Bangladesh Bank has permitted state-owned Sonali Bank to launch the online money-transfer services with PayPal in the country.
“The much-awaited PayPal services will soon be introduced in Bangladesh now after the clearance,” Sonali Bank General Manager and Chief Information Officer Mofazzal Hossain hopes.
PayPal is an e-commerce firm, which provides electronic alternatives to traditional paper methods like cheques and money orders. The service is very popular among online shoppers and outsourcing experts.
Sonali Bank earlier struck a deal with the global online money transfer giant on the matter, Mofazzal said.
He also said the Sonali Bank MD held a meeting with PayPal officials last week. "Now we hope we will soon be able to launch the services," he added.
The launching of PayPal services has been the subject of discussion in Bangladesh since 2011. Palak met a vice president of PayPal during his US visit in 2015. The minister said at the time that they had discussed the strategic aspects of including Bangladesh's name on the list of countries where the company has its operations.