Paying with MFS at retails gaining traction
Payments through the mobile financial service platform have trebled in the last one year, in a development that will bring cheer to the central bank as it strives to move towards a cashless society. According to data from the central bank, in February, total MFS merchant payment stood at Tk 429.83 crore, in contrast to Tk 115.43 crore a year earlier. At present, people are using MFS to pay for goods at both brick-and-mortar and e-commerce shops and also for rides, tuition fees and utility bills. Even salary disbursement and government payments are made through the platform. As per the industry insiders, to further increase the platform’s popularity MFS operators are currently providing cashbacks and discounts for making payments through them, a move that also accounts for the spike in transactions. Currently, about 1 lakh merchants are connected with the platform, of which 80,000 accounts are registered with bKash alone. bKash said payment through merchants is becoming popular day by day. In 2017, their total number of merchants was about 50,000. In just one year the number shot up 60 percent. As per head of corporate communication of bKash, payments like tuition fee and electricity bill can be made easily through bKash from anywhere, anytime. You can also fetch money from your bank accounts to bKash wallet and spend that accordingly.
IsDB to continue role in BD’s economic uplift
President of the Islamic Development Bank (IsDB) Dr Bandar MH Hajjar said the strong role of his bank would continue in the coming days towards the transformation of Bangladesh into a higher tier. The IsDB President said this when Finance Minister AHM Mustafa Kamal met him at Marrakech in Morocco on Friday on the sidelines of the 44th annual meeting of IsDB. During the meeting, the IsDB President recalled his recent visit to Bangladesh where he saw an unbelievably speedy Bangladesh economy. He also lauded the dynamic leadership of Prime Minister Sheikh Hasina. Mentioning that Bangladesh is going through a transformation, Hajjar said the economy of Bangladesh is going to a new improved tier from one tier and for this Bangladesh may require more resources.
Govt to ensure production-friendly environment for Entrepreneurs
Industries Minister Nurul Majid Mahmud Humayun on Saturday assured the investors and entrepreneurs of the government’s continued support for creating a business and production-friendly environment to facilitate flourishing industries in the country. As per the Minister, the government will not do business, but will help create an environment to be friendly for the investors and entrepreneurs. Some 335 entrepreneurs from different sectors had taken part in the fair. However, many of the interested ones could not take part in the event. Mr. Humayun, however, pointed out that Bangladesh has turned into an industry-based country from agriculture one. Currently, he added, the contribution of the industries sector to gross domestic product (GDP) is 33.71 per cent and would increase to 40 per cent soon.
Defaulters to get another lifeline
The country’s loan classification rules, which were tightened in 2012 to comply with global standards, are set to be relaxed by the central bank as it engineers to bring down the large amount of default loans. In 2012, the central bank had reduced a three-month time frame for treating the three types of classified loans – sub-standard, doubtful and bad – to shine out the banking sector in line with the global norms. As per the rules, loans overdue for three, six and nine months are now classified as sub-standard, doubtful and bad respectively. But now, the timeline has been pushed by three months for each category, meaning non-payment for six months would lead to the loan being classified sub-standard. The loan would turn doubtful after non-payment for nine months and bad after 12 months.
SIBL arranged the 1st Quarterly Business Conference 2019 on Saturday
Social Islami Bank Limited (SIBL) arranged the 1st Quarterly Business Conference 2019 on Saturday at a hotel in Dhaka. Managers of branches and Divisional Heads of the Bank participated in the conference. Quazi Osman Ali, Managing Director and CEO of the Bank, was present in the programme as Chief Guest and inaugurated the conference.
SBAC Bank to raise Tk 2.0 billion from stock market
South Bangla Agriculture and Commerce (SBAC) Bank, has taken an initiative to raise Tk 2.0 billion from the capital market as part of fulfilling the regulatory requirement. The SBAC Bank, a fourth generation private commercial bank, will go public under the fixed price method subject to approval of the regulators. To raise the said amount of capital, the bank will offload 200 million ordinary shares at an offer price of Tk 10 each. As per an official of the SBAC Bank, they have planned to raise a capital worth Tk 2.0 billion. The IPO (initial public offering) size will depend on the approval of the central bank. As per the Official, the bank will submit the IPO proposal with the financial statement for the period ended on June 30, 2019.
Edible oil import to rise: USDA
As per the US Department of Agriculture (USDA), Soybean and palm oil imports are likely to increase by 10 percent to 26.50 lakh tonnes in the year ending in June, buoyed by rising consumption. It also forecasted that edible oil imports might grow 6 percent year-on-year to 28 lakh tonnes in the next marketing year of 2019-20, beginning in July. Continuing population increase, changing consumer behaviour to dine out, increasing urbanisation and an increase in bakery and processed food production drives the consumption of both soybean and palm oil in Bangladesh. With the country producing an insignificant amount of soybean and no palm oil, Bangladesh has to meet the domestic requirement through imports, mostly in crude form. Palm oil accounts for the majority of the import and the consumption.
Thrust on cut in approval time for IPO proposals
Discussants at a seminar on Saturday stressed the need for reducing the time of approving IPO (initial public offering) proposals to help well-performing companies fulfil their target of raising capital. They also focused on other impediments, discouraging many companies from going public. According to them, unwillingness of ensuring transparency and accountability, easy process of getting bank loans, trend in tax evasion, lack of corporate governance and hassle in the annual general meeting are the factors behind reluctance of many companies to go public.
PaperTech expo starts Thursday
A three-day international exhibition on paper technology will begin in the capital’s international Convention City Bashundhara (ICCB) on Thursday (April 11). The ‘4th PaperTech Expo 2019’ is expected to offer a greater matchmaking platform among the local and global stakeholders relating to paper manufacturing businesses. The announcement came at a press conference at the National Press Club on Saturday, organised by Bangladesh Expo and Conference. More than 160 companies related to paper manufacturing businesses will take part in the trade show. The participating companies from 15 countries including Germany, Sweden, France, the United Kingdom, Italy, China, Malaysia and Singapore will show new products and services.
Esquire Knit to make debut on April 9
Esquire Knit Composite will make its share trading debut on the bourses on April 09 (Tuesday) under ‘N’ category. Esquire Knit will make debut as 54th listed company in the textile sector on the Dhaka Stock Exchange (DSE). The textile sector accounted for nearly 5.0 per cent of the prime bourse’s total market cap. The company raised a total capital of Tk 1.50 billion through issuing 34.89 million ordinary shares under the book-building method. The initial public offering (IPO) subscription period for the Esquire Knit Composite, a business unit of the Esquire Group, was held between January 06 and January 20, 2019. Of the total shares, 60 per cent or 20.83 million shares (worth Tk 937 million) were reserved for eligible investors at a cut-off price. The remaining shares are offered for public subscription.
FSIBL organized Quarterly Business Conference of Dhaka and Barishal zones
The Quarterly Business Conference of Dhaka and Barishal zones of First Security Islami Bank Limited was held at The Westin Dhaka on Saturday. The conference was presided over by Syed Waseque Md. Ali, Managing Director, First Security Islami Bank Limited.
New Head of Marketing in BAT
British American Tobacco Bangladesh has appointed Mr. Golam Safwat Choudhury as the Head of Marketing. After obtaining his graduation from the Institute of Business Administration, University of Dhaka, he started his career at BAT Bangladesh as a territory officer in marketing.
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