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Singer Bangladesh joins hands with Bank Asia to disburse remittance

imagesSinger Bangladesh, an electronics and home appliances retailer, has partnered with Bank Asia and Western Union to provide money transfer services.

With the help of Bank Asia, selected Singer outlets will distribute remittances that will come in through Western Union, a global money transfer company.

“Now, money can be remitted from more than 200 countries through Western Union and can be withdrawn from 371 Singer Mega and Singer Plus outlets across the country,??? said Syed Nazimuddin, senior executive vice president and head of foreign remittances of Bank Asia. Singer will make the payments on behalf of Bank Asia, Nazimuddin added.

Singer integrated its data system — Singer Information System — with Bank Asia and Western Union. Bank Asia will work as a settlement bank by being a principle agent of Western Union.

“We want to create an opportunity of easy access to funds at any time, in any corner of Bangladesh.??? People can withdraw money between 9am and 8pm, 365 days a year, he said.

“I hope the system will get a good response from the expatriates, who send money from different parts of the world through Western Union.???

The expatriates’ families can meet their immediate demands for money during holidays through Singer, he added.

“Being a non-financial institute, we have started this service as part of product diversification,??? said Raziur Rahman, marketing communication manager at Singer Bangladesh.

“Financial services have a huge potential in Bangladesh. We want to reach more clients through the services. It will add extra value to our services because our network is very big.???

Singer has a presence in every corner of the country, which will help people collect money easily, Rahman said.
Bank Asia accounted for 3 percent of $14.46 billion in remittances received in fiscal 2012-13.

In 2013, Bank Asia disbursed remittances worth $345 million, registering a growth of 16.38 percent from the previous year. The bank has a target to receive remittances worth $600 million in 2014.

Report: Gazi Towhid Ahmed
Source: Daily Star

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