Setting up a Payment System for Bangladesh

Hi,

Although I am based in the UK I have businesses in Bangladesh especially in Sylhet and my family has business in Dhaka. We have substantial income in Bangladesh and a associate of mine who has just come over from Bangladesh for a short visit wants to set up a money transfer business.

I was thinking more of a payment process system for Bangladesh. Something similar to an escrow service. I could collect the funds here in UK using any of the available payment systems paypal, moneybooker, etc and the use the funds that I/we have in Bangladesh to make out payments to people in Bangladesh. This can be done with a simple completion of a form and hand in to the bank manager to transfer funds to a designated bank or request people to collect funds from a particular bank near them. Consider this part similar to western union.

Of course there is a lot to consider in setting up this kind of system, but I think it would really assist the people of Bangladesh to have confident in getting services outsourced.

I would like to know the opinions of people if they would like to see a service like this flourish for Bangladeshis?

If you are familiar with Bangladesh, my Uncle is the major shareholder of the Usmani Hotel in Dhaka. If you know Rikai-Bazaar in Sylhet then the main road has two private medical centres next to each other, my family owns both.

 

Your biggest issue faced is fraud.. If you can deal with it go on.. But I'd like to see how you'll explain to PayPal all the fraudalment funds you will receive in your account..

 

I'd be interested to work with you on building the business model and maybe get the website developed. PM me, we'll talk!

 

Are you from Bangladesh or Bangladeshi?

The issue that has been raised about fraud is the most serious concern, I think the only way that this can be dealt with is as a two fold service, an escrow service therefore money can only be released on after confirming service has been achieved; this would be used when money is collected from a 3rd party financial service. And a service that is a built in like paypal, but the legalities in retaining monies, dealing in monies is a massive deal and just would not be feasible at this stage.

But hey lets get the ideas rolling, will send you PM

 

I can create a good corporate logo if you need one, Im not from Bangladesh, though.

 

wow, thanks for the response and support. Sounds excellent. Will keep you posted.

 

this will be great if you can..
also have problem form Paypal...Bangladeshi Banks..for incomming you may get benefit biy for outgoing fund you will face great hassel