Midland Bank signs MoU with Space Tech Holdings and XSpeed Autos

A Memorandum of Understanding (MoU) was signed between Midland Bank and Space Tech Holdings Ltd. (SPACETECH) and XSpeed Autos Limited (XSPEED) at the corporate head office of the bank at Gulshan 2 in Dhaka on March 25.

SPACETECH is a Singapore and Bangladesh joint venture company focusing on property development and green-tech promotion in Bangladesh, while XSPEED is a company established in Bangladesh aiming at bringing investment and technology of electric vehicle products and industries into Bangladesh from China with solutions of all aspects, according to a press release.

In the presence of Md. Ahsan-uz Zaman, MD & CEO of the bank, Mohammad Javed Tarek Khan, Head of the Institutional Banking Division of Midland Bank and Mr. Ye Liang, CEO and Managing Director of SPACETECH and XSPEED signed the MoU on behalf of their respective organizations.

Under the MoU, Space Tech Holdings Ltd. & XSpeed Autos Limited will use the robust online cash management solution of MDB “Midland Cash Management (MCM)” application for conducting their daily business banking and cash management activities, nationwide.

Prashanta Kumar Saha, Head of the Corporate Liability Unit of Midland Bank and Ms. Gong Li, International Trade and Finance Analyst, Space Tech Holdings Ltd. and Mr. Syed Syful Islam, Accounts Manager-Finance, Space Tech Holdings Ltd. & Xspeed Autos Limited, were also present along with other executives and officers of both organisations.