Online payment gateway service between ‘Bank Asia’ and ‘Payoneer’ opens
Nirapad News : Bangladesh Bank Governor Dr Atiur Rahman inaugurated an online payment gateway service between ‘Bank Asia’ and ‘Payoneer’. Addressing the ceremony, the BB Governor said: I believe this partnership is another contribution towards our mission of embracing all population segments into the formal financial system.He said Bangladesh Bank, together with the banking industry, has been working relentlessly to develop a modern information technology based efficient and secured banking system with a view to increasing stability in the financial sector. Online Payment Gateway Service Provider System plays an important role to bring small amount of foreign exchange earned against services provided by the freelancers. Taking this into account, we have given necessary directions (F.E. circular no.15 dated 07 August 2011) to the ADs to take help from the OPGSP to bring foreign exchange at low cost earned against exporting IT services. Now the ADs, without BB permission can enter into standing arrangements with internationally recognized OPGSPs to provide repatriation facilities to the freelancers up ¬¬to USD 2,000 per transaction. In addition, freelancers being intangible service exporters are allowed to retain 50 percent of their receipts in foreign currency (ERQ) accounts. Further, the balances held in ERQ accounts are freely remittable abroad to meet business needs. BB has also accommodated freelancers’ needs such as online registration/payments of fees for training programs. The partnership between Bank Asia and ‘Payoneer’ will ease freelancers’ efforts to reap their hard earned foreign exchange, according to a statement issued by BB.