Malaysian Silverlake Group is forging a partnership with mobile financial service provider Nagad.
After learning about Nagad and studying its related case studies, Silverlake Group founder Goh Peng Ooi expressed his interest to form the partnership. This will mark Silverlake Group’s first partnership initiative in South Asia, according to a media release.
Tanvir A. Mishuk, founder and CEO of Nagad Ltd, recently met Goh Peng Ooi in Malaysia.
Impressed by Nagad’s customer-friendly innovations, acquisition of over 9 crore customers within just five years, and its unique business model, Goh expressed his interest. During this courtesy call, Mishuk also invited him to Nagad Ltd, the release said.
Founded in 1989, the Silverlake Group delivers cutting-edge tech and financial solutions, and currently provides support to more than 400 banks operating in over a hundred countries. Almost all banks in Singapore, including its two main banks United Overseas Bank (UOB) and Oversea-Chinese Banking Corporation (OCBC), are heavily dependent on Silverlake Group’s technology. The leading tech solution provider’s business collaborations extend across Europe, America, Australia, Africa, and Asia.
During the meeting with Tanvir A. Mishuk, Goh Peng Ooi said that they had previously received multiple proposals from different companies based in several South Asian countries, including Bangladesh and India, but they hadn’t found sufficient reasons to integrate them with Silverlake. However, they perceive Nagad differently in the realm of financial entities.
According to the proposal, Silverlake Group will offer Nagad the opportunity to utilise its most advanced banking technologies. Nagad believes that this initiative will not only benefit Nagad but will also bring significant changes to the entire banking sector in Bangladesh.
Talking about Goh Peng Ooi and Silverlake Group’s interest in partnering with Nagad, Nagad CEO Tanvir A. Mishuk, said, “I think this is not only good news for Nagad but also for the entire Bangladesh, as it creates the possibility of a drastic change in the country’s banking landscape. We believe it will eventually play a transformative role for millions of people in the country.”