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Legal exemptions to cash digital banking

by endroar
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According to the Memorandum of Association (MOA), Nagad Digital Bank has a total of 12.5 million shares of Tk 10 face value. The paid up capital of the company is Tk 125 crores.

Among the seven founders of Nagad Digital Bank, US-based Osiris Capital Partners LLC and Blue Haven Ventures LLC and Singapore-based Finclusion Ventures Private Limited hold more than 10 percent shares. Of the capital of 125 crores, 107 crores 25 lakhs are financed by these three companies.

Among the remaining four entrepreneurs, Zen Fintech LLC has Tk 6 crore 25 lakh shares, True-Pay Technologies LLC has Tk 4 crore shares and individual entrepreneurs have Tk 6 crore 25 lakh shares. And the only domestic company Fintechual Holdings has 1 crore 25 lakh shares.

When asked about the exemption, Financial Institutions Department Secretary Sheikh Mohammad Salim Ullah refused to speak. However, the spokesperson of Bangladesh Bank. Mejbaul Haque told Prothom Alo, 'The discount that Cash Digital Bank has received, it has the right to get it. Even other digital banks are entitled to similar discounts. Apart from this, the Bank Company Act has empowered the government to make concessions in this regard.'

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