Robi's SmartPay gets cenbank approval to operate as digital payment service
SmartPay Limited, a fully owned subsidiary of Robi, will provide fintech-based electronic payment solutions, including utility bill payments and other related services
Robi Axiata PLC has received approval from the Bangladesh Bank to operate a digital payment service through its newly formed subsidiary, SmartPay Limited.
In a disclosure published today (14 October), the company said the central bank has issued a No Objection Certificate (NOC) in favour of SmartPay Limited, allowing it to operate as a Payment Service Provider (PSP).
SmartPay Limited, a fully owned subsidiary of Robi, will provide fintech-based electronic payment solutions, including utility bill payments and other related services.
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A senior Robi official told The Business Standard that the telecom operator had been offering limited digital payment options through its existing app, Robi Cash.
"Customers could recharge mobile balances, pay bills, and buy train tickets, but cashing out or transferring funds to other operators wasn't permitted. The Bangladesh Bank advised forming a separate licensed entity to continue such services, leading to the creation of SmartPay," the official said.
Robi, formerly known as Aktel, was incorporated in 1997 as Telekom Malaysia International (Bangladesh) and rebranded as Robi in 2010 following a merger with Airtel Bangladesh.
The Axiata Group of Malaysia holds a 61.82% stake in the company, while Bharti Airtel of India owns 28.18%, and the remaining 10% is held by the general public.
Robi was listed on the Dhaka and Chittagong stock exchanges in December 2020 through the largest-ever initial public offering (IPO) in Bangladesh's history.
