UCB Stock Brokerage launches digital booth in Dubai

UCB Stock Brokerage Ltd launched its first ever digital booth outside of Bangladesh, in Dubai, on Saturday. It is expected to serve non-resident Bangladeshi (NRB) investors as well as other foreign investors who wish to invest in the Bangladeshi capital market.

The digital booth was established to provide one-stop services to investors for: account opening, funds transfers to Bangladesh for investing in the capital market, taking orders for stock or bond trading, and arranging the repatriation of funds from Bangladesh, according to a press statement by UCB Stock Brokerage. 

Professor Shibli Rubayat-Ul-Islam, chairman of Bangladesh Securities and Exchange Commission (BSEC) inaugurated the digital booth as the chief guest of its launch ceremony.

Addressing the ceremony, he spoke about the importance of the capital market for the next phase of growth and development in Bangladesh.

He said in order to achieve the desired results, it is important to attract NRBs to the capital market.

"It will not only aid Bangladesh in its growth trajectory but will also open a reliable and lucrative investment window for NRBs," he noted.

He said the opening of the digital booth is a part of a series of new initiatives taken by the BSEC to improve the capital market.

The launching of the digital booth was preceded by a roadshow organised by the commission titled "The Rise of Bengal Tiger: Potentials of Bangladesh Capital Markets," in Dubai, from 9-12 February, 2021 to reach out to NRB investors and attract foreign investment in Bangladesh, he added.

Attending the ceremony as a special guest, Anisuzzaman Chowdhury, chairman of the executive committee of United Commercial Bank (UCB) Limited, termed the launch of the digital booth in Dubai "another feather in the cap of the Bengal Tiger" and another step in fulfilling the dream of his late father, Akhtaruzzaman Chowdhury, the founder of UCBL.

Chowdhury said, in order to increase contribution towards the capital market, UCB Investment Limited and UCB Asset Management Limited was formed and a custodian license was also taken.

UCB and its subsidiaries now have a combined investment of more than Tk550 crore in the capital market of Bangladesh. 

Among others: Mohammad Rahmat Pasha, CEO of UCB Stock Brokerage; Dr Nahid Hossain, joint secretary, Ministry of Finance; Professor Dr Md Jonaid Shafiq, director of UCB; Shyamal Dutta, editor of Daily Bhorer Kagoj; Mohammed Mohiuddin, managing director of Island Securities; and Mohammed Mahtabur Rahman, chairman of Al Haramain Group and president of NRB Association also spoke on the occasion.