Japan Remit Finance (JRF) and DBL Group of Bangladesh have submitted a joint application to Bangladesh Bank for a licence to operate a digital bank under the name Japan Bangla Digital Bank PLC.
Japan Remit Finance Co. Ltd. (JRF) of Japan and DBL Group of Bangladesh have officially applied to Bangladesh Bank for a digital banking licence to establish Japan Bangla Digital Bank PLC (JBD Bank).
The proposed JBD Bank, which received initial approval from Bangladesh’s central bank in 2023, is now awaiting the issuance of a letter of intent (LOI), according to a press release.
The bank aims to offer inclusive, technology-driven financial services, focusing particularly on underserved and unbanked segments of the population. JRF, which is an international money transfer service provider and prepaid payment service provider, boasts a customer base of over one million registered users. It also has API connectivity with more than 100 banks, Payment Service Providers (PSPs), and Mobile Financial Service (MFS) operators across Asia, North America, and Europe.
JRF operates in multiple countries including Japan, Bangladesh, Malaysia, Korea, the Philippines, Vietnam, and Canada. Additionally, JRF Global Capital Investments Co. Ltd. is set to play an active role in the project, with backing anticipated from SBI Group, Japan’s largest financial conglomerate, which owns seven banks in Japan.
Since its inception in 2011, JRF has been providing wallet-based services, prepaid card services, and web- and mobile-based remittance services in Japan, with an annual remittance volume exceeding $550 million. This international fintech infrastructure will enable the proposed digital bank to tap into proven technology, global regulatory expertise, and a large remittance customer base.
DBL Group, one of Bangladesh’s largest industrial conglomerates, is also a key partner in the venture. With an annual turnover exceeding $1 billion and over 50,000 employees, DBL operates more than 30 associated companies in diverse sectors including textiles, ceramics, telecommunications, pharmaceuticals, and digital solutions. The group has established governance and financial partnerships with prominent institutions such as the International Finance Corporation (IFC), the German Development Bank (DEG), the Asian Development Bank (ADB), and British International Investment (BII), underscoring its strong financial credibility and compliance record.
With the combined expertise and resources of JRF and DBL Group, the proposed Japan Bangla Digital Bank is poised to bring innovative financial services to Bangladesh, bridging gaps in access to financial services for a large segment of the population.