Building a financial highway for all

Tareq Refat Ullah Khan
Managing Director & CEO 
BRAC Bank PLC.

With the rise of digital finance, BRAC Bank is creating a seamless 'financial highway' for everyone. Tareq Refat Ullah Khan, MD & CEO of BRAC Bank, shares how this integration makes money management easier for everyone—offering instant transfers, digital savings, and secure payments for daily needs.

The Daily Star (TDS): How is your bank bridging the gap between Core Banking Solutions (CBS) and MFS wallets to ensure a seamless flow of funds for the average user?

Tareq Refat Ullah Khan(TRUK): At BRAC Bank, we connect every account, every wallet, and every transaction into one continuous digital highway. Our focus is on ensuring that customers experience their bank account and MFS wallet as part of a single, seamless financial ecosystem. Customers can:

• Transfer money instantly between bank accounts and wallets.

• Top-up their wallet directly from their bank account.

• Pay utility bills and other services using their bank account.

TDS: How is your bank partnering with MFS platforms to assess creditworthiness and disburse nano-loans to individuals? 

TRUK: We have not yet launched such a partnership for nano-loans with MFS. However, this initiative sits at the heart of financial inclusion, and we are actively exploring it. This would allow banks to offer pre-approved, collateral-free nano or micro-loans directly through an MFS app. This is the future of "Bank-on-MFS."

Partnership between banks and MFS is evolving from basic transfers to a full digital financial marketplace. The future lies in embedded finance, supply chain finance, and open banking - all integrated into a secure, regulated ecosystem. Our ambition is to combine the bank's trust, product strength, and regulatory discipline with the reach and convenience of MFS platforms - making advanced financial services accessible to every Bangladeshi.

TDS: Could you elaborate on any Deposit Pension Schemes (DPS) or savings products your bank has integrated with MFS apps?

TRUK: We have introduced Digital DPS and Digital Savings accounts accessible directly from partner MFS apps. Customers can open these accounts within minutes and schedule small, periodic auto-deductions from their wallet. Rural customers are embracing goal-based savings, while urban customers value the automation.

TDS: Is your bank developing merchant solutions or QR-based payment gateways?  

TRUK: Our Bangla QR and Merchant Payment Gateway solutions are designed with micro-entrepreneurs in mind. A tea stall owner, a grocery shop operator, or a freelancer can display a single BRAC Bank QR code to accept payments from any major MFS app or bank account. Funds settle directly into the merchant's bank account in near real-time. 

TDS: What technological advancements or security protocols are ensuring safe API integration with MFS providers?

TRUK: Security is never negotiable. Our integrations are built on robust systems designed to protect customer data at every level. We ensure foolproof security through - Advanced API security, tokenisation, 24/7 SOC monitoring, and by complete regulatory compliance.