Navana, Genex, Aramit want to invest in digital bank
The listed firms will own 10%, 6%, and 5% of the total paid-up capital of Tk125 crore, respectively.
Three companies from different sectors – listed on the capital market – want to invest in a proposed digital bank styled "UPAY Digital Bank PLC".
Genex Infosys Limited, Navana Pharmaceuticals Limited, and Aramit Limited, from the IT, pharmaceuticals, and miscellaneous sectors, respectively, made the disclosures on their respective websites.
According to the information, the total paid-up capital of the proposed digital bank will be Tk125 crore.
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Genex has decided to invest Tk12.5 crore, Navana Tk7.50 crore, and Aramit Tk6.25 crore.
The three companies will own 10%, 6%, and 5% of the total paid-up capital, respectively.
The companies will now seek approval from the regulatory bodies concerned in this regard.
However, nothing is known about who will be the other members of the consortium or alliance with these three companies to establish the digital bank.
According to the central bank's guidelines, digital banks will have their headquarters and no other physical presence or branches across the country.
A digital bank may issue virtual cards, QR codes, and other advanced technology-based products to facilitate its customers' transactions. But it is not allowed to issue any physical instruments for transactions.
Digital banks will not be allowed to transact in foreign currencies or involve themselves in trade finance, except for collecting wage earners' remittances.
