TIDMEPO
RNS Number : 5053X
Earthport PLC
27 November 2017
27 November 2017
Earthport Plc
("Earthport" or the "Company")
Earthport Plc expands network into Bangladesh, enabling inbound
payments
Earthport (AIM: EPO), the leading payment network for
cross-border transactions, announces that it has partnered with
BRAC Saajan Exchange Ltd ("BRAC Saajan"), the payments arm of BRAC
Bank Ltd, Bangladesh's fastest growing bank, to deliver
cross-border payment services into Bangladesh.
The new partnership enables payments into Bangladesh through the
Earthport payment network, which provides a more cost-effective,
secure and transparent solution for managing international
payments.
The partnership marks Earthport's entry into Bangladesh, a
country with a population of 165 million and a burgeoning payments
market. As such, it is an important milestone in Earthport's
longer-term strategy to increase the number of Asian markets it
services, building on recent network expansion across the
continent.
Abdus Salam, MD & CEO, BRAC Saajan Exchange Ltd, said: "BRAC
Saajan always focuses on increasing the reliability and
transparency of inward remittances and payments, which play a vital
role in the GDP of the country. The partnership with Earthport
allows us to serve all Bangladeshi clients and to play a key role
in serving the regional payments infrastructure.
"We believe our large, secure distribution network and nativity
to the Bangladeshi community complements Earthport's renowned
global payment network and greatly supports the wider needs of
Bangladeshis everywhere."
Hank Uberoi, CEO of Earthport, commented: "Earthport's strategic
partnership with BRAC Saajan Exchange enables us to deliver
increased efficiencies, reliability and transparency to
cross-border payments into Bangladesh. We are now well positioned
to further support the sustained growth in inbound global payment
transactions the region is experiencing and to benefit from the
opportunities this presents."
---ENDS---
For further information, please contact:
Earthport Plc 020 7220 9700
Hank Uberoi, Chief Executive Officer
Simon Adamiyatt, Chief Financial Officer
Newgate 020 7653 9848
Bob Huxford/James Ash
N+1 Singer (Joint Broker) 020 7496 3000
Mark Taylor/James White
Shore Capital (Joint Broker) 020 7408 4090
Toby Gibbs/Stephane Auton
About Earthport
Earthport provides cross-border payment services to banks and
businesses. Through a single relationship with Earthport, clients
can seamlessly manage payments to almost any bank account in the
world, reducing complexity to meet their customers' evolving
expectations of cost, speed and transparency.
Earthport offers clients access to global payment capability in
200+ countries and territories, with local ACH options in 65+
countries, and an evolving suite of currencies and settlement
options.
Earthport continues to invest in the establishment of in-country
bank partnerships across the world, bringing together its deep
market and regulatory expertise in order to maintain compliant and
commercially competitive services.
The result - a trusted global payments network accessed via a
single relationship, delivering significant cost and operating
efficiencies for banks and businesses servicing high volumes of
lower value payments.
Headquartered in London with regional offices in New York,
Dubai, Miami and Singapore, Earthport is a public company, traded
on the London Stock Exchange (AIM: EPO) with an institutional
investor base including World Bank IFC, Oppenheimer, Blackrock,
Henderson.
Please visit www.earthport.com for more information.
About BRAC Saajan Exchange Ltd
BRAC Saajan Exchange Ltd (BRAC Saajan) started its journey as a
small money transfer agent in 2003 as "Saajan Worldwide Money
Transfer", concentrating on remittances from UK to Bangladesh. Soon
it started to operate under its own arrangement with BRAC Bank
Limited. Having arrangements with number of Bangladeshi Banks, in
2008 the sole trading business got its legal entity as "Saajan
Worldwide Money Transfer Limited". Considering the expansion plan
of the Company, BRAC Bank Limited of Bangladesh acquired more than
75% shares of the Company in January 2011, and renamed the Company
as "BRAC Saajan Exchange Ltd".
BRAC Saajan pioneered the feature of Direct Credit that allows
to credit the remittance in to the beneficiary's bank account
within minutes. Beside BRAC Bank, currently this facility is
available with two other major banks in Bangladesh, and integration
is underway with other Banks. Apart from the Direct Credit
facility, BRAC Saajan can also payout to any beneficiary to their
bank accounts in Bangladesh, India, Pakistan, Sri Lanka, Poland and
Ecuador.
BRAC Saajan is currently concentrating its investment in
resources to enhance its services. In most cases the Company offers
its services through its direct Agents located in UK, France,
Italy, Spain, Portugal, Greece and Ireland. It also offers services
to number of Corporate Clients.
Having its registered office located at Birmingham, the Company
has regional offices at France, Italy, Spain, Portugal and
Bangladesh.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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