Local financial technology service provider Dmoney Bangladesh Ltd has been named in the “10 Most Convenient Wallets to Watch in 2019” by APAC Business Headlines, a Hong Kong-based publishing house.
Dmoney is the only wallet from South Asia to make it to the top 10 and plans to roll out the service in Bangladesh in September with one crore customers aboard. APAC Business Headlines is on a mission to create a healthier business environment in the Asia-Pacific region, according to a statement released yesterday.
The idea of Dmoney was formed when the founders sensed a strong opportunity for disruption in the financial services in Bangladesh, according to the magazine.
In 2016, Dmoney was co-founded by Sonia Bashir Kabir, and Aref Bashir, both Silicon Valley returnees, with a vision to be the catalyst of cash to digital transformation.
Anjan Chowdhury, a renowned entrepreneur of Bangladesh, is the chairman of the company.
“Watch out for Dmoney’s launch in September where we will share exciting and game-changing tech disruptions,” said Sonia, also the vice-chairman of the firm.
From the very beginning the digital wallet will ensure interoperability.
Dmoney has licence to operate in all financial streams and will be able to serve both business to customers and business to business market segments and will be the country’s first interoperable QR (EMVco compliant), according to the website of the company.
EMV stands for Europay, MasterCard and Visa and is the global standard for chip-based debit and credit card transactions.
“We began our journey with the challenge of financial inclusion and realised that inclusion is a myopic view of the world. Either you are included or excluded,” said Sonia.
Sonia was recognised as one of the 10 Sustainable Development Pioneers globally in 2017 by the United Nations Global Compact.
She said the real problem to solve is the challenge of building an ecosystem around homes and small and medium businesses and offer them all the products and services they need to operate effectively with productivity and succeed in their endeavours.
“Our business strategy is expanding from just financial inclusion to a digital ecosystem of financial well-being. The innovations we see are around this ecosystem are what we are building in Dmoney.”
The company has already built its own software and has 100 percent intellectual property rights in the research and development and customer success teams, as well as its network of reliable business partners.
“Bangladesh is a large market that is underserved. Digital lifestyle and financial services are the need of the hour,” said Aref Bashir, managing director of Dmoney.
“The firm aims to rise to the challenge and fulfil this demand. It will build, partner and be the enabler and is committed to resolving the cash to digital transformative barriers.”