Dutch payments infrastructure company TerraPay has formed a strategic alliance with Bangladesh’s BRAC Bank to provide international payments solutions.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.