Corporate
SINGER to invest $78m in new plant
Singer Bangladesh is about to invest $78m to set up a new home appliance manufacturing plant inside the special economic zone in Narayanganj to expand local production of its products, according to company authorities.
The home appliance manufacturer and retailer, in association with Arcelik, the flagship company of Koç Group, yesterday inaugurated the construction of their very first state-of-the-art manufacturing unit in the country, they said.
The new unit to produce refrigerators, televisions, washing machines, air conditioners and other major home appliances, which will in turn lower imports of such items.
Additionally, the facility will generate around 4,000 employment opportunities while also developing the local supplier base that will provide to the industry in the future, the authorities said during a press briefing at the Radisson Blu Dhaka Water Garden.
At the event, Dr Fatih Kemal Ebiclioglu, president of Durable Goods Companies of Koc Holding, said they hope this initiative will increase the manufacturing capacity of Singer Bangladesh and strengthen its position in the local market.
he seeks the new unit will go into production by 2023, then said they would consider exporting products made at the new plant after providing to domestic demand.
Cemal Can Dincer, chief commercial officer of Arcelik, said this investment marks a new chapter in their journey in Bangladesh.
“With the support of our new factory, we are planning to locally produce 90pc of our products for local consumers,” he added.
MHM Fairoz, managing director and chief executive officer of Singer Bangladesh, said the company’s new state-of-the-art manufacturing facility will be built according to the gold standards of LEED.
LEED is a green building certificate that is recognized all over the world.
He went on to say that Singer will bring the know-how on energy-efficient products and production technologies to Bangladesh, and this will help the country transition to a low-carbon economy.
“Besides, Singer’s green factory in Bangladesh’s special economic zone will make a significant contribution to economic activity and employment,” he said.
Nihat Bayiz, chief technology officer of Arçelik, was also present at the event.
Mustafa Osman Tarun, ambassador of Turkey to Bangladesh; Abdul Azim Chowdhury, additional secretary and executive member of the Bangladesh Economic Zones Authority, and other high officials and stakeholders were present at the groundbreaking ceremony prior the same day.
Koç Holding is the only Turkish company represented in the global Fortune 500 list. Arcelik acquired the holding company of Singer Bangladesh in 2019.
Koc Group envisions sustainability as a business model and places it at the center of all its operations. As such, Arcelik is committed to net-zero emissions by 2050 to tackle the climate crisis.
The group aims to expand its sustainability vision to every country they operate in and create value for all people and the planet, and its investments in Bangladesh will continue with this understanding, according to Singer Bangladesh.
Grameenphone (GP) and bKash Partner to Simplify Financial Inclusion
Grameenphone, a leading smart connectivity provider in Bangladesh, has teamed up with bKash, the country’s largest Mobile Financial Service (MFS) provider, to enable seamless bKash account openings directly through the MyGP app. This innovative feature sets a new standard for accessibility and ease of use in mobile financial services.
The integration within the MyGP app marks a pioneering initiative, being the first of its kind in Bangladesh. This collaboration reinforces Grameenphone and bKash as major innovators in their respective industries. According to a press release, this partnership allows customers to register for bKash accounts by simply clicking on a dedicated section within the MyGP app.
With user consent and a few verifications, customers are swiftly directed to the bKash registration platform, where they can complete the eKYC (electronic Know Your Customer) process. This streamlined procedure enables customers to quickly access a wide range of financial services offered by bKash. Initially, this service is available to Android users through the MyGP app.
New customers who open a bKash account via the MyGP app will receive a bonus of up to Taka 125, encouraging them to explore the diverse features and services provided by the bKash platform.
Expressing his enthusiasm for the partnership, Yasir Azman, CEO of Grameenphone, stated, “At Grameenphone, our customers are at the heart of everything we do. Our collaboration with bKash reflects our customer-centric approach and our commitment to promoting financial inclusion and digital empowerment to create a Smart Bangladesh.”
Kamal Quadir, Founder and CEO of bKash, echoed this sentiment, adding, “Financial inclusion and inclusive services have been part of bKash’s DNA since its inception. This innovative joint initiative with Grameenphone will allow customers to instantly access various financial services, contributing to the digital ecosystem. This increased accessibility will enable more customers to embark on Bangladesh’s cashless journey.”
Startup Bangladesh Limited has unveiled a strategic investment of BDT 1 crore in Pulse Tech Ltd, a move set to revolutionize digital healthcare in Bangladesh. This significant investment signals a profound commitment to bolstering the nation’s digital healthcare sector.
During a formal signing ceremony in Dhaka, attended by key figures including Md. Shamsul Arefin, Chairman of the Board of Directors at Startup Bangladesh, and Senior Secretary of the ICT Division, alongside Sami Ahmed, Managing Director of Startup Bangladesh, the investment was officially announced. Also present were Arefeen Raafi Ahmed, Co-founder and Managing Director, and Kazi Ashikur Rasul, Co-founder and CEO of Pulse Tech Ltd, along with senior management.
Pulse Tech Ltd. is renowned for its innovative solutions tailored for the retail pharmaceutical industry in Bangladesh. Their comprehensive B2B SaaS platform empowers retail pharmacies to efficiently source products, manage inventory, and track transactions in a seamless digital environment. With a mission to eliminate counterfeit and expired products from the market, Pulse Tech aims to transform retail pharmacies into comprehensive healthcare hubs, offering services such as diagnostic test booking, telemedicine, and medicine supply.
Md. Shamsul Arefin underscored the strategic importance of the investment, stating, “Investing in Pulse Tech Ltd. is a strategic move to enhance our national healthcare infrastructure. Through this investment, we aim to enable Pulse Tech to innovate and expand its services in the retail pharma industry, crucial for advancing healthcare technology in Bangladesh.”
Sami Ahmed, Managing Director of Startup Bangladesh, echoed this sentiment, expressing, “We believe in the transformative potential of technology and are proud to partner with Pulse Tech as they drive digital healthcare innovation. Our investment reflects our confidence in their vision and our commitment to nurturing startups vital for technological advancement and economic growth.”
With this injection of capital, Pulse Tech is poised to accelerate technology development and expand operations, focusing on improving the efficiency of retail pharmacies and accessibility of authentic medicines nationwide. The investment from Startup Bangladesh is anticipated to have a significant impact on the healthcare sector, providing state-of-the-art solutions to meet the evolving needs of the Bangladeshi population.
Arefeen Raafi Ahmed, Co-founder and Managing Director of Pulse Tech Ltd., expressed excitement about the partnership, stating, “We are thrilled to welcome Startup Bangladesh as our newest investor. Their guidance and support will be instrumental in helping us achieve our organizational goals and positively impact Bangladesh’s retail pharmaceutical industry and healthcare landscape.”
This strategic alliance between Startup Bangladesh and Pulse Tech Ltd. marks a pivotal step towards a technologically advanced and health-conscious Bangladesh.
Following the merger of EXIM and Padma, BASIC Bank is now set to merge with City Bank. The decision was reached during a meeting held today (8 April) at the Bangladesh Bank. Sources within the central bank revealed that the merger will be voluntary. This significant decision emerged from a meeting between Bangladesh Bank Governor Abdur Rauf Talukdar and City Bank’s Chairman Aziz Al Qaiser and Managing Director (MD) Mashrur Arefin.
Previously, on 19 March, the board of City Bank received a recommendation to merge with Basic Bank. Subsequently, discussions ensued between the boards of both City Bank and Basic Bank. Officials from both banks engaged in internal discussions regarding this matter. Despite the merger, sources indicate that the two banks will continue to report separate financials for the next three years.
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