Bangladesh Bank issues e-wallet licence to Recursion FinTech

Staff Correspondent | Published: 22:07, Jun 04,2020 | Updated: 23:22, Jun 04,2020


The Bangladesh Bank has issued another payment service provider licence to run e-wallet services as digital financial transaction is gaining popularity among the public.

Recursion FinTech Limited, the new licencee, is the third entity to get the regulatory approval as two other entities are already in operation.

The existing two entities providing e-wallet services are iPay and Dmoney.

An official of the central bank told New Age on Thursday said that the payment service provider licence was issued to Recursion for providing ewallet service as they had fulfilled the regulatory requirements.

As people are becoming habituated in carrying out online-based financial transactions, entrepreneurs are sensing the scope for business in the field, he said, adding that that was prompting the entrepreneurs to take out licences.

The central bank has been issuing licences once the licencing criteria is fulfilled as there is no limit on issuing licences, he said.

Recursion would provide a complete e-wallet solution in which a user would be able to store money from his or her bank account or credit card for any future transaction or purchase.

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