Pathao, Bangladesh's leading digital services company, is awaiting a central bank licence to set up a digital bank.
By securing a digital banking licence, Pathao would have the necessary regulatory framework to unleash its cutting-edge technology, offering consumers and small enterprises the freedom to transact, access funds, and manage finances in a personalised manner.
The concept of the Pathao digital bank is a natural extension of the company's commitment to enriching the lives of its 10 million young consumers and 500,000 drivers, delivery agents, and SME entrepreneurs in Bangladesh by harnessing the power of technology, reads a press release.
Fahim Ahmed, managing director and chief executive officer (CEO) of Pathao, remarked, "Pathao is far more than a brand or a suite of products – it is a lifestyle. Just as it has radically transformed urban transportation and the gig economy in Bangladesh, Pathao Digital Bank will reshape banking in Bangladesh. With this, we believe we can catalyse an important growth stage in the economy of our country."
According to Pathao, there is an entire generation in Bangladesh that is young, upwardly mobile and digital native – most of whom are already dedicated users of the company.
However, the needs of this segment remain unaddressed by the local financial sector. These individuals require credit access, yet face an unreasonably high barrier because traditional banks lack the tools to assess their creditworthiness due to a lack of distribution, data, and technological capabilities. Pathao, with its rich customer insights, advanced analytics, and engineering prowess, is ideally positioned to address this financial accessibility gap.