tap -- new mobile financial service provider starts operation

Trust Axiata Pay or tap, a new mobile financial service (MFS) provider, today launched its business operation with an aim to promote cashless transaction.

Trust Axiata Digital Ltd, the subsidiary company of Trust Bank, was founded in May last year in order to provide MFS.

The company's brand name is tap.

Trust Bank has had an ownership of 51 per cent of the company and the rest has been held by Axiata Digital Services Sdn Bhd, Malaysia.

Formed under the Bangladesh Mobile Financial Services Regulations, 2018, Trust Axiata Digital Ltd will operate as a MFS provider and a payment service provider (PSP) in Bangladesh.

This is the third subsidiary company of any bank, which is offering mobile financial services.

Earlier, Brac Bank and United Commercial Bank established subsidiary companies -- bKash and upay -- to carry out MFS.

Transactions through MFS stood at Tk 63,479 crore in April, up 119 per cent year-on-year, according data from the central bank.

General SM Shafiuddin Ahmed, chairman of Trust Axiata Digital Ltd, announced the commercial operation of the country's newest mobile financial and payment service in a ceremony at Trust Bank head office in Dhaka.

"In this technological era, MFS is a very fitting and useful technological tool. This is why Trust Bank has partnered with Asian tech giant Axiata Digital Services to launch 'tap'," Ahmed said.

Humaira Azam, managing director of Trust Bank, said the bank aims at providing the best banking services to the people of the country. 

"This is the reason for our partnership with Axiata Group. I believe digital transaction services can reach new heights through this partnership," she said. 

Dewan Nazmul Hasan said, chief executive officer (acting) of Trust Axiata Digital Ltd, said he believed the people of the country will welcome this initiative by Trust Bank. 

"Trust Axiata Digital Limited will become an icon of trust in mobile banking in the country," he said.

The MFS provider will promote cashless and universal banking meaning anytime-anywhere payments-transactions, using mobile phones in Bangladesh. 

The service will cater to all customers, corporate and government payments, such as merchant shopping, bill payment, fund transfer, cash-out from agent, add money from bank, insurance bill, passport fees, utility bill and so on.