Brac Bank to provide banking and financing services to internet service providers

Brac Bank Limited and Internet Service Providers Association of Bangladesh (ISPAB) have joined hands to facilitate financing for entrepreneurs in internet service.

The partnership of the two organisations will enable easy access to finance to internet service-providing companies as they strive for market expansion across the country. It will be a boost for the country's ISP sector as eligible members of ISPAB can now avail collateral-free loan through the bank's One-Stop-Service and transaction solutions from Brac Bank, said a press release. 

Brac BankDeputy Managing Director and Head of SME Banking Syed Abdul Momen and ISPAB President Md Emdadul Hoque signed an agreement to this effect at the bank's head office in Dhaka on 9 February. 

"We hope with this easy access to finance facility, the ISP companies will be able to scale up their operations and ensure internet service across the country. In this digital era, internet has become a way of our life – be it doing business, education, healthcare, banking etc. Internet is instrumental to economic development and national progress. We are pleased to form this partnership with ISPAB which we believe would pave the way for a phenomenal growth in the sector," Syed Abdul Momen said. 

"ICT entrepreneurs are bringing in new innovation and injecting dynamism in the economy. They are complementing the government's vision of Digital Bangladesh by spreading internet network throughout the country. With this banking and financing facilities from BRAC Bank, we will now be able to expand broadband network and serve customers across the country," Md Emdadul Hoque said. 

Other officials of Brac Bank and ISPAB were also present at the signing ceremony.