Sybase 365 and Neurosoft Technologies havey announced that ONE Bank Limited (OBL), a private commercial bank in Bangladesh, has selected the Sybase 365 Mobile Commerce platform to deliver end-to-end mobile banking services to its customers. With the partnership, OBL will introduce its branchless banking initiative enabling customers to have full control of their bank accounts and perform transactions through their mobile phones regardless of their location.
“We have reviewed various mobile solutions for our branchless banking initiative and it was clear that Sybase 365 is the market leader,” said Adil Raihan, executive vice president, at ONE Bank Limited. “With its global reach and proven expertise, Sybase 365 can deliver solutions that meet our scalability and interoperability requirements. We are confident this partnership will deliver a complete banking experience to our customers even in rural areas catering to the unbanked and under-banked population of Bangladesh.”
There are around 160 million people in Bangladesh, of which, only 13 percent have bank accounts. OBL will capitalize on the vast market potential, which includes serving customers in remote areas where access to physical banks remains a challenge and Internet infrastructure continues to be nascent. Sybase 365 and Neurosoft Technologies will facilitate this deployment, helping OBL further expand its market by connecting with approximately 84 million mobile users in Bangladesh, 45 percent of whom represent the country’s rural and unbanked population.
“Bangladesh is one of the fastest developing markets for branchless-banking in the world, and the OBL launch will create opportunities for bringing more unbanked segments of the society into the financial network. Services available include opening of a bank account, cash withdrawal and depositing of money, as well as receiving remittances,” said Matthew Talbot, senior vice president, mCommerce at Sybase 365. “Sybase 365 continues to build on the mobile banking momentum we have helped establish in Bangladesh.”
OBL’s move into offer mobile banking reaffirms the bank’s commitment in providing banking facilities to rural communities to accelerate the pace of building Digital Bangladesh as charted out in the Bangladeshi government’s Vision 2012. This includes initiatives to provide the country’s rural population with banking services, helping them develop their lives and livelihood.