UCB and Mastercard collaborate to power faster, safer remittance flows to Bangladesh

United Commercial Bank PLC (UCB) has entered into a strategic agreement with Mastercard to leverage its Transaction Services to strengthen cross-border remittance services to Bangladesh.

The collaboration aims to make it faster, safer, and more convenient for Non-Resident Bangladeshis (NRBs) to send money home through formal channels, according to a media release.  

The signing ceremony was held today (October 14, 2025) at UCB’s head office, where senior officials from UCB and Mastercard were present.

Representing UCB were Mr. Adnan Masud, Additional Managing Director; Mr. Md Abdullah Al Mamoon, Deputy Managing Director & Chief Operating Officer. From Mastercard, the attendees included Mr. Suraj Vaghani, Senior Vice President, Network Management and Operations, Commercial & New Payment Flows; Mr. Syed Mohammad Kamal, Country Manager, Bangladesh.

Adnan Masud, Additional Managing Director of United Commercial Bank PLC, said, ‘This collaboration reflects UCB’s continued commitment to making cross-border remittance faster, safer, and more accessible for millions of Bangladeshis living abroad. By integrating with Mastercard Transaction Services, we are enhancing our digital infrastructure to ensure timely delivery of funds and greater convenience for recipients. This association will help encourage the use of formal remittance channels while reinforcing our role in building a more transparent and inclusive financial system.’ 

Suraj Vaghani, Senior Vice President, Network Management and Operations, Commercial & New Payment Flows, Mastercard, said, ‘This collaboration marks a significant step forward in strengthening financial connectivity between Bangladesh and its global diaspora. Remittances are a key driver of the country’s economy, with Bangladesh consistently ranking among the top 10 global recipients. Through our association with UCB, we aim to provide Bangladeshis living abroad with a secure and seamless way to send money home via formal channels—supporting their families. This initiative aligns perfectly with Mastercard’s mission to foster financial inclusion and expand digital access across emerging markets.’