Robi Axiata PLC, a multinational corporation, has been given permission to introduce digital payment services via SmartPay Limited, a new subsidiary.
Robi stated in a statement on Tuesday, October 14, that SmartPay Limited has been given a No Objection Certificate (NOC) by Bangladesh Bank to function as a Payment Service Provider (PSP).
Robi owns all of this business, which will supply the nation’s fintech industry with cutting-edge electronic payment solutions. Bill payment, utility service fees, internet payments, and other digital transaction services will fall under this category.
“Up until now, the company has been offering limited digital payment facilities through its existing ‘Robi Cash’ app,” a senior Robi official stated.
He said, “Customers were getting the opportunity to recharge mobile phones, pay bills and buy train tickets. However, ‘cash out’ or transfer money to other operators was not allowed.”
He added, “Bangladesh Bank has advised us that to continue such services, we need to form a separate licensed organization. As per that instruction, we have formed ‘SmartPay’.”
Robi was formerly called Ektel. The company commenced its operations in 1997 under the name Telecom Malaysia International (Bangladesh). Subsequently, in 2010, it merged with Airtel Bangladesh and was restructured as Robi Axiata. Currently, Axiata Group from Malaysia owns 61.82 percent of Robi, while Bharti Airtel from India holds 28.18 percent, and the remaining 10 percent is owned by general investors. In December 2020, Robi Axiata was listed on the Dhaka and Chittagong Stock Exchanges, setting a record for the largest initial public offering (IPO) in Bangladesh’s history.
