Bangladesh Bank Governor Dr. Atiur Rahman on Thursday inaugurated an online payment gateway of Bank Asia and Payonees in Dhaka. Given below is part of the statement he made at the function:
I am happy to see Bank Asia, one of the pioneers of Online Payment Gateway Service (OPGS), partnering with ‘Payoneer’ to facilitate online payments in Bangladesh. I believe this partnership is another contribution towards our mission of embracing all population segments into the formal financial system.
Bangladesh Bank, together with the banking industry, has been working relentlessly to develop a modern information technology based efficient and secured banking system with a view to increasing stability in the financial sector. We have already introduced multifarious initiatives including online banking, E-commerce, Automated Clearing House, Bangladesh Electronic Fund Transfer Network (BEFTN), online CIB, mobile financial services, outsourcing facility, and liberalization of foreign exchange transaction system. These efforts have earned many global accolades such as ‘Bangladesh as the most potential country for IT services’ identified by the KPMG.
Online Payment Gateway Service Provider System plays an important role to bring small amount of foreign exchange earned against services provided by the freelancers. Taking this into account, we have given necessary directions (F.E. circular no.15 dated 07 August 2011) to the ADs to take help from the OPGSP to bring foreign exchange at low cost earned against exporting IT services. Now the ADs, without BB permission can enter into standing arrangements with internationally recognized OPGSPs to provide repatriation facilities to the freelancers up to USD 2,000 per transaction. In addition, freelancers being intangible service exporters are allowed to retain 50 percent of their receipts in foreign currency (ERQ) accounts. Further, the balances held in ERQ accounts are freely remittable abroad to meet business needs. BB has also accommodated freelancers’ needs such as online registration/payments of fees for training programs.
I believe these initiatives of liberalising foreign exchange transactions are contributing towards creating business friendly environment for service exporters, particularly for the freelancers. This will help Bangladesh earn a significant share in global service export market. With supportive and innovative polices, Bangladesh has gained competitive advantage in the international arena only in three years (2011-2014); in terms of earnings, Bangladesh ranks seventh among 186 countries where online jobs are outsourced.
The partnership between Bank Asia and ‘Payoneer’ will ease freelancers’ efforts to reap their hard earned foreign exchange. I express my thanks to Bank Asia and ‘Payoneer’ for this timely initiative and expect other banks to follow the same path. The central bank always welcomes any policy suggestion from the banking sector to augment financial services towards reaching out to the un-served and underserved. BB will try its best to accommodate any suggestion for the betterment of freelancers as well as the entire banking industry. – BB Press release
