In a significant move for South Asia’s fintech sector, Southeast Asia’s first tech billionaire, Goh Peng Ooi, eyes a landmark partnership with Bangladesh’s rapidly growing mobile financial service, Nagad, promising a transformative shift in the region’s digital banking landscape.
In a notable development in the fintech sector of South Asia, Goh Peng Ooi, Southeast Asia’s first tech billionaire and head of the Silverlake Group, has extended an olive branch for collaboration with Bangladesh-based mobile financial service provider, Nagad. This development could signal a paradigm shift not only for Nagad but for the financial technology landscape across South Asia. Silverlake Group, known for its pioneering financial software and digital services, is setting its sights for the first time on the South Asian market with this partnership.
Tanvir A. Mishuk, the founder and CEO of Nagad Ltd., recently received a warm welcome from Goh Peng Ooi at his residence in Malaysia. It was here that the seeds of this promising partnership were sown. Nagad, which has impressively acquired over 90 million customers in just five years, is recognised for its customer-centric innovations and unique business model. These distinguishing features have captured the attention of the Malaysian fintech mogul, Goh Peng Ooi, prompting discussions of collaboration between Nagad and Silverlake Group.
Silverlake Group, founded in 1989, stands tall in the domain of financial technology with its services supporting over 400 banks across more than 100 countries. It is especially notable for its stronghold in Singapore, where almost all banks, including titans like United Overseas Bank (UOB) and Oversea-Chinese Banking Corporation (OCBC), rely on Silverlake’s technological solutions. The Group’s expansive portfolio spans across continents, including Europe, America, Australia, Africa, and Asia, making its prospective partnership with Nagad a strategic move into the South Asian market.
According to the discussions, Silverlake Group proposes to empower Nagad with its cutting-edge banking technologies. This move is seen not only as a lever for Nagad’s growth but as a catalyst for transformative change across Bangladesh’s banking sector. Tanvir A. Mishuk has expressed optimism about this partnership, envisaging it to herald a colossal shift in the banking and financial landscape of Bangladesh, impacting millions across the nation.
Since its inauguration by the Honourable Prime Minister Sheikh Hasina in 2019, Nagad has been at the forefront of financial innovation in Bangladesh. With the anticipated transformation into the country’s first digital bank within the year, Nagad is poised to introduce more ground-breaking services that promise to redefine banking for its vast customer base. This forthcoming partnership with Silverlake Group could further accelerate Nagad’s aspirations towards a digitised financial future for Bangladesh.
Nagad’s evolutionary journey from a mobile financial service to potentially the nation’s pioneering digital bank, in collaboration with an international fintech giant like Silverlake, is watched with keen interest. This partnership, aimed at harnessing advanced banking technologies, lays the foundation for a reimagined financial ecosystem in Bangladesh, driving not just economic but inclusive societal progress. Such collaborations underscore the vast potential of public-private partnerships in propelling the country into the next era of digital finance.