Fintech company First Global and conglomerate Aamra Group finalised an agreement to launch a mobile wallet service in Bangladesh in a bid to take a slice of the country’s burgeoning remittance, and potentially lucrative payment markets.
In February the companies revealed they were in talks, though details on the service were limited. In a statement this week, Canada-based First Global confirmed plans were now finalised and the two were moving into the deployment phase.
The consumer-facing brand for the partnership, Aamra Pay, will act as both a wallet for receipt of remittance payments from overseas and as a mobile payment platform compatible with Aamra’s 14,000 point of sale terminals in the country.
It will also be installed onto smartphones manufactured by the Aamra Group, produced under its WE handset brand.
Users of the wallet app will be able to receive remittance, transfer cash to other users within Bangladesh, redeem coupons at retailers, withdraw money at merchants and pay for goods using QR codes.
Remittance services will be processed by First Global. According to the World Bank figures, Bangladesh is one of the largest recipients of remittance funds in the world with over $15 billion transferred annually.
According to the statement, Aamra can access more than five million consumers in the country through its various divisions, giving the company a large potential market of existing customers for its wallet service.
First Global CEO Andre Itwaru said: “We are very pleased to have concluded the definitive agreement with Aamra and are shifting to deployment mode. Aamra is an excellent partner and are as motivated as First Global to provide our leading edge mobile payment and cross border payment services to the Bangladesh market.”