New MFS hits market

A new mobile financial service (MFS) provider, Trust Axiata Pay, launched business operations yesterday aiming to promote cashless transactions.

The brand, styled tap, is of Trust Axiata Digital, a subsidiary of Trust Bank founded in May last year to provide MFS.

Trust Bank owns a 51 per cent stake in the company while Axiata Digital Services Sdn Bhd, Malaysia the rest. Formed under Bangladesh Mobile Financial Services Regulations, 2018, Trust Axiata Digital would operate as a MFS provider and a payment service provider (PSP) in Bangladesh.

This is the third subsidiary of a bank offering MFS.

Previously it was Brac Bank and United Commercial Bank which established bKash and upay respectively.

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

General SM Shafiuddin Ahmed, chairman of Trust Axiata Digital, announced the launch at a ceremony in Trust Bank's Dhaka head office.

"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'," he said.

Humaira Azam, managing director of Trust Bank, said the bank aimed to provide the best banking services to 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, chief executive officer (acting) of Trust Axiata Digital, said he believed people of the country would 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 has aimed to promote cashless and universal banking, meaning anytime and anywhere payments and transactions using mobile phones in Bangladesh.

The service will cater to all customers alongside corporate and government payments, such as for merchant shopping, insurance and utility bills and passport fees and allow fund transfers, availing cash from agents, adding money from banks and so on.