Japan Remit Finance, DBL Group apply to BB to set up digital bank

Japan Remit Finance Co Ltd (JRF) of Japan and DBL Group of Bangladesh have jointly applied to Bangladesh Bank for a digital banking licence to operate as Japan Bangla Digital Bank PLC.

The proposed Japan Bangla Digital Bank (JBD Bank) received initial approval from the central bank in 2023 and has since been awaiting a letter of intent (LOI), reads a press release.

According to the press release, the bank aims to provide inclusive, technology-driven financial services, particularly targeting underserved and unbanked segments of the population. 

JRF is an international money transfer service and prepaid payment service provider with a million registered customers and API connectivity with 100+ banks, PSPs, and MFS operators across Asia, North America, and Europe. JRF operates through Japan, Bangladesh, Malaysia, Korea, Philippines, Vietnam, and Canada and JRF Global Capital investments Co, Ltd with a proactive participation anticipated by SBI Group, the largest financial conglomerate in Japan who owns seven banks in Japan. 

JRF has provided wallet-based services, pre-paid cards services, web based and mobile remittance services in Japan since 2011 with the annual remittance volume exceeding $550 million. This international fintech infrastructure provides the proposed digital bank with immediate access to tested technology, global regulatory experience, and large remittance customer base.

DBL Group is one of Bangladesh's largest industrial conglomerates with annual turnover exceeding $1 billion and a workforce of more than 50,000 employees. DBL group operates 30+ associated companies across textiles, ceramics, telecommunications, pharmaceuticals, and digital solutions. DBL's governance and financing partnerships include institutions like IFC (World Bank Group), DEG (Germany), ADB, and British International Investment (UK), reflecting its financial credibility and compliance record.