UCB launches the country's first open API banking service

United Commercial Bank (UCB) has launched the country's first open API-based banking system.

With this initiative, the bank will be able to provide modern, convenient, and technology-driven services to a larger number of customers simultaneously.

Open API is an advanced technology that no other bank in Bangladesh has yet implemented. Globally renowned tech company Oracle has introduced this service in only 25 countries. UCB is the first in Bangladesh and the sixth largest institution globally to start using the latest version, 14.7.

The announcement was made today, June 15, at the bank's head office in Dhaka during a program organised for invited journalists.
With the use of this technology, customers will now be able to access a wide range of banking services, such as opening accounts, applying for loans, or verifying security, more quickly and easily and on a larger scale.

Notably, nearly 300,000 new customers have joined UCB this year. Thanks to Open API technology, the bank will now be able to serve this growing customer base simultaneously with faster and more advanced service.
Additionally, Open API technology will enable the seamless and secure integration of third-party services, including other apps, new fintech platforms, or startups, with the bank's platform. This will allow customers to manage their transactions more easily and access financial services tailored to their needs.

It will also create a network among grassroots-level businesses involved in product distribution, enabling them to release goods instantly and simplify transactions.
UCB's Managing Director and CEO, Mohammad Mamdudur Rashid, stated: "This is not just a technological advancement; it is a foundational step toward taking Bangladesh's banking sector to a new level. In today's digital world, we are taking this initiative to prepare ourselves for the future. This is our first step toward introducing more digital services in the coming days."

Also speaking at the event were UCB's Deputy Managing Director and Chief Operating Officer, Md Abdullah Al Mamoon, and a senior representative from Oracle, the technology partner for the digital transformation project. Senior officials from both organisations were also present at the event.