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HSBC-BRAC for digital transformation in microfinance sector

Published : Monday, 4 December, 2023 at 12:00 AM  Count : 425

HSBC-BRAC for digital transformation in microfinance sector

HSBC-BRAC for digital transformation in microfinance sector

The Hongkong and Shanghai Banking Corporation Limited (HSBC) in Bangladesh has recently entered into a partnership with BRAC.

The signing ceremony, held at BRAC Centre in Dhaka recently, marks a significant step towards digitising BRAC's collection and disbursement processes for greater efficiency, according to a press release.

Gerard Haughey, country head of Wholesale Banking at HSBC Bangladesh, and Arinjoy Dhar, senior director of Microfinance signed the agreement on behalf of their respective organisations.

Leveraging HSBC's cutting-edge solutions, BRAC aims to streamline the retrieval of loan payments on a substantial scale.

Through direct fund pull instructions via HSBC's corporate online solution, individual requests for repayments are eliminated.

Simultaneously, BRAC can efficiently disburse loans in bulk to borrowers through HSBC's online and Host-to-Host connectivity solutions, the release said.

"Digital transformation is critical to revolutionize the way we empower our clients digitally and to drive financial inclusion. Advancing digital inclusion amongst our clients will enable them to move from a cash-economy to a digital economy.

BRAC has always been an early adopter of innovative solutions to improve access to financial services for low-income and unbanked populations.Ensuring convenience for the clients has always been our top priority," said Arinjoy Dhar.

"This solution will benefit our clients with a seamless transaction experience and will enable them to spend more time in income generating activities.

The successful implementation of this project will mark a significant milestone in our efforts to empower communities to access financial services through digital solutions," he added.

"HSBC has continued to invest in innovative cash management solutions across its international network, ensuring a robust and secured digital banking platform for its clients.

We are confident that this solution will assist BRAC to achieve their short term and long term goals more efficiently and facilitate their digitalisation journey.

Similarly, this HSBC proposition will pave the way for digitalisation for the microfinance industry of Bangladesh," said Gerard Haughey.    �UNB

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