Nagad & Huawei team to bring smart payment experience in Bangladesh

By Gloria Mathias

Nagad, a FinTech company in Bangladesh, and Huawei Technologies have joined hands to provide smart transaction experiences to customers through Nagad.

Following this agreement, Nagad Digital Bank PLC and Nagad’s existing MFS will be integrated with global technologies, enabling customers to enjoy international-standard digital financial services anytime, anywhere.

Regarding the agreement, Farid Khan, chairman of Nagad Digital Bank PLC, said, “Nagad MFS has brought about a major revolution in Bangladesh’s financial sector over the past five years. Now is the time to take it to a global standard. Nagad and Huawei will jointly work to achieve this for Bangladesh. Nagad Digital Bank will play a unique role in this, which will significantly contribute to building a smart Bangladesh.”

“To ensure the technological development required for a 100 percent cashless society, we have signed this agreement with the world-renowned company Huawei Technologies. Through this, our MFS and digital bank customers in Bangladesh will enjoy world-class services conveniently at affordable costs,” Khan added.

Prime Minister Sheikh Hasina began her China visit on 8 July 2024, marking the golden jubilee of diplomatic relations between Bangladesh and China next year. During this visit, the two countries signed several notable agreements and memorandums of understanding, including the one between Nagad and Huawei.

Eight years ago, when Chinese President Xi Jinping visited Dhaka, Bangladesh and China elevated their bilateral relations to a strategic partnership based on trade and economic cooperation. Later, during Prime Minister Sheikh Hasina’s visit to China in 2019, China was termed a comprehensive strategic cooperative partner in Bangladesh’s development.

In the continuity of such cooperation, this agreement between Nagad and Huawei is also significant in the global context of digital transactions. This will lead to the introduction of entirely new financial services and products in Bangladesh, thus transforming the trend of the country’s digital transactions.