Padma Bank and Shadhin Fintech signed a Memorandum of Understanding (MOU) on Monday (24 January) to create a Nano Loan Product.
The two companies will work together to create a web and app-based platform where people can apply for nano loans online.
The MOU was signed by Zabed Amin, chief operating officer of Padma Bank and Kashfia Mahmud, CEO of Shadhin Fintech, reads a press release.
Borrrowers will need to submit their NID and other supporting documents online which will be verified from concerned organisations.
Credit scoring and customer analysis will be done through Artificial Intelligence-based models which would provide very quick decisions on all these applications, the release further stated.
The nano loan product will be launched after regulatory approval of Bangladesh Bank.