Southeast Bank enhances cross-border remittance capabilities with JP Morgan Payments' multicurrency solution

In a move to strengthen corporate relations, and explore avenues for mutual collaboration, a senior delegation from JP Morgan Payments recently met Nuruddin Md Sadeque Hossain, Managing Director, Southeast Bank PLC, at the Bank's Head Office.

The JP Morgan delegation was led by Christine Tan, Managing Director & Head of Asia Pacific – Financial Institutions Group (FIG) Sales, Payments as well as Sazzad Anam, Executive Director & Head of Bangladesh Representative Office.

The discussions centered around exploring growth opportunities in the banking sector, including collaborating with J.P. Morgan Payments to enhance Southeast Bank’s cross-border remittance fund repatriation through “Xpedite Select”. Xpedite Select is an easy-to-integrate, cross-currency solutions that addresses consistency, control, transparency and value. This collaboration will allow Southeast Bank to send payments in 120 currencies (Xpedite Select Payment) and receive funds from 40 currencies (Xpedite Select Receipt) using a single account with J.P. Morgan.

Southeast Bank has recently started utilizing “Xpedite Select Receipt”-as a foreign exchange risk management tool for its subsidiary, Southeast Exchange Company (South Africa) Pty. Ltd., minimizing volatility risks and thereby offering competitive returns for remittances sent by Bangladeshi diaspora located in South Africa.

A formal inauguration ceremony was held at the Head Office of Southeast Bank PLC to celebrate the launch of Xpedite Select Receipts that was attended by Managing Director Nuruddin Md Sadeque Hossain, Deputy Managing Directors, Abidur Rahman Chowdhury, and Masum Uddin Khan, Head of International Division & FI Md Jahangir Kabir, Head of Treasury Md Kazi Muktakin, In-Charge of Remittance Division Md Arif Hasan Bhuiyan and other senior officials.

The meeting concluded on a positive note, with both organizations reaffirming their commitment to exploring new avenues of cooperation and contributing to the advancement of the banking in Bangladesh.