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Bashundhara to Launch ‘Pocket’ E-Wallet

Industry: FMCG, Tecnology
Company: Bashundhara Group
Company Intelligence Tag: Innovation Insights

ABG Technologies Limited, a concern of Bashundhara Group, is set to launch an e-wallet called “Pocket” to provide digital payment services. The Bangladesh Bank will soon award a license to the company to operate the e-wallet, according to officials.

The company obtained a no-objection certificate from the central bank as a Payment Service Provider (PSP) in December 2022 and has completed the necessary infrastructure preparations. There are currently six licensed PSPs in the market, but many are not performing well due to a lack of consumer awareness about e-wallets. The central bank has instructed banks not to provide services to unlicensed PSPs since March 2020. As per regulations, PSPs must keep Tk20 crore as paid-up capital to establish their services. The central bank only issues a final approval after reviewing the entity’s technical infrastructure as a PSP or PSO. Bashundhara Group is one of many entities, including Chaldal.com, waiting to launch their e-wallets.

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