Midland Bank, TallyKhata join forces to support small businesses

Midland Bank PLC has signed a memorandum of understanding (MoU) with TallyKhata, a pioneering digital bookkeeping and payment platform in Bangladesh, with the aim of digitally empowering millions of small businesses across the country.

Under the terms of the MoU, TallyKhata will utilise Midland Bank's advanced API and banking infrastructure to facilitate account opening and seamless digital transactions through TallyKhata's digital wallet "TallyPay", a payment service provider (PSP) licensed by the Bangladesh Bank.

The partnership is centred on enhancing access to essential banking services, thereby significantly benefitting the underserved micro, small and medium enterprise (MSME) sector throughout Bangladesh.

Mohd. Javed Tarek Khan, head of institutional banking division at the bank, and Shahadat Khan, chief executive officer of the digital bookkeeping and payment platform, signed the MoU at the bank's head office in Dhaka, according to a press release issued by the bank.

Expressing his enthusiasm, Shahadat Khan stated, "This partnership significantly strengthens our ability to reach and serve the MSME sector, fostering greater financial inclusion across Bangladesh."

Md Zahid Hossain, deputy managing director of the bank, remarked, "Our partnership with TallyKhata represents a meaningful step toward leveraging digital innovation for inclusive financial growth."

"Together, we aim to bring millions of small businesses into the formal financial ecosystem," he added.

Md Abu Taleb, chief business officer of the platform; Muhammad Awlad Hossain, chief growth officer; Mohammad Zahirul Islam, head of strategy; and Md Zahid Hossain, deputy managing director of the bank; Md Nazmul Huda Sarkar, chief technology officer; Md Rashed Akter, head of retail distribution division and chief bancassurance officer; and Mohammad Hassibur Rahman, head of cash management; along with other senior executives from both institutions, were also present.