BB clears way for PayPal, other global digital payment services

PayPal

Bangladesh Bank has cleared the regulatory path for the introduction of international digital payment and money transfer services in Bangladesh allowing local banks to partner with global platforms such as PayPal and Payoneer to facilitate cross-border transactions.

According to a circular issued by the Foreign Exchange Policy Department of Bangladesh Bank, authorised dealer (AD) banks can establish operational agreements with foreign digital payment service providers, international payment gateways, and aggregators following approval from the central bank. 

SouthAsians & Diaspora

The central bank emphasised that these agreements will allow local banks to facilitate cross-border digital money transfers, remittances, service fees, e-commerce transactions, and freelancer payments through secure international channels.

Central bank officials stated that the main objective of the new framework is to modernise cross-border transaction services, enhance transparency, and simplify international payment flows for freelancers, IT service exporters, and small entrepreneurs. - UNB