A delegation from JP Morgan Payments, led by Christine Tan, managing director and head for Asia Pacific at Financial Institutions Group (FIG) sales and payments, recently met with Nuruddin Md Sadeque Hossain, managing director of Southeast Bank PLC, at the bank's head office in Dhaka recently.

Tan was accompanied by Sazzad Anam, executive director and head of the Bangladesh Representative Office, according to a press release.

Discussions focused on identifying avenues for growth in the banking sector, including a strategic collaboration with JP Morgan Payments to enhance Southeast Bank's cross-border remittance fund repatriation through the "Xpedite Select" platform.

Xpedite Select is a user-friendly, cross-currency solution designed to deliver consistency, control, transparency, and value.

Through this collaboration, Southeast Bank will be able to send payments in 120 currencies and receive funds in 40 currencies via "Xpedite Select Receipt", all through a single account with JP Morgan.

Southeast Bank has recently commenced using Xpedite Select Receipt as a foreign exchange risk management tool for its subsidiary, Southeast Exchange Company (South Africa) Pty Ltd.

The initiative aims to reduce volatility risks and thereby ensure more competitive returns for remittances sent by members of the Bangladeshi diaspora residing in South Africa.

An inauguration ceremony was held at the bank's head office to commemorate the launch of Xpedite Select Receipt, which was attended by the bank's MD.

Abidur Rahman Chowdhury and Masum Uddin Khan, deputy managing directors of the bank; Md Jahangir Kabir, head of international division and FI; Md Kazi Muktakin, head of treasury; and Md Arif Hasan Bhuiyan, in-charge of the remittance division, along with other senior officials from both organisations, were also present.