Midland Bank PLC recently signed a memorandum of understanding (MoU) on digital cash management solutions with Space Tech Holdings Limited (Spacetech), a Singapore and Bangladesh joint venture company, and XSpeed Autos Limited (XSpeed), an automobile enterprise based in Bangladesh.

Mohammad Javed Tarek Khan, head of institutional banking division of the bank, and Ye Liang, chief executive officer and managing director of Spacetech and XSpeed, signed the MoU at the bank's corporate head office in the capital's Gulshan, according to a press release.

Under the MoU, Space Tech Holdings Ltd and XSpeed Autos Limited will utilise the bank's comprehensive online cash management solution, the "Midland Cash Management (MCM)" application, to conduct their day-to-day business banking and cash management activities nationwide.

Md Ahsan-uz Zaman, managing director and CEO of the bank, was present at the signing ceremony.

Among the companies, Spacetech is a joint venture focusing on property development and the promotion of green technology in Bangladesh. XSpeed, established in Bangladesh, seeks to introduce investment and electric vehicle technologies from China, offering end-to-end solutions for related industries.

Prashanta Kumar Saha, head of corporate liability unit of the bank; Gong Li, international trade and finance analyst at Space Tech Holdings Ltd; and Syed Syful Islam, accounts manager for finance at Space Tech Holdings Ltd and XSpeed Autos Limited, along with other executives and officers from all three organisations, were also present.