Mobile Banking Bangladesh : Bank Asia Ltd

Name of the Organization : Bank Asia Limited
Type of Facility : Mobile Banking
Country : Bangladesh

Website : http://www.bankasia-bd.com/home/mobile_banking

Mobile Banking:

Bank Asia was launched in 1999 and grew through two significant acquisitions. As a Third generation Bank, Bank Asia now has 66 branches, 6 SME service centers and 5 Islamic windows across Bangladesh serving primarily a corporate banking clientele.

Related : Bank Asia Bangladesh Loan For Professionals : www.statusin.org/6780.html

In addition to its own 65 ATMs, it has expanded further reach through the use of the Q-Cash, Cash Link and VISA shared ATM networks. Bank Asia is issuing VISA Debit & Credit Cards, MasterCard Credit Cards and Acquiring VISA cards in ATMs.

Bank Asia has only during the first quarter launched its MFS program. What differentiates Bank Asia is that its technology base is a platform called iPay. This is a platform that is accessible via SmartPhones which can use internet based applications for transactions. Thus, it has the major advantage of being independent of mobile operators and does not rely on a dedicated USSD channel. The technology can use existing data services provided by any telco.

Bank Asia’s Mobile Banking is divided in Four Modules:
Remittance :
This is for Foreign Remittance disbursement & Domestic Remittance Transfer. The users need to register with a mobile. The users need to visit any agent location to perform the transaction. The users get confirmation messages and one time password to remitter only for the transaction. Remitter is responsible to share the one time password to the beneficiary. The Beneficiary Registered Mobile and Onetime password are security for the specific remittance transaction. Any operator and any mobile set are capable for this transaction.

Ektee Bari Ektee Khamar :
Ektee Bari Ektee Khamar (EBEK) is a government project for the ultra-poor people of Bangladesh. Government wants to help the poor people by encouraging saving, providing grants, engaginng & monitoring their economic activities as a group in each village of Bangladesh. This will help to alleviate poverty of Bangladesh. EBEK project is targeting 51 lac members across Bangladesh to improve the livelihood of ultra-poor. Bank Asia Limited will work in the project in two ways providing project management solution through ERA Infotech and offering banking services to the Project up to individual beneficiary of villages nominated by the EBEK project office.
Scope of the project:( Primary Target)
** Area: 64 districts & 483 upazilas
** Four unions from each upazila i.e. 1932 unions
** Nine villages from each union i.e. 17,388 villages
** Sixty House Hold from each village i.e. 10,43,280 HH
** Fund: Tk. 1492 crore
** Project period: up to June 2013

Bank Asia is leading the project with Mobile Banking solution. EBEK members will deposit and withdraw money through Bank Asia and other partner bank’s agents at union level. The members may use any mobile set and operator for this purpose.

Mobile Banking based on Smart Phones:
The users can install application to their sets and using edge facility they can perform transactions.

Mobile Banking based on Smart POS:
Bank Asia is going to launch Smart POS based mobile banking. Bank will issue a smart card instantly using Smart POS with the users Finger scanning. For security the user will have to use the card and five fingers during withdrawal. The user will also get a POS slip for each transaction.

This means the potential market and features for Bank Asia mobile banking are distinct to some of the other players in the market.