CEO and managing director for one of Bangladesh's leading financial institutions, Uttara Bank Ltd., Mr. Shaikh Abdul Aziz, visited the headquarters for international money transfer system, Tempo Money Transfer, in Paris. He and president of the France-based company, Mr. Jeffrey Phaneuf held a prolific meeting.
The two financial institutions started a joint project in June of this year. The collaboration enables clients to receive money sent from TMT’s locations in France and Germany, in Uttara Bank’s branches in Bangladesh. Uttara Bank Limited operates through more than 200 online branches, spread across urban and rural areas, with potential business points within Bangladesh.
The project has become a significant milestone in the local money transfer market, given there has been a great increase in demand for quality remittances services, not only locally, but also internationally.
During the meeting, both parties expressed satisfaction with their growing co-operation and noted the project has reached the planned operational indicators.
Tempo Money Transfer services are now available in 223 Uttara Bank branches, throughout the country. Clients can use a cash-to-cash option and/or account-crediting also. The set of services includes SMS-notifications and notifications over the phone to the beneficiary.
Both parties agreed the project has proved its importance and potential.
“During the meeting, we agreed that when all operational capacities are established, it is time to move on, increasing client portfolio and transactions. We have worked out a plan to reach our goals,” said Mr. Phaneuf.
Mr. Shaikh Abdul Aziz said that the plans to drastically step up the volume of transactions has a great chance of success.
“The demand for remittances services of high standards is growing [in Bangladesh] and client portfolio is increasing. These two important factors together with Uttara's strong position in the country, create solid ground for the financial indicators to soar,” said the CEO for the Bangladeshi financial institution.
Tempo has over 70 locations in France and Germany, focusing on outbound transactions.
It continues to actively develop it's partnership network in Asia.
The company recently reported its successful completion of projects and has launched transfers to Pakistan, Sri Lanka, Nepal and India, as well as the Philippines and China.