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The bank also announced that the new investment would not change its shareholding in bKash
Japanese tech investment giant SoftBank is going to enter Bangladesh by acquiring a 20% of stake in the mobile financial service (MFS) giant bKash.
BRAC Bank Ltd, the majority owner of bKash, in its board meeting approved the relevant share purchase and subscription agreement among bKash, its existing shareholders, and the proposed investor SoftBank Vision Fund II BEAM (DE) LLC.
The SoftBank Fund, which invested in India's e-commerce platform FlipKart, would make both primary and secondary investments in bKash, Brac Bank disclosed in a piece of price-sensitive information on Wednesday evening.
The bank also announced that the new investment would not change its shareholding in bKash.
Boris Johnson met with Prime Minister of Bangladesh, Sheikh Hasina today at the COP26 Summit in Glasgow.
The Prime Minister of the UK met with Sheikh Hasina, Prime Minister of Bangladesh, in Glasgow today. They welcomed the longstanding friendship between the UK and Bangladesh and cooperation between our two countries across climate, trade, and security.
The Prime Minister of the UK committed to working with Sheikh Hasina on scaling up financial and technical support for clean green technology. He also hoped to see new pledges from Bangladesh on reaching net zero by 2050 and transitioning away from coal power.
The leaders discussed working together to boost trade and investment between our two countries, ahead of the 50th anniversary of UK-Bangladesh relations next year.
The winners of the IBCOL 2021 received more than $40,000 as prizes
Bangladesh has won four awards including a Silver Award in International Blockchain Olympiad.
"This technology will be used in every aspect of our industrial sector," State Minister for ICT Division Zunaid Ahmed Palak said at the Olympiad's closing and award-giving ceremony at ICT Tower in Agargaon, Dhaka on Sunday evening.
"Therefore, my call to the participants in the competition, the capital market, the finance ministry, and the country's private sector to emphasize the importance of this technology."
Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.
Experts believe this is a good beginning from a comparatively very low base.
Over three dozen Bangladeshi startups have attracted around $120 million in investment so far this year, which is three times higher compared to the entire 2020.
Business-to-business e-commerce ShopUp made nearly two-thirds of the year-to-date figure with its recent round of over $74 million funding from a group of international venture capital investors. With the money, the firm is planning to expand its supply network among retail shops across the country.
Still, the remaining $45 million of the investments into the other recipient startups, is already higher than the previous year's figure and there are three more months in hand to see the figure go further up.
ShopUp, a startup that is digitizing neighborhood stores in Bangladesh, has raised $75 million in a new financing round that is also the largest in the South Asian market.
Peter Thiel’s Valar Ventures led ShopUp’s $75 million Series B round. Prosus Ventures as well as existing investors Flourish Ventures, Sequoia Capital India, and VEON Ventures, also invested in the round. The new investment, which brings the startup’s all-time raise to over $100 million, is also Valar’s and Prosus’ first deals in Bangladesh, home to over 100 million internet users.