LankaBangla Finance, Dana to launch digital financial services for CMSMEs and retail customers

LankaBangla Finance Limited has signed an agreement with Dana Fintech, an embedded finance fintech, to launch one-stop Digital Financial Service (DFS) platform for CMSMEs and retail customers.

Managing Director and CEO of LankaBangla Finance, Khwaja Shahriar, and Co-founder and CEO of Dana Fintech, Gazi Yar Mohammed, have signed the agreement at LBF's head office recently, said a press release.

Head of Retail Business Khurshed Alam, Head of ICT Sheik Mohammad Fuad, Head of Small Business Md. Nurul Islam, Head of Retail Credit Arif Hasan, Head of Brand & Marketing Md Raziuddin of LBFL and on behalf of Dana Fintech, Co-founder and COO, Zia Hassan Siddique, Head-Strategic Partnership, Syed M Hassan Faruque and other senior officials of both organizations were present at the event.

Under this partnership, LankaBangla will extend digital deposit, BNPL, credit card by digital onboarding, and digital loans to underserved CMSMEs and retail customers by leveraging Dana's lending infrastructure covering credit scoring API, digital underwriting, BNPL engine, and earned wage platform.

LankaBangla will also finance users and merchants of Dana network partners like digital marketplaces and digital wallets.

This DFS platform will enable faster digital onboarding of users from multiple acquisition channels, as well as paperless service delivery.The entire lending process will be completely digitized, from application to disbursement and repayment.