BB approves Banglalink subsidiary as payment service provider

Dhaka : Bangladesh Bank has authorized NEO PSP Limited, a subsidiary of Banglalink Digital Communications Ltd, to operate as a Payment Service Provider (PSP), expanding the number of licensed e-wallet and digital payment operators in Bangladesh to 10.

The central bank issued the license on August 11 under Section 5(4) of the Payment and Settlement Systems Act, 2024. The approval is subject to the terms and conditions outlined in Bangladesh Bank's notification issued the same day.

With the new authorization, NEO PSP will be able to provide payment-related services in Bangladesh in line with applicable laws, regulations and requirements set by the central bank.

The entry of Banglalink's subsidiary adds another major player to Bangladesh's growing digital payments ecosystem, as consumers and businesses increasingly adopt electronic transactions and mobile-based financial services.

The nine other companies currently licensed as PSPs or e-wallet operators are iPay Systems, D Money Bangladesh, Recursion FinTech, Green and Red Technologies, Progoti Systems, ABG Technologies, Digital Payments, Sheba Fintech and Shamadhan Services.