Asia’s premier technology company set to collaborate with Nagad

Southeast Asia’s inaugural tech billionaire, Goh Peng Ooi, has indicated a strong interest in partnering with Nagad, a prominent mobile financial service provider headquartered in Bangladesh. This partnership will be facilitated through Ooi’s renowned Silverlake Group, which specializes in offering financial software and digital services to banks.

Ooi, a Malaysian fintech magnate, became acquainted with Nagad, reviewed pertinent case studies, and subsequently approved the collaboration, marking Silverlake Group’s inaugural venture in South Asia.

Recently, Tanvir A. Mishuk, the executive chairman and CEO of Nagad Ltd., was cordially invited to Ooi’s residence in Malaysia. Impressed by Nagad’s user-friendly innovations, its acquisition of over 90 million customers within five years, and its distinctive business model, Ooi promptly expressed his interest in partnering with Nagad. During this meeting, Mishuk extended an invitation to Ooi to visit Nagad Ltd.

Established in 1989, the Silverlake Group currently supports more than 400 banks across over a hundred countries. The technology provided by Silverlake is heavily relied upon by nearly all banks in Singapore, including major institutions like United Overseas Bank (UOB) and Oversea-Chinese Banking Corporation (OCBC). Its business collaborations span across Europe, America, Australia, Africa, and Asia.

During discussions with Mishuk, Ooi mentioned receiving numerous proposals from various companies in South Asian nations, including Bangladesh and India, but found Nagad to be distinct among financial entities.

Under the proposed partnership, Silverlake Group will offer Nagad access to its cutting-edge banking technologies. Nagad anticipates that this collaboration will not only benefit its own operations but also revolutionize the entire banking sector in Bangladesh.

Commenting on Ooi and Silverlake Group’s interest in partnering with Nagad, CEO Tanvir A. Mishuk stated, “I believe this is not just positive news for Nagad, but for Bangladesh as a whole, as it opens the door to significant changes in the country’s banking landscape. We anticipate that it will ultimately have a transformative impact on millions of people in the country.”

Launched as a mobile financial service in 2019 by Prime Minister Sheikh Hasina, Nagad is poised to transition into Bangladesh’s first digital bank by mid-year. With its groundbreaking innovations, Nagad has already reshaped the financial industry in Bangladesh and aims to further enhance customer service through its digital banking platform.