Streamlining verification to enhance accessibility and convenience

Ali Reza Iftekhar
Managing Director & CEO
Eastern Bank

The launch of our Offshore Banking (OB) deposit products for non-resident Bangladeshis (NRBs), foreign individuals, and corporations marks a significant milestone, opening new horizons for Bangladeshi banks in the global arena. Although offshore banking is still relatively new here, the response has been promising. Initial client feedback has been encouraging, and we see great potential for expansion as more people become aware of the benefits offered by EBL's offshore banking services. We anticipate a positive response as the country stabilizes.

EBL is renowned for its strong credit ratings, financial stability, digital banking services, and diverse product offerings. We maintain nostro accounts in major financial hubs—New York, London, Frankfurt, Tokyo, Singapore, and Sydney—in all major currencies, through partnerships with reputable international banks. These relationships have helped EBL build a distinct brand in the financial sector, both in Bangladesh and in countries with significant Bangladeshi diaspora engaged in trade, employment, and economic activities.

We offer unique benefits for investors, including savings accounts with competitive interest rates comparable to term deposits of varying maturities. Additionally, we accept online account opening requests globally, ensuring a hassle-free experience.

By attracting international investors and expatriate Bangladeshis to offshore accounts, we create a channel for capital inflow that drives economic growth. Sourcing foreign currency liquidity from diverse channels lowers the cost of foreign funds, enables competitive pricing for international trade, and provides importers with timely access to goods by offering prompt payments to beneficiaries on favorable terms.

EBL's strong credit ratings and established reputation play a crucial role in addressing concerns regarding security and reliability. We prioritize transparency and safety in all our operations, which builds confidence among our clients.

For the long-term success of offshore banking in Bangladesh, we require certain directives from the central bank. One key directive would be the establishment of provisions for passport verification, similar to the National ID verification process, for both e-passports and machine-readable passports (MRPs). This step is essential for facilitating remote account openings for offshore banking units and non-resident Bangladeshis (NRBs).

Streamlining the verification process will significantly enhance accessibility and convenience for clients. Additionally, clear and consistent regulatory guidelines are vital to maintaining a stable and secure environment for offshore banking operations. Support from the central bank in terms of regulatory clarity, operational guidelines, and international best practices will be instrumental in fostering the growth and sustainability of offshore banking in the country.