The  European  payment  service  company  LUUP  involved  in  remittance  business  in  European  countries  through  mobile  phone  technology  has  started  business  initiative  through  Social  Investment  Bank  Ltd.  to  connect  Bangladesh  with  the  partner  banks  abroad  to  receive  home  remittances  through  SMS  technology  in  the  bank  accounts  of  the  beneficiaries  direct.  The  system  shall  eliminate  the  hurdles  of  visiting  bank  counters  and  the  clearing/collection  procedure  of  financial  instruments  to  credit  to  beneficiaries  accounts.



Mr.  Thomas  Pietsch,  Director  of  International  Business  Development  of  LUUP  visited  Social  Investment  Bank  Ltd.  recently  and  held  meetings  with  the  senior  executives  of  the  bank;  Mr.  Pietsch  made  elaborate  presentation  of  the  LUUP  business  model  in  remittance  payment  in  Bangladesh.  The  meeting  with  the  senior  executives  was  attended  among  others  by  Mr.  K  M  Ashaduzzaman,  Managing  Director,  Mr.  Abu  sadek  Md.  Sohel,  Deputy  Managing  Director  of  the  bank.  LUUP  has  recently  connected  UAE  in  their  network  through  reputed  commercial  Banks  there  and  is  in  the  process  of  connecting  the  other  Middle  East  countries  gradually.  LUUP’s  presence  in  the  Middle  East  through  commercial  banks  shall  greatly  help  the  Bangladeshi  expatriates  to  use  their  mobile  phones  connected  to  their  banks  and  exchange/money  transfer  companies    through  LUUP  system  send  their  money  to  Bangladesh  in  their    beneficiaries’  bank  accounts  through  SMS  service  also  connected  in  LUUP’s  payment  network  of  banks.

Author: Mohammad Abdul Karim, AVP

Source: PRD,SIBLHO