HSBC, Brac to drive digital transformation in microfinance sector
Business Desk :
The Hongkong and Shanghai Banking Corporation Limited (HSBC) in Bangladesh recently entered into a transformative partnership with Brac, the trailblazer in the microfinance industry.
The signing ceremony, held at Brac Centre in Dhaka recently, marks a significant step towards digitizing Brac’s collection and disbursement processes for greater efficiency.
The signing ceremony witnessed Gerard Haughey, country head of Wholesale Banking at HSBC Bangladesh, and Arinjoy Dhar, senior director of Microfinance signing the agreement on behalf of their respective organizations.
Officials from HSBC Bangladesh and senior representatives from Brac attended, underscoring the collective commitment to drive digital innovation in microfinance.
This pioneering collaboration revolutionizes cash management in Bangladesh’s microfinance landscape.
Leveraging HSBC’s cutting-edge solutions, Brac aims to streamline the retrieval of loan payments on a substantial scale.
Through direct fund pull instructions via HSBC’s corporate online solution, individual requests for repayments are eliminated.
Simultaneously, Brac can efficiently disburse loans in bulk to borrowers through HSBC’s online and Host-to-Host connectivity solutions.
Arinjoy Dhar, expressed optimism, stating: “Digital transformation is critical to revolutionize the way we empower our clients digitally and to drive financial inclusion.
Advancing digital inclusion amongst our clients will enable them to move from a cash-economy to a digital economy. Brac has always been an early adopter of innovative solutions to improve access to financial services for low-income and unbanked populations.”
“Ensuring convenience for the clients has always been our top priority.
This solution will benefit our clients with a seamless transaction experience and will enable them to spend more time in income generating activities.
The successful implementation of this project will mark a significant milestone in our efforts to empower communities to access financial services through digital solutions,” he added.
Gerard Haughey emphasised HSBC’s ongoing investment in innovative cash management solutions globally and said: “HSBC has continued to invest in innovative cash management solutions across its international network, ensuring a robust and secured digital banking platform for its clients.
