Dhaka, Bangladesh – Fintech DreamStart Labs and commercial bank BRAC Bank in Bangladesh have announced a partnership to provide digital financial services to unbanked women in Bangladesh. This partnership will see BRAC Bank using technology from DreamStart Labs to help women in rural communities access affordable small business loans.
Through this partnership, unbanked women in Bangladesh will be using the DreamSave app from DreamStart Labs to create informal community savings groups. As members use DreamSave, the technology will generate data-driven credit scores that make it easy for BRAC Bank and its microfinance institution (MFI) partners to offer digital financial services with greater security, transparency, and efficiency. The use of the DreamSave app will facilitate BRAC Bank’s expansion of its MFI business portfolio in Bangladesh.
Moreover, BRAC Bank and DreamStart Labs will be expanding the use of the DreamSave app with savings groups under the USAID-funded Nobo Jatra project, implemented by World Vision in southwest Bangladesh.
Syed Abdul Momen, deputy managing director and head of SME banking at BRAC Bank, said, “DreamStart Labs offers market-leading innovation from Silicon Valley to help unbanked women break the cycle of poverty. BRAC Bank is pleased to partner with DreamStart Labs for this important initiative.”
Meanwhile, Wes Wasson, CEO of DreamStart Labs, commented, “BRAC Bank is the market leader in banking solutions for underserved entrepreneurs. DreamStart Labs is delighted to work with BRAC Bank to bring our innovative technology to unbanked women in Bangladesh.”
In March 2022, BRAC Bank has also partnered with Singapore’s consumer bank DBS, aimed at allowing Bangladeshi migrants working in Singapore to easily transfer their hard-earned income to their families back home, with minimal fees and in real-time by using DBS Remit, a remittance service integrated within the digital banking platform, DBS digibank.
