Bangladesh Bank has permitted state-owned Sonali Bank to launch the online money-transfer services with PayPal in the country, reports bdnews24.com.
“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.
Mofazzal told bdnews24.com that the bank's managing director received the permission letter on Monday to introduce PayPal services in Bangladesh.
Sonali Bank earlier struck a deal with the global online money transfer giant on the matter, Mofazzal said.
"We have succeeded after long discussions. We sent a proposal to sign a memorandum of understanding (MoU) to the PayPal last year. We started to act when they replied positively. Now, the entire process is finished as the Bangladesh Bank has given the clearance," he 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.