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Nagad customer info secure, no possibility of unauthorised access, says the company
In recent times, advertisements selling customer information of various mobile financial service users have been circulated on social media, raising concern.
A detailed investigation into the matter by Nagad revealed that a certain quarter was attempting to sell “fabricated customer information” through these misleading advertisements. Based on such promotions, certain media outlets published news, while some directly accused Nagad in their reports.
Meanwhile, Nagad has sought the attention of the regulatory authorities and sent a letter in this connection.
Nagad assures the utmost safety of customer information as it has employed state-of-the-art technology. In no situation has any customer’s information ever been unprotected or compromised in Nagad, and there is no possibility of it happening, says a press release on Wednesday.
Nagad, recognised as the country’s fastest unicorn, has consistently been a pioneer in innovations, embracing cutting-edge technology since its inception. It places the highest importance on safeguarding the confidentiality of customer’s personal information. So, all customer data remains completely encrypted, eliminating any potential risk of unauthorised access. The security measures at the company have also garnered satisfaction from independent security analysts on various occasions.
Talking about the issue, Shyamol B Das, additional managing director (technology) at Nagad, says, “Nagad prioritises the security of customer information above all. Several independent security analysts have expressed satisfaction with our security measures. We have encountered rumours through various social media platforms, but I can assure you that any customer information held by Nagad is never insecure.”
The technology we employ keeps every piece of information encrypted, making any unauthorised access impossible. Despite that, our security measures have undergone rigorous scrutiny by multiple independent analysts, all of whom have lauded our robust infrastructure. So, I can confidently affirm to customers that there is no possibility of any information leaking from Nagad, he added.
“For the past five years, Nagad has worked diligently, earning the trust of each customer, and that’s why we stand here today. As we embrace digital banking, our commitment remains unwavering – conducting business with integrity and ensuring the utmost respect for every facet, especially security,” he also said.
Over the last five years, the country’s mobile financial landscape has gone through robust growth thanks to customer-friendly innovations spearheaded by Nagad. More than 8.5 crore customers have joined this platform in such a short time. The simplified account opening process using the latest and safest technology coupled with easy and affordable services has attracted more and more people to come under Nagad's terrain. The popular MFS operator utilises millions of pieces of information daily. Nagad has employed the world’s latest technology to keep its customers’ information and identity secure, making it the safest for any customer.
The recent approval for the digital bank launch signifies Nagad’s transformative strides across various fields, simplifying processes such as the distribution of government allowances and stipends. This remarkable progress has enabled substantial business success in a very short period.
foodpanda launches Grand Iftar Bazar at Banani and Dhanmondi
foodpanda, a leading online food and grocery delivery platform in the country, in collaboration with renowned food outlets has launched the Grand Iftar Bazar in two locations- Banani and Dhanmondi, for the second consecutive year, facilitating customers to enjoy delicious iftar meals during the holy month of Ramadan.
Supported by City Bank, American Express (AMEX), and mobile service provider, Nagad, the event kicked off on the first day of Ramadan in two prime locations - Banani SWAT Field, Banani and Shimanto Square, Dhanmondi, and to be continued till the last days of Ramadan.
Starting this week, customers living near Banani and Dhanmondi can place an order for delivery or pick-up from a diverse range of traditional Ramadan delicacies from renowned food joints of old and new Dhaka through the foodpanda app.
The foodpanda said that customers, who want to purchase directly from the iftar stalls, but do not have the foodpanda app installed on their phones can reach out to dedicated volunteers at the venues to get help with installing and placing orders through the app.
The Grand Iftar Bazar will feature a wide selection of traditional Ramadan delicacies, ranging from smoking hot bowls of halim, mouthwatering premium nihari, special faluda and classic ghee-soaked jilapi, which will go live from 2 pm onwards in the app. Customers can also avail exciting discounts and combo offers.
foodpanda has brought all the best iftar variety under one roof such as Mostakim Varieties Kabab & Soup, Bhagyakul Kacchi Ghor, Beauty Lacchi & Faluda, BAR-B-Q TONITE, and new crowd favorite Nihariwala, Dekchi, Street Oven, Shawarma House, Tarka, Tri-State Eatery, House Of Tehari and Iftarwala.
Zubair B A Siddiky, Co-Founder & Managing Director at foodpanda said: "At foodpanda, we believe in making every meal an occasion and every festivity a cherished memory”.
He said the Grand Iftar Bazar aims to offer a seamless Ramadan experience for the customers.
"Through our diverse selection of traditional delicacies from both old and new Dhaka, we are not just delivering food; delivering joy, culture, and the true spirit of Ramadan right to the doorsteps and hearts of our customers," he added.
South African businessmen keen to invest in Bangladesh’s jewellery industry
South African businessmen have shown keen interest to invest in the jewellery industry of Bangladesh.
South African business delegation visiting Dhaka expressed this interest in a meeting with the executive committee of Bangladesh Jeweller's Association (Bajus) held at the Bajus office on Wednesday.
foodpanda launches Grand Iftar Bazar at Banani and Dhanmondi
Nokuthula Noki Ndlove, a member of the South African delegation, said that Bangladesh is a developing country and there is immense potential for investment in the jewellery sector.
Bangladesh's jewellery industry will progress if properly invested, she added.
Bajus Vice President Masudur Rahman said that the jewellery sector in Bangladesh is progressing day by day.
He urged the South African delegation to invest in this sector.
BGMEA President urges VF Corporation to source more high-value garments from Bangladesh
BAJUS executive committee member Pawan Kumar Agarwala said that the demand for diamond-studded ornaments in this country is increasing gradually. "But there is no diamond-cutting factory on a large scale."
He urged the South African delegation to invest in setting up diamond-cutting factories with immense potential.
UCB, central bank sign deal on credit guarantee support for CMSME customer
United Commercial Bank PLC (UCB) has solidified its commitment to supporting the growth of Small and Medium Enterprises (SMEs) by entering into two new Participatory Agreements with Bangladesh Bank.
These agreements aim to provide credit guarantee support to CMSME (Cottage, Micro, Small and Medium Enterprises) customers under the Small Enterprise Refinance Scheme for Women Entrepreneurs and the Refinance Scheme for Agro Based Product Processing.
The official signing ceremony took place at the central bank office on Monday.
Nahid Rahman, Director (CGD) of Bangladesh Bank, and Arif Quadri, Managing Director & CEO of UCB, signed the agreement on behalf of their respective sides.
The ceremony was attended by Nurun Nahar, Deputy Governor of Bangladesh Bank, Mohammad Jamal Uddin, Executive Director of Bangladesh Bank, Md Shah Alam Bhuiyan, Deputy Managing Director of UCB, Md. Mohsinur Rahman, Senior Vice President & Head of SME at UCB, and other senior officials from both organizations.
This strategic collaboration between UCB and Bangladesh Bank underscores a shared vision of fostering entrepreneurship and facilitating access to finance for SMEs, particularly those led by women and engaged in agro-based product processing.
Through these agreements, UCB aims to leverage the credit guarantee support provided by Bangladesh Bank to extend financial assistance to CMSMEs, thereby fueling economic growth and promoting sustainable development in Bangladesh.
Standard Chartered, BRAC University celebrate first graduates of FCC Certification Program
Standard Chartered Bangladesh and BRAC University (BRACU) celebrated the graduation of the first batch of financial crime and compliance experts from ‘FCC Certification Program’ recently.
The program has been co-developed by Standard Chartered and BRAC University academic rigour with the practical requirements of the private sector to tackle the complexities of financial crimes. The program was launched in early 2024, which is the first such initiative in the country.
The “FCC Certification Program” highlights the growing importance of raising compliance standards and fighting financial crime to protect the industry and society. Course topics included identification and prevention of money laundering, terrorist financing, and other illicit financial activities.
Throughout the course, students were mentored by banking professionals and other experts from Standard Chartered Bangladesh, Bangladesh Financial Intelligence Unit (BFIU), BRAC Business School, and BRAC University.
Speaking on the occasion Naser Ezaz Bijoy, Chief Executive Officer, of Standard Chartered Bangladesh, emphasised the critical relevance of FCC in today's rapidly evolving landscape of information and technology.
He said, “Fraudulent financial transactions are draining billions of Bangladeshi Taka from the country each year, resulting in significant harm to the government, banks, and the public."
"By applying the knowledge acquired in this course, we have the opportunity to prevent such illicit activities, providing substantial benefits for governmental bodies, financial institutions, and the community at large,” he said.
Professor Mahboob Rahman, Treasurer, of BRAC University, stated that the FCC certificate course will serve as a pivotal milestone in fostering a stronger bridge between industry and academia.
Professor Mujibul Haque, Acting Dean, BRAC Business School, BRAC University, said, “This course has been effective in enhancing knowledge and refining skills to the participants, enabling them to better identify and prevent financial crimes.”
Officials and faculties of Standard Chartered and BRAC University were present at the function.
Weak banks could merge with good ones by Dec, or central bank to decide their fate
Bangladesh Bank (BB) in a clarification on Tuesday said that weak banks could merge with good ones by December 2024 on their own, otherwise the central bank will decide on the merger issue.
After December 2024, the BB will make a decision on which bank will merge with whom, and then the bank's board of directors will lose the authority to decide on the merger issue.
Md Mezbaul Haque, Executive Director and spokesperson of Bangladesh Bank, in a press briefing at Jahangir Alam Conference Hall confirmed this to the reporters.
Regarding the banks' health index (BHI) report published in the newspapers, he said this does not present the actual health of banks. It is a partial report that is prepared by different departments of the central bank for calculating the risky areas of the banking sector.
Mezbaul said that the BB is doing reports on banks' operations and financial health on a quarterly and half-yearly basis as part of regulations.
Replying to a question that some good banks have also been enlisted in the list of yellow categories in the BHI report, the spokesperson said replying to the question that the central bank usually works on the basis of the actual balance of a particular bank, not on the assumption.
Regarding the merger of 10 weak banks with the strong banks, a BB spokesperson said that banks will be merged to maintain the global standard, and depositors would not be affected by this process.
However, the BB in a secret report titled BHI (Bank Health Index) said that as many as 29 banks were in the yellow zone, meaning their financial health was between good and fragile.
The report brought all banks under a common platform using the international CAMELS rating system.
The CAMELS is used by bank supervisory authorities to rate financial institutions according to six factors represented by its acronym: capital adequacy, asset quality, management, earnings, liquidity, and sensitivity to market risk.
The banks in the 'red zone' are AB, National, Bangladesh Commerce, Padma, BASIC, National Bank of Pakistan, Janata, Agrani, and Rupali, according to the latest edition of the "Banks Health Index and HEAT Map", a biannual report prepared by the Financial Stability Department of the BB.
The banks in both the red and yellow zones need supervisory attention, the report stated.
Product diversification the key to export diversification: Commerce State Minister at LDC Dialogue
State Minister for Commerce Ahasanul Islam Titu has said that the government is focusing on export-quality product diversification emphasizing leather, jute, and pharmaceuticals sectors as part of LDC graduation.
He said this while speaking as the chief guest at a dialogue on "What did WTO-MC13 Deliver for the Graduating LDCs? Perspectives from Bangladesh,” held at the conference hall of CIRDAP in the capital.
The dialogue was organized by the Centre for Policy Dialogue (CPD) with the cooperation of the German-based organization ‘Friedrich-Ebert-Stiftung.
Ahasanul said, “LDC graduation a challenge for us. How many days will we have to face the challenge? We now have until 2029 instead of 2026. The World Trade Organization (WTO) has given clear guidelines on what to do at this time. We have to work on those issues.”
He said the Prime Minister has prioritised product diversification of leather, jute, and pharmaceuticals as there is potential for export in those sectors.
“This year has been declared as ‘Handicrafts’ year to emphasize this sector. It would not bring a lot of income, but it will play a big role in employment. We have started the campaign.”
The commerce state minister sought CPD’s cooperation and research program on the sectors.
CPD’s distinguished fellow Dr. Debapriya Bhattacharya said in the discussion, “We got three years. This time will not be worth it if this time is not used properly. In those three years, we moved out of garment sector dependence and entered into a developed and diversified economy.”
“The productivity of workers along with the efficiency of production should be increased. That is why investing in worker interests and standards, talent, and modernization is important,” he stated.
Dr Fahmida Khatun moderated the dialogue. DCP’s distinguished fellow Professor Mustafizur Rahman gave a presentation on the topic.
Senior Commerce Secretary Tapan Kanti Ghosh, Ferdaus Ara Begum, ECO of BUILD, Richard Kaniweski, representative of Friedrich-Ebert-Stiftung, Bangladesh, among others, spoke at the function.
Sylhet’s Laki Begum becomes millionaire buying Walton fridge
'Laki Begum', a housewife in Sylhet's Balaganj, was awarded Tk10 lakh after she had purchased a Walton brand refrigerator at installment under the ongoing digital campaign season-20's 'nonstop millionaire offer.
With the slogan of ‘Best product, Best offer’, the country’s electronics giant Walton has launched 'Digital Campaign Season-20' across the country with the offer of 'Nonstop Millionaire' benefit, said a press release.
A total of 30 customers became millionaire in the earlier seasons of Walton digital campaign.
In Season-20, customers are offered 'nonstop millionaire' on the purchase of Walton brand fridge, television, air conditioner, washing machine or fan from any Walton Plaza, distributor outlet or online sales platform 'E-plaza' across the country. In addition, crores of taka sure cashback are also available.
Demand for Walton TVs constantly going up in European market
Customers are enjoying the benefits of Season-20 from March 1, 2024 and the benefits will be continued until any further notice, reads the release.
Laki Begum became the 31st millionaire of the digital campaign after she had purchased Walton fridge at installment with Tk10,000 down-payment.
Popular film actress Apu Biswas and actor Amin Khan handed over a check of Tk10 lakh to Laki Begum at a programme, arranged by Walton Plaza Tajpur branch at Osmani Nagar Upazilla in Sylhet, held at Tajpur Government Primary School ground on Sunday last (March 10, 2024).
The function was also attended, among others, by Walton's Chief Marketing Officer Didarul Alam Khan, Senior Executive Director Mohammad Shahjada Salim, Walton Plaza Chief Sales Executive Wahiduzzaman Tanveer, Walton Plaza Tajpur Branch Manager Najim Uddin, Osmani Nagar Upazila Chairman Md. Shamim Ahmed, Upazila Awami League President Ataur Rahman Chowdhury, Tajpur Government Primary School's President Mamunur Rashid Khalku and Head Teacher Shilpi Pal, Kadamtala Bonik Samity's General Secretary Noman Ahmad Jahangir and other local dignitaries.
While expressing her reaction, Laki Begum said that most of the people in her village use Walton's fridges. She also decided to buy Walton fridge for affordable rates, high quality, attractive design and long lasting.
Walton bags 'Gold Trophy' in DITF-24
She said, "I have never imagined that I would get Tk10 lakh for just buying a fridge. This incident was made a sensation news in her village. The money received from Walton will turn the wheel of my fortune. Walton proved - what they promise to the customers, they do."
Following the upcoming Eid festivals, Walton has targeted to meet about 80 percent of the total demands of refrigerators in the local market.
To achieve the target, Walton released more than three hundred models and designs of refrigerators, freezers and beverage coolers in the market. The price of these refrigerators is between Tk14,990 taka and Tk2 lakh.
Bangladesh Bank closing around 200 MFS accounts a day in Hundi crackdown: Governor Abdur Rouf
Bangladesh Bank (BB) Governor Abdur Rouf Talukder on Monday (March 11, 2024) said that around 200 mobile financial services (MFS) accounts are closing each day due to their Hundi connection.
The central bank is checking rigorously trade transactions through LC and mobile financial services to prevent money laundering activities by any means, he said.
The governor said this in the opening ceremony of the money laundering prevention workshop held at the head office of the Criminal Investigation (CID), Bangladesh Police in the capital on Monday.
Rauf highlighted the steps taken to prevent money laundering since his joining the Central Bank as Governor.
He said, “When I joined Bangladesh Bank in 2022, there was a severe crisis of foreign exchange in the country. At that time took the first step to stop over-invoicing.”
Read more: Inflation, currency prime focus of BB’s next monetary policy
Again, money laundering occurs despite keeping the profit of export products abroad. Initiatives are also taken to prevent that, he mentioned.
The governor expressed the strong stand of the central bank on banning hundi.
He said that expatriates may send Tk500 to their family in the country, then he gives it to someone he knows abroad and asks him to give it to his family in the country.
That money remains abroad. In contrast, a representative in Bangladesh paid the amount. As earlier payment was made through home delivery, now it is done through MFS.
Read more: Entry-level women's recruitment doubles in banking sector, but board representation still lagging
Around 200 such accounts are being closed every day. Later some accounts were opened again with guarantees, permanent action was taken against some of them, he said.
Highlighting the context of the campaign against money changers, the governor said that USD $45 to $50 million transactions are done through money changers in the country every year. About $270 billion in transitions are made in the banking channel.
But despite a small fraction of transactions, when money changers hiked the dollar rate, many expatriates tried to hold on to remittances. This is how the dollar crisis was created, Rouf pointed out.
“That is why the campaign against money changers is ongoing. Also, avoid dealing in cryptocurrencies. It is completely illegal in our country,” said the BB Governor.
CID Chief and Additional IGP Muhammad Ali Mia in the chair, head of Bangladesh Financial Intelligence Unit (BFIU) Md. Masud Biswas also spoke at the function.
Read more: Bangladesh received $2.16 billion remittances in February, highest in fiscal
Fakir Fashions, Omera Petroleum launch largest industrial LPG project in Bangladesh
Omera Petroleum Limited, a pioneer in the energy sector of Bangladesh, recently launched its groundbreaking Industrial LPG supply to Fakir Fashions Limited (FFL), located in Bhulta, Narayanganj.
According to Omera, this collaboration marks a significant milestone in the industrial energy landscape of the country, promising enhanced efficiency and sustainability.
Fakir Fashions Limited, renowned as the leading apparel manufacturer in Bangladesh, stands as a beacon of innovation and excellence in the industry.
Contributing significantly to the economy, FFL brings in millions of dollars through its business dealings in foreign markets, while proudly representing the 'Made in Bangladesh' brand globally.
Omera Petroleum Limited, leveraging its expertise and commitment to excellence, introduces its Industrial LPG solution under the renowned brands Omera Priority and Omera Gas One.
Omera has garnered the trust of industrialists across Bangladesh through its unwavering dedication to LPG supply security, customer-centric approach, and steadfast focus on Health, Safety, and Environmental Quality (HSEQ) standards.
The strategic partnership between Omera Petroleum Limited and Fakir Fashions Limited heralds a new era of efficiency and sustainability in industrial operations.
By utilizing LPG to power their boilers and stenters, FFL anticipates a remarkable 30 percent improvement in efficiency compared to conventional diesel usage.
This transition not only underscores FFL's commitment to environmental stewardship but also positions them as a trailblazer in adopting innovative energy solutions, said the Omera.
The official inauguration of this transformative project was launched at a function attended by Fakir Kamruzzaman Nahid, Managing Director of Fakir Fashions Limited, and Tanzeem Chowdhury, CEO of Omera Petroleum Limited.
Their visionary leadership and commitment to sustainable development have laid the foundation for a brighter, greener future for Bangladesh's industrial landscape.
This landmark initiative exemplifies the power of collaboration and innovation in driving positive change.
As Omera Petroleum Limited continues to spearhead advancements in the energy sector, and Fakir Fashions Limited remains dedicated to excellence in apparel manufacturing, the partnership between
these industry leaders promises to reshape the future of Bangladesh's industrial ecosystem, said a press release.