The partnership will enable Bangladeshi diaspora across the world to carry out real-time cross-border payments using TerraPay’s interoperability platform.
TerraPay’s global merchant partner networks facilitate payouts to around 4.5 billion bank accounts and around 1.5 billion mobile wallets.
In addition, people will be able to deposit payments directly to Bangladesh’s mobile wallet bKash, which is a BRAC Bank subsidiary.
The alliance aims to target nearly 13 million Bangladeshi professionals living overseas, who send approximately $22.1bn in remittances per year to Bangladesh.
TerraPay founder and CEO Ambar Sur said: “TerraPay’s state-of-the-art interoperability platform allows partners to be globally connected to the company’s wide network of 4Bn+ banks and 1.5Bn+ mobile wallets, thereby expanding and deepening their customer reach.
“The region of Bangladesh is an emerging market with tremendous untapped potential and the payments segment is no exception.
“With TerraPay’s entry, Bangladeshi diaspora across the globe will have access to affordable, secure, and swift means to send money back home in real-time.”
Recently, TerraPay announced a partnership with a Mongolia-based money transmitter and non-bank financial institution SendMN for easing international payments.
Mongolia is said to have received a personal remittance of $563.75m in the last year. The country’s remittances are estimated to touch around $17m in 2023.
TerraPay aims to route transactions to Mongolia from Australia, the US, and European Union nations through SendMN to the customers’ accounts.