Jun 05, 2013
Singapore, June 3rd 2013 - MasterCard today announced the appointment of Syed Mohammad Kamal as country manager for Bangladesh and Mohammad Anwar Hossain as director, business development, in a move to reaffirm its commitment to South Asia as it sets to launch a local representative office mid-year in the country’s capital, Dhaka.
The decision to build a stronger presence locally has come about in part to the rapid development and industrialization the country has been seeing over the last few years and the promise of further growth which could be achieved through a more robust electronic banking and payments system.
Being the eighth most populous country in the world with over 160 million people , Bangladesh has experienced steady economic growth at an average of approximately 6% over the past decade . Bangladesh was also recently identified as a Next Eleven emerging economy with the potential to become one of the world’s largest economies in the 21st century.
Kamal will be based in Dhaka and report to Vikas Varma, area head, South Asia, MasterCard Worldwide. He will be tasked with executing MasterCard’s strategy in Bangladesh, working closely with partner financial institutions, merchants and regulators.
While 55% of the Bangladeshi adult population is considered financially included, largely due to micro finance solutions, only 16% is fully banked . This means the percentage of unbanked adults in Bangladesh stands at 45%, which present significant growth opportunities especially given its substantial mobile penetration rate and a favorable demographic for m-commerce – Bangladesh has a largely young population with a median age of 23 .
Vicky Bindra, President, MasterCard Worldwide, Asia/Pacific, Middle East and Africa, said: “There are tremendous growth opportunities in Bangladesh. MasterCard has always believed that electronic payments can play a big role in fuelling sustainable economic growth and we aim to work closely with our partners and regulators to help shape the payments industry in Bangladesh. The appointment of an in-market team, who bring with them a wealth of experience and first-hand knowledge, reaffirms our deep commitment to the market.
“Our expansion into Bangladesh underscores MasterCard’s dedication of reaching out to the more than 2.5 billion financially-underserved individuals globally. Most recently, we expanded into neighboring Myanmar and have been working closely with the government and financial institutions there to help build and develop electronic payments acceptance, which is crucial in bringing its citizens in to the financial system and helping Myanmar connect to the global economy.”
Re-disseminated by The Asian Banker