Simplify verification to increase accessibility and convenience

Ali Riza Iftekhar
General Manager and CEO
Eastern Bank

The launch of our Offshore Banking (OB) deposit products for non-resident Bangladeshis (NRBs), foreign individuals and companies marks a significant milestone that opens new horizons for Bangladeshi banks in the global arena. While offshore banking is still relatively new here, the response has been promising. Initial customer feedback has been encouraging and we see huge expansion potential as more people become aware of the benefits EBL’s offshore banking services offer. We expect a positive response as the country stabilizes.

EBL is renowned for its strong credit scores, financial stability, digital banking services and diverse product offerings. Through partnerships with reputable international banks, we maintain nostro accounts in all major currencies in major financial centers such as New York, London, Frankfurt, Tokyo, Singapore and Sydney. These relationships have helped EBL build a distinctive brand in the financial sector both in Bangladesh and in countries where there is a significant Bangladeshi diaspora engaged in trade, employment and economic activities.

We offer investors unique benefits, including savings accounts with competitive interest rates comparable to term deposits of different maturities. We also provide a hassle-free experience by accepting online account opening requests worldwide.

By attracting international investors and Bangladeshis living abroad into offshore accounts, we create a channel for capital inflow that stimulates economic growth. Providing foreign currency liquidity through various channels reduces the cost of foreign funds, enables competitive pricing in international trade, and ensures timely access to goods for importers by offering beneficiaries rapid payments on favorable terms.

EBL’s strong credit ratings and established reputation play a crucial role in alleviating security and reliability concerns. We prioritize transparency and security in all our operations, which creates trust among our customers.

For the long-term success of offshore banking in Bangladesh, we need specific directives from the central bank. One of the key directives will be to establish provisions for passport verification, similar to the National Identity verification process for both e-passports and machine-readable passports (MRPs). This step is necessary to facilitate remote account openings for offshore banking units and non-resident Bangladeshis (NRBs).

Streamlining the verification process will significantly increase accessibility and convenience for customers. Additionally, clear and consistent regulatory rules are vital to maintaining a stable and secure environment for offshore banking operations. The central bank’s support in terms of regulatory clarity, operational guidelines and international best practices will be instrumental in promoting the growth and sustainability of offshore banking in the country.