Nagad strikes deal with Huawei

Nagad signed an agreement with Huawei Technologies today to work together in order to transform people's smart transaction experiences.

Tanvir A Mishuk, founder and CEO of the mobile finance service (MFS) provider, and Pan Junfeng, president of Huawei South Asia region and CEO of Huawei Bangladesh, penned the deal at the Shangri-La Hotel in Beijing, according to a press release.

Prime Minister Sheikh Hasina witnessed the signing ceremony. Several ministers and senior officials of the Chinese government were also present at the event.

At this time, Li Fei, vice-minister of commerce of the People's Republic of China, praised Nagad's remarkable contribution to Bangladesh's economic growth and financial inclusion.

Following this agreement, Nagad Digital Bank and Nagad's MFS will be integrated with cutting-edge global technologies so customers of the country's first digital bank can enjoy international standard transaction services anytime, anywhere.

Speaking about the agreement, Nagad Digital Bank Chairman Muhammad Farid Khan said: "Nagad MFS has brought about a major revolution in Bangladesh's financial sector over the past five years. Now is the time to take it to a global standard.

"Nagad and Huawei will jointly work to achieve this for Bangladesh. Nagad Digital Bank will play a unique role in this, which will significantly contribute to building a smart Bangladesh."

He added that the agreement was signed to ensure the technological development required for a 100 percent cashless society.

"Through this, our MFS and digital bank customers in Bangladesh will enjoy world-class services, causing digital transactions to become more comfortable and affordable," he also said.

Abul Hassan Mahmood Ali, minister of finance, Hasan Mahmud, minister of foreign affairs, Salman F Rahman, private industry and investment adviser to the prime minister, and Zunaid Ahmed Palak, state minister for posts, telecommunications, and information technology, also attended the event.

To marking the golden jubilee of diplomatic relations between Bangladesh and China next year, Prime Minister Sheikh Hasina began her China visit on 8 July.

A total of 20-22 agreements and memorandums of understanding have been signed between the two countries during this visit.

Eight years ago, when Chinese President Xi Jinping visited Dhaka, Bangladesh and China elevated their bilateral relations from trade and economic cooperation to a strategic partnership.

During Prime Minister Sheikh Hasina's visit to China in 2019, China was termed as a comprehensive strategic cooperative partner in Bangladesh's development.

As part of the continuity of cooperation between the two countries, this agreement is a significant event in the global context of digital transactions.

After this agreement, new financial services and products will be introduced for customers in Bangladesh, which will play a role in transforming the trend of the country's digital transactions in the future.

Inaugurated by Prime Minister five years ago, Nagad recently obtained a licence as the country's first digital bank.

Within a short span of time, it has become the country's largest MFS operator with 9 crore customers. Its daily transactions have also hit Tk 1,800 crore.