Business Desk :
Prime Bank Limited and e-Commerce Association of Bangladesh (e-CAB) have joined hands to facilitate financing for e-commerce entrepreneurs.
Minister for Post and Telecommunications Mustafa Jabbar formally launched the alliance through a virtual press meet as the chief guest on Wednesday. Prime Bank Managing Director & CEO Rahel Ahmed and e-CAB President Shomi Kaiser were present.
The partnership titled “Prime Bank-e-CAB Alliance for e-Commerce-MSME Financing Solution” will enable easy access to finance to e-commerce companies as they strive for market expansion locally and globally.
It will be a big boost for the country’s fledgling e-commerce sector as eligible e-CAB members can now avail collateral free loan up to BDT 50 lakh and other tailor-made financing solutions.
Under the arrangement, the e-commerce firms will get working capital (CC, OD and Demand Loan), Term Loans for Fixed Asset Purchase and Capital expenditures, International Trade solution- LC, LATR, IDBP etc., Bank Guarantee, Work Order etc. They can also avail a wide range of deposit products and free Internet Banking – ALTITUDE – for conducting broad range of e-transaction. They will need two-year business experience and introduction letter from e-CAB. The companies can apply for loan from the comfort of their office or home as Prime Bank has assigned dedicated Relationship Manager for exclusive service for valued e-CAB members.
Mustafa Jabbar said, “With this financing initiative of Prime Bank, the earlier distance between banking and ecommerce sector has been reduced significantly. Like immovable property in other business, the knowledge and intellectual property of an ecommerce entreprener are valuable asset.”
“Young and creative entrepreneurs are bringing in new innovation in ecommerce industry and injecting dynamism in the economy. If we do not understand their business, we will fall behind. I think after this initiative of Prime Bank, a lot of understanding gap about ecommerce industry will be dispelled,” he added.
Commenting on the alliance, Managing Director and CEO, Prime Bank Rahel Ahmed, said: “Prime Bank is fully aligned with the government’s vision of making a Digital Bangladesh as the country sets sight to become a middle income country. E-Commerce sector holds immense potential for becoming a major contributor to Bangladesh economic growth. Many e-commerce startups are reshaping the secvice industry of the country and bringing much comfort and convenience to the consumers. Prime Bank is committed to be a part of the growth journey of this promising sector.”
e-CAB President Shomi Kaiser said: “This promising ecommerce has long been deprived of financing from banking sector. The sector needs government’s support to bounce back from the losses incurred due to COVID-19. We thank Prime Bank for standing beside ecommerce entrepreneurs with easy term loans.”
General Secretary of e-CAB Mohammad Abdul Wahed Tomal said: “Ecommerce sector has been expanding fast over the past few years. COVID-19 outbreak has necessitated use of ecommerce in our everyday life and proved its effectiveness. The increase in use of ecommerce services will help firms to bounce back after COVID-19 crisis. We were with our ecommerce colleagues during crisis period of lockdown period and advised them to continue with the online business. We will also be with them at this time of financing facilities.”
The bank’s Head of MSME Banking Syed M Omar Tayub and Head of Brand and Communications Nazmul Karim Chowdhury were also present. In view of the COVID-19 outbreak, the bank conducted the event through virtual media as part of its efforts to reinforce social distancing.
Prime Bank Limited and e-Commerce Association of Bangladesh (e-CAB) have joined hands to facilitate financing for e-commerce entrepreneurs.
Minister for Post and Telecommunications Mustafa Jabbar formally launched the alliance through a virtual press meet as the chief guest on Wednesday. Prime Bank Managing Director & CEO Rahel Ahmed and e-CAB President Shomi Kaiser were present.
The partnership titled “Prime Bank-e-CAB Alliance for e-Commerce-MSME Financing Solution” will enable easy access to finance to e-commerce companies as they strive for market expansion locally and globally.
It will be a big boost for the country’s fledgling e-commerce sector as eligible e-CAB members can now avail collateral free loan up to BDT 50 lakh and other tailor-made financing solutions.
Under the arrangement, the e-commerce firms will get working capital (CC, OD and Demand Loan), Term Loans for Fixed Asset Purchase and Capital expenditures, International Trade solution- LC, LATR, IDBP etc., Bank Guarantee, Work Order etc. They can also avail a wide range of deposit products and free Internet Banking – ALTITUDE – for conducting broad range of e-transaction. They will need two-year business experience and introduction letter from e-CAB. The companies can apply for loan from the comfort of their office or home as Prime Bank has assigned dedicated Relationship Manager for exclusive service for valued e-CAB members.
Mustafa Jabbar said, “With this financing initiative of Prime Bank, the earlier distance between banking and ecommerce sector has been reduced significantly. Like immovable property in other business, the knowledge and intellectual property of an ecommerce entreprener are valuable asset.”
“Young and creative entrepreneurs are bringing in new innovation in ecommerce industry and injecting dynamism in the economy. If we do not understand their business, we will fall behind. I think after this initiative of Prime Bank, a lot of understanding gap about ecommerce industry will be dispelled,” he added.
Commenting on the alliance, Managing Director and CEO, Prime Bank Rahel Ahmed, said: “Prime Bank is fully aligned with the government’s vision of making a Digital Bangladesh as the country sets sight to become a middle income country. E-Commerce sector holds immense potential for becoming a major contributor to Bangladesh economic growth. Many e-commerce startups are reshaping the secvice industry of the country and bringing much comfort and convenience to the consumers. Prime Bank is committed to be a part of the growth journey of this promising sector.”
e-CAB President Shomi Kaiser said: “This promising ecommerce has long been deprived of financing from banking sector. The sector needs government’s support to bounce back from the losses incurred due to COVID-19. We thank Prime Bank for standing beside ecommerce entrepreneurs with easy term loans.”
General Secretary of e-CAB Mohammad Abdul Wahed Tomal said: “Ecommerce sector has been expanding fast over the past few years. COVID-19 outbreak has necessitated use of ecommerce in our everyday life and proved its effectiveness. The increase in use of ecommerce services will help firms to bounce back after COVID-19 crisis. We were with our ecommerce colleagues during crisis period of lockdown period and advised them to continue with the online business. We will also be with them at this time of financing facilities.”
The bank’s Head of MSME Banking Syed M Omar Tayub and Head of Brand and Communications Nazmul Karim Chowdhury were also present. In view of the COVID-19 outbreak, the bank conducted the event through virtual media as part of its efforts to reinforce social distancing.
