Bank Asia launches ‘Digital Nano Loan’
Bank Asia Limited has launched a "Digital Nano Loan" to transform its business with the rapidly changing technological environment to give customers better banking experiences and facilitate their access to formal financial services.
Adil Chowdhury, president and managing director of the bank, launched the new loan service at Bank Asia Tower in Karwan Bazar of Dhaka on Wednesday.
He also witnessed submission of a loan application through a newly developed app and its subsequent sanctioning and disbursement to a customer having an account with the bank within minutes, said a press release.
The loan disbursement process makes use of a credit scoring model analysing financial and metadata. Initially, loans amounting from Tk 500 to Tk 50,000 will be provided, payable in six months.
Chowdhury expressed optimism that the product would change the horizon of lending and contribute to rapid boosting of the customer base.
He also asked officials of the department and division concerned to work in a coordinated manner to face possible technological and business-related challenges.
Ziaul Hasan, deputy managing director and lead of the project, Hossain Ahmad, senior executive vice-president and CIO, Md Serajul Islam, chief executive office of the bank's technology partner Era-infoTech, Quazi Mortuza Ali, senior vice-president (agent banking), and officials concerned of the bank and Era-infoTech were present.
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