presented a keynote on behalf of the association to share the policy reforms necessary to develop the venture capital and private equity industry.
GP sees revenue de-growth in Q2
Grameenphone Ltd. reported total revenues of BDT 33.1 billion for the second quarter of 2020, registering an 8.2 per cent de-growth from the same period of last year. Net profit after taxes (NPAT) for the second quarter was BDT 7.3 billion, with 22 per cent margin. Earnings per share (EPS) for the period stood at BDT 5.38. The operator reported 74.5 million total customers, of which 54.8 per cent, or 40.8 million, are internet customers. Its net operating cash flow per share (NOCFPS) was Tk 6.13 for January-June 2020 as against Tk 20.94 for January-June 2019. The net asset value (NAV) per share was Tk 37.70 as on June 30, 2020 and Tk 28.40 as on December 31, 2019. Each share of the company, which was listed on the Dhaka Stock Exchange (DSE) in 2009, closed at Tk 242.10 on Wednesday, gaining 1.25 per cent over the previous day. The GP disbursed total 130 per cent cash dividend for the year ended on December 31, 2019. Meanwhile, four more listed companies, including three insurers, have recommended dividend for the year ended on December 31, 2019, according to separate official disclosures on Wednesday.
Mr. Fazle Kabir reappointed BB governor
The government yesterday finally reappointed Fazle Kabir as the governor of the central bank for two more years as it looks for an old hand to steer the financial sector during its most challenging period yet. Mr. Fazle Kabir, who originally took charge on March 19, 2016, saw his tenure end on July 3, a day before he turned 65 years of age. As per the Bangladesh Bank Order, 1972 an cannot hold the post beyond that age. Given the economic challenges thrown up by the global coronavirus pandemic, the government was not keen on bringing in a fresh face. So, it preceded to amend the laws to make way for the former finance secretary to stay on beyond the 65-year age limit, in what was an unprecedented move. Although the cabinet approved the amendment to the Bangladesh Bank Order on time, the bill was not placed in parliament during the budget session. The parliament passed the amended bill on July 9. He would now able to helm the position until July 3, 2022, when he would go past 67 years of age, the financial institutions division said in a notice. Mr.Fazle Kabir’s prime task now is to ensure smooth implementation of the Tk 103,117 crore stimulus packages to put the economy back on track again from the ruins caused by the pandemic. The central bank has been tasked with administering most of the packages.
Prime Bank wins AsiaMoney’s best ‘Digital Bank award’
Prime Bank Limited clinched best ‘Digital Bank Award’ outshining local and international counterparts in this fiercely contested award category. Recently, in a first for Bangladesh, Prime Bank has launched collateral free loan for ICT, BPO/outsourcing, internet and e-commerce startups, that won whole-hearted appreciation from the government and industry. Hong Kong-based AsiaMoney’s prestigious Best Bank Awards are seen as the benchmark for the leading firms in financial services in the region, and are fiercely contested across numerous markets and categories.
Romo Rouf Chowdhury re-elected Vice Chairman of Bank Asia
Mr. Romo Rouf Chowdhury has been re-elected as Vice Chairman of Bank Asia at the 432nd meeting of the board of directors of the bank held recently. Romo Rouf Chowdhury is one of the sponsor shareholders as well as one of Sponsor Directors of Bank Asia. He is a graduate in Engineering from Durham University, United Kingdom. He has more than 27 years of experience as an industrialist. He is one of the successful young entrepreneurs of the country. He holds directorship of various sister concerns of Rangs Group and Sea Fishers Group.
Social Islami Bank launches ‘dual prepaid’ card
Social Islami Bank has launched a “dual prepaid” card with a number of features which would make daily activities of its users “more comfortable than ever”. The card can be used both at home and abroad for multiple purposes, including transactions at automatic teller machines, point of sale terminals and e-commerce, said the bank in a press release yesterday. Students can use this card to pay tuition fees across the world including registration fees of the International English Language Testing System (IELTS), Graduate Record Examinations (GRE) and Test of English as a Foreign Language (TOEFL). Freelancers can make payments for license or registration fees of different online platforms like Google, Windows and Blackberry. Payments can also be made for online training, vendor certification programmes, website domain registration and hosting and cloud solution.