BKash: Difference between revisions
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==History== |
==History== |
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bKash is a word that resonates with development, people’s prosperity and social growth. From its inception in 2011, bKash has become an integral part of the lives of millions today. Through fast, easy, and secure digital transactions, it has become a member of every household in Bangladesh and the word “bKash” has become a verb. People now say “bKash koro (me)” instead of “send me money”. Catering to people’s daily transactional needs, it is empowering them to fulfill their dreams as well as taking the country forward. |
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bKash was launched by [[Kamal Quadir]] and [[Iqbal Quadir]]. In the mid-2000s, mobile financial services had taken off in the Philippines, Kenya, and other emerging markets when the two Quadir brothers decided to bring it to Bangladesh. In need of a local partner, the Quadir brothers began to engage BRAC's founder, [[Fazle Hasan Abed|Sir Fazle Hasan Abed]], in 2008. Discussions between them and Abed continued over a two-year period. In 2010, they committed to establishing a joint venture between Money in Motion and BRAC Bank.<ref>{{Cite web|title=IFC Inclusive Business Case Study {{!}} bKash|url=https://www.ifc.org/wps/wcm/connect/62b9cc8b-419c-433d-bf10-e880a2559d09/bKash_Builtforchangereport.pdf?MOD=AJPERES&CVID=lv1KPMb|website=IFC.org}}</ref> bKash launched in 21 July, 2011 in [[Bangladesh]], with basic services: Cash In, Cash Out and Send Money, keeping in mind that more than 70% of the population of [[Bangladesh]] lives in rural areas where access to formal [[bank]]ing services is difficult for people.<ref>{{Cite news|url=http://www.brac.net/latest-news/item/463-|title=BRAC Bank's bKash Launches Mobile Banking Services in Bangladesh|work=brac|access-date=2017-07-29|language=en-gb}}</ref><ref>{{Cite news|url=http://www.thedailystar.net/next-step/features/bkash-of-tip-the-iceberg-1387663|title=bKash: Tip of the Iceberg|date=7 April 2017|work=The Daily Star|access-date=2017-07-29|language=en}}</ref> More user-demanded services like airtime top-up, bills payment, train-movie ticket purchase were introduced over its span. Now it has its own mobile application, it has been recognized as the best innovation at the Financial Innovation Category in Bangladesh Innovation Award 2018 for its simplified and useful features.<ref>{{Cite news |url=https://www.dhakatribune.com/business/2018/10/23/bkash-wins-best-financial-innovation-award|title=BKash wins Best Financial Innovation award|date=2018-10-23|work=Dhaka Tribune|access-date=2019-11-18}}</ref> |
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Financial inclusion is in the DNA of bKash. Driving technological innovation and keeping compliance in all its dealings, the company has been bringing wide range of services to empower the customers and bring freedom in their financial transactions. Over the years, bKash has built a robust network of nearly 300,000 agents and 300,000 merchants across the country. bKash also integrated with banks, financial institutions and service providers to strengthen the cashless digital financial ecosystem of the country. As a result, bKash is now a trusted platform to a large customer base of nearly 65 million. |
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bKash started in 2011 as a joint venture between BRAC Bank Limited, Bangladesh, and Money in Motion LLC, United States of America. In April 2013, International Finance Corporation (IFC), a member of the [[World Bank Group]], became an equity partner, in March 2014, [[Bill & Melinda Gates Foundation]] became an investor in the company,<ref>{{cite news |last=Al-Mahmood|first=Syed Zain|date=24 June 2015|title=Mobile Banking Provides Lifeline for Bangladeshis|url=https://www.wsj.com/articles/mobile-banking-provides-lifeline-for-bangladeshis-1435043314|work=The Wall Street Journal}}</ref> and in April 2018 [[Ant Financial]], the operators of [[Alipay]] (an affiliate company of Chinese giant [[Alibaba Group]]), became an equity partner,<ref>{{cite news|date=27 April 2018|title=Alibaba buys 20pc stake in bKash|url=https://www.thedailystar.net/business/alibaba-buys-20pc-stake-bkash-1568293|work=The Daily Star}}</ref> announced a strategic partnership to promote financial inclusion for the unbanked and underbanked communities in Bangladesh. Later, in November 2021, bKash announced an investment from SoftBank Vision Fund 2<ref>{{Cite web|date=2021-11-14|title=SoftBank investment to raise bKash's valuation to $2bn|url=https://www.tbsnews.net/economy/softbank-investment-raise-bkashs-valuation-2bn-329299|access-date=2022-01-16|website=The Business Standard|language=en}}</ref> to promote financial inclusion by building a digital financial ecosystem in [[Bangladesh]]. |
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bKash, a joint venture of BRAC Bank, US based Money in Motion LLC, International Finance Corporation of the World Bank Group, Bill and Melinda Gates Foundation, Ant Group, and SoftBank Vision Fund, operates under the regulation of Bangladesh Bank. |
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With its exponential growth, the company has been recognized globally and locally. It was ranked as the 23rd company in the annual list of Fortune Magazine’s “Change the World” in 2017 among the top 50 companies across the world for making sustainable changes based on social issues. bKash has been awarded as the country’s Best Brand for four consecutive years in 2019, 2020, 2021 and 2022 through consumer surveys by Bangladesh Brand Forum. bKash also emerged as no. 1 “Employer of Choice” among major multinational and local companies across all industries for three consecutive years in 2020, 2021 and 2022 by NielsenIQ’s Campus Track Survey B-School. bKash has been honored as ‘Best Financial Institution of the year’ of 2021 for exemplary contribution to the country’s financial inclusion by ‘DHL-The Daily Star - Bangladesh Business Awards’. For the first time as an MFS provider in the country, bKash has been honored as “Best for Digital Solutions in Bangladesh” in 2022 by Asiamoney. |
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'''Board of Directors''' |
'''Board of Directors''' |
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Revision as of 08:35, 30 April 2023
 Logo since 2010 | |
.jpg) bKash Corporate Office | |
| Company type | Private |
|---|---|
| Founded | July 21, 2010 |
| Founder | Kamal Quadir |
| Headquarters | Shadhinata Tower, 1, Bir Sreshtha Shaheed Jahangir Gate, Dhaka Cantonment, Dhaka 1206 |
Area served | Worldwide |
Key people |
|
| Products | bKash Mobile Banking |
| Services | Payment system |
| Revenue |  ৳33.6 billion (US$280 million) (2022) |
| ৳884.98 million (US$7.4 million) (2022) | |
| Total assets | ৳102 billion (US$850 million) (2022) |
| Total equity | ৳30.46 billion (US$250 million) (2022) |
Number of employees | 3,115 |
| Parent | BRAC Bank, Ant Financial, Bill & Melinda Gates Foundation, Money in Motion LLC, International Finance Corporation, SoftBank[1] |
| Website | bkash |
bKash (Bengali: বিকাশ) is a mobile financial service in Bangladesh operating under the authority of Bangladesh Bank as a subsidiary of BRAC Bank Limited.[2] This mobile money system service company started as a joint venture between BRAC Bank Limited, Government of Bangladesh, and Money in Motion LLC.[3] As a mobile financial service (MFS) provider in Bangladesh, bKash users can deposit money into their mobile accounts and then access a range of services. In particular, transferring and receiving money domestically and making payments. Services like mobile recharge or paying utility bills are also possible through bKash USSD (*247#) and bKash App. A user can receive remittance on bKash.[4] In November 2021, bKash became the first ever unicorn startup (a startup whose valuation is $1 billion or more) company in Bangladesh.[5][6][7]
Fortune magazine ranked bKash among the top 50 companies in their Change the World list in 2017.[8] According to Fortune, 22% of Bangladeshi adults use bKash with around 4.5 million daily transactions.[8] Asiamoney magazine declared bKash as the Best Digital Bank (2018). World HRD Congress declared it as one of Asia's best employers in 2017.
.jpg)
History
bKash is a word that resonates with development, people’s prosperity and social growth. From its inception in 2011, bKash has become an integral part of the lives of millions today. Through fast, easy, and secure digital transactions, it has become a member of every household in Bangladesh and the word “bKash” has become a verb. People now say “bKash koro (me)” instead of “send me money”. Catering to people’s daily transactional needs, it is empowering them to fulfill their dreams as well as taking the country forward.
Financial inclusion is in the DNA of bKash. Driving technological innovation and keeping compliance in all its dealings, the company has been bringing wide range of services to empower the customers and bring freedom in their financial transactions. Over the years, bKash has built a robust network of nearly 300,000 agents and 300,000 merchants across the country. bKash also integrated with banks, financial institutions and service providers to strengthen the cashless digital financial ecosystem of the country. As a result, bKash is now a trusted platform to a large customer base of nearly 65 million.
bKash, a joint venture of BRAC Bank, US based Money in Motion LLC, International Finance Corporation of the World Bank Group, Bill and Melinda Gates Foundation, Ant Group, and SoftBank Vision Fund, operates under the regulation of Bangladesh Bank.
With its exponential growth, the company has been recognized globally and locally. It was ranked as the 23rd company in the annual list of Fortune Magazine’s “Change the World” in 2017 among the top 50 companies across the world for making sustainable changes based on social issues. bKash has been awarded as the country’s Best Brand for four consecutive years in 2019, 2020, 2021 and 2022 through consumer surveys by Bangladesh Brand Forum. bKash also emerged as no. 1 “Employer of Choice” among major multinational and local companies across all industries for three consecutive years in 2020, 2021 and 2022 by NielsenIQ’s Campus Track Survey B-School. bKash has been honored as ‘Best Financial Institution of the year’ of 2021 for exemplary contribution to the country’s financial inclusion by ‘DHL-The Daily Star - Bangladesh Business Awards’. For the first time as an MFS provider in the country, bKash has been honored as “Best for Digital Solutions in Bangladesh” in 2022 by Asiamoney.
Board of Directors
Shameran Abed is the chairman.[9] He is a senior director at BRAC. Other members of the bKash board include Ant Group nominees Gouming Cheng and Kai Nin Kenny Man; BRAC Bank nominees Selim R F Hussain,[10] K Mahmood Sattar, Meheriar M. Hasan, Asif Saleh,[11] Fahima Choudhury, and Ryan Gilbert; International Finance Corporation (IFC) nominee Shinya Yoshino; Money in Motion nominee Nicholas Hughes, and SoftBank nominees Jason Park and Chris Lee.
See also
References
- ^ "bKash and Ant Financial in strategic partnership to promote financial inclusion for the unbanked in Bangladesh". bKash. Retrieved 26 February 2019.
- ^ "Bangladesh's bKash revolution". The Banker.
- ^ "Business Model of bKash" (PDF).
- ^ Harmachi, Abdur Rahim; Correspondent, Chief Economics; bdnews24.com. "1% bonus on bKash remittance along with 2% govt incentive". bdnews24.com. Retrieved 11 April 2022.
{{cite web}}:|last2=has generic name (help)CS1 maint: numeric names: authors list (link) - ^ "Startups that made headlines this year". The Daily Star. 31 December 2021. Retrieved 11 April 2022.
- ^ "bKash set to reach $2bn mark in valuation". BizData Insight. 14 November 2021. Retrieved 11 April 2022.
- ^ "SoftBank investment to raise bKash's valuation to $2bn". The Business Standard. 14 November 2021. Retrieved 11 April 2022.
- ^ a b "Fortune lists bKash among 50 companies that are changing the world". Dhaka Tribune. 11 September 2017. Retrieved 20 September 2017.
- ^ "Shameran Abed re-elected as bKash Chairman". The Business Standard. 29 October 2020. Retrieved 24 December 2020.
- ^ "BRACBANK.BD Company Profile & Executives - BRAC Bank Ltd". The Wall Street Journal. Retrieved 30 December 2020.
- ^ "BRAC: Executive Management". www.brac.net. Retrieved 16 January 2022.
