Nagad, Kori get go-ahead for digital bank

Bangladesh Bank yesterday issued letters of intent to Nagad Digital Bank and Kori Digital Bank, in a development that can substantially enhance people’s access to finance. Nagad is now running its MFS operation without a full-fledged licence from the central bank as it did not fulfil all licencing criteria. At one point, it wanted to run its MFS operations with an NBFI licence and it obtained the licence in May. Nagad intends to propel millions of unbanked individuals into the financial fold and play a role in achieving a “Smart Bangladesh”, he added. Other than Nagad and Kori, the BB also decided to allow the three bank-led applicants to open digital banking windows. Bank Asia-led Digitall, Brac Bank-led bKash Digital Bank, and Digi10, a consortium of 10 private banks, can open digital banking windows as they already have the full-fledged banking licence.

Source: https://www.thedailystar.net/business/economy/banks/news/nagad-kori-get-go-ahead-digital-bank-3450251

BSRM takes Tk 1,900cr project to expand production capacity

BSRM, the biggest steel maker in Bangladesh, has taken a nearly Tk 1,900 crore scheme to set up its second re-rolling plant to expand its capacity and cater to increased demand for public and private construction in the country. As part of the bid, the steel industry major is setting up a melting furnace unit to increase its billet making capacity by 2.5 lakh tonnes, and a re-rolling unit to increase its capacity by 6 lakh tonnes per annum at the BSRM Industrial Estate in Mirsarai, Chattogram. After the expansion, the total steel production capacity of the Chattogram-based business house will be around 24 lakh tonnes by next year, which will be nearly one-fourth of the total steel-making capacity in the country.

Source: https://www.thedailystar.net/business/economy/news/bsrm-takes-tk-1900cr-project-expand-production-capacity-3450481

Investment expo on Nov 8-9

The Foreign Investors’ Chamber of Commerce and Industry (FICCI) is set to host a two-day investment exposition from November 8 at Radisson Blu Dhaka Water Garden marking its 60th anniversary. There will be two plenary sessions on “Green Value Chain” and “Investment Climate: Current Landscape and Mission 2041” where industry practitioners and experts will present their insights. The expo will showcase economic resilience, competitiveness, and sectoral investment opportunities of the country in around 40 stalls.

Source: https://www.thedailystar.net/business/economy/news/investment-expo-nov-8-9-3449331