ABG Technologies' E-Wallet "POCKET" Receives Primary Approval from Bangladesh Bank for Cash In and Cash Out Functions

ABG Technologies' E-Wallet "POCKET" Receives Primary Approval from Bangladesh Bank for Cash In and Cash Out Functions

In a significant advancement for digital payments in Bangladesh, ABG Technologies Limited's e-wallet "POCKET" has secured primary approval from Bangladesh Bank to operate Cash In and Cash Out functions. This approval marks the first time any Payment Service Provider (PSP) in Bangladesh has received such permission from the central regulatory authority, paving the way for enhanced financial inclusion and convenience for users.

Groundbreaking Approval Ceremony

The momentous approval was celebrated on Thursday with a formal event attended by prominent figures from Bashundhara Group. Chairman Ahmed Akbar Sobhan led the celebrations, underscoring the importance of this achievement for both ABG Technologies and the broader financial landscape in Bangladesh. Alongside him were Ahmed Ibrahim Sobhan, Group Director of Bashundhara Group, and Mostafa Azad Mohiuddin, Director of ABG Bashundhara, among other senior officials.

"This is a historic moment for us and for the digital payment ecosystem in Bangladesh," said Ahmed Akbar Sobhan. "We are proud to lead this innovative journey with POCKET, setting a new standard for financial services in the country."

Features and Services of POCKET

The primary approval allows POCKET users to perform Cash In and Cash Out transactions, adding a new dimension to the app’s capabilities. This functionality is particularly crucial in a country where access to traditional banking services can be limited.

Key Features of POCKET Include:

• Cash In and Cash Out: Users can now deposit cash into their POCKET account and withdraw cash when needed, making financial transactions more flexible and accessible.
• VISA Debit Card: POCKET offers a physical VISA debit card, enabling users to make payments via POS machines, withdraw cash from ATMs, and access any service available on a VISA Debit card.
• Comprehensive Financial Transactions: The app supports various transactions essential for modern lifestyles, including merchant payments, vendor payments, sending and requesting money, mobile recharges, credit card bill payments, salary disbursement, and utility bill payments.
• Multi-Platform Availability: The POCKET app is available for download on both Google Play Store and Apple App Store, ensuring wide accessibility for users across different mobile operating systems.
• Add Money from Cards and Banks: Users can easily add money to their POCKET account from their existing bank accounts and credit or debit cards.

Celebration of Eid Campaign Winner

In addition to the regulatory milestone, ABG Technologies also celebrated the winner of their Eid campaign "Who will win a Repsol Bike?" The campaign, which concluded last month, saw enthusiastic participation from users. The announcement was made at the POCKET corporate office, ABG Tower, amidst a festive atmosphere, highlighting the company's commitment to engaging and rewarding its user base.

Implications for the Future

The approval from Bangladesh Bank is a significant step towards transforming the digital payment landscape in Bangladesh. By enabling Cash In and Cash Out functions, POCKET is set to enhance the financial inclusivity of underserved populations, allowing for more seamless and accessible financial transactions.

"This approval is not just a win for POCKET but a win for all of Bangladesh," said Mostafa Azad Mohiuddin. "We are dedicated to providing innovative solutions that meet the evolving needs of our users, and this is just the beginning."

Conclusion

ABG Technologies Limited's e-wallet "POCKET" is poised to revolutionize the digital payments ecosystem in Bangladesh with the recent approval from Bangladesh Bank for Cash In and Cash Out operations. The celebration of this achievement, along with the announcement of the Eid campaign winner, underscores the company's commitment to innovation, user engagement, and financial inclusivity. As POCKET continues to expand its services, it sets a new benchmark for PSPs in the region, promising a future where financial transactions are more accessible, secure, and convenient for all.

FAQs:

1. What new functionality has POCKET received approval for from Bangladesh Bank?

   • POCKET has received primary approval to operate Cash In and Cash Out functions, making it the first Payment Service Provider in Bangladesh to receive such permission.

2. What are some of the key features of the POCKET e-wallet?

   • POCKET offers a range of financial services, including a physical VISA debit card, merchant payments, send and request money, mobile recharge, utility bill payments, and the newly approved Cash In and Cash Out functions.

3. Where can users download the POCKET app?

   • The POCKET app is available for download on both the Google Play Store and Apple App Store, ensuring accessibility for users on different mobile platforms.