Eastern Bank, Mastercard collaborate to deliver faster, safer remittance

Eastern Bank PLC (EBL) has entered into a strategic collaboration agreement with global digital payment solutions provider Mastercard to leverage its transaction services platform, aiming to enhance and streamline cross-border remittance capabilities to Bangladesh.

The partnership will improve the speed, security, and convenience of money transfers for Non-Resident Bangladeshis (NRBs), reinforcing both organisations' commitment to financial inclusion and the growth of Bangladesh's international financial ecosystem.

Ali Reza Iftekhar, managing director of Eastern Bank PLC, and Suraj Vaghani, senior vice-president, network management and operations, commercial and new payment flows at Mastercard, inked the deal at the bank's head office in Dhaka on Monday, according to a press release.

Commenting on the collaboration, Iftekhar said, "This partnership with Mastercard sets a new benchmark for efficiency and trust in cross-border remittance. Our focus is on making money transfers seamless for NRBs while ensuring recipients benefit from speed, safety, and transparency."

"Together, we are laying the foundation for a more connected, inclusive, and digitally driven financial future," he added.

Vaghani said, "Through this collaboration with EBL, we are combining Mastercard's global payment expertise with local banking excellence to make every transfer faster, more secure, and easier to access. This association reflects our commitment to empowering NRBs with trusted digital solutions that enhance household well-being and contribute to the country's financial resilience."

Mehdi Zaman, deputy managing director and head of treasury FIs and offshore banking; M Khorshed Anowar, deputy managing director and head of retail and SME banking at EBL; Syed Mohammad Kamal, country manager of Mastercard in Bangladesh; Sudipto Ghosh, director of product management; and Md Mamun Hasan, manager of product management, commercial and new payment flows, along with other senior officials from both organisations, were also present.