Southeast Bank boosts remittance services with J.P. Morgan’s multicurrency solution
To strengthen corporate relations and explore avenues for mutual collaboration, a senior delegation from JP Morgan Payments recently met Mr Nuruddin Md Sadeque Hossain, Managing Director, Southeast Bank PLC, at the Bank's Head Office.
Christine Tan, managing director and head of Asia Pacific—Financial Institutions Group (FIG) Sales and Payments, and Sazzad Anam, executive director and head of Bangladesh Representative Office, led the JP Morgan delegation.
The discussions centred around exploring growth opportunities in the banking sector, including collaborating with JP Morgan Payments to enhance Southeast Bank's cross-border remittance fund repatriation through "Xpedite Select." Xpedite Select is an easy-to-integrate, cross-currency solution that addresses consistency, control, transparency, and value. This collaboration will allow Southeast Bank to send payments in 120 currencies (Xpedite Select Payment) and receive funds from 40 currencies (Xpedite Select Receipt) using a single account with JP Morgan.
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Southeast Bank has recently started utilising "Xpedite Select Receipt"-as a foreign exchange risk management tool for its subsidiary, Southeast Exchange Company (South Africa) Pty. Ltd., minimising volatility risks and thereby offering competitive returns for remittances sent by Bangladeshi diaspora located in South Africa.
A formal inauguration ceremony was held at the Head Office of Southeast Bank PLC to celebrate the launch of Xpedite Select Receipts. Managing Director Nuruddin Md Sadeque Hossain, Deputy Managing Directors Abidur Rahman Chowdhury and Masum Uddin Khan, Head of International Division & FI Md Jahangir Kabir, Head of Treasury Md Kazi Muktakin, In-Charge of Remittance Division Md Arif Hasan Bhuiyan, and other senior officials attended.
The meeting concluded on a positive note, with both organisations reaffirming their commitment to exploring new avenues of cooperation and contributing to the advancement of banking in Bangladesh.
