Newgen , a global provider of low code digital transformation platform, has announced that Bangladesh-based BRAC Bank has successfully implemented Newgen's DMS. DMS is a part of Newgen's contextual content services (ECM) platform that will help the bank streamline end-to-end customers' journeys and deliver transformed experiences.

With the deployment, the bank has a centralised repository for securely managing its end-to-end physical and electronic records while retaining integrity and authenticity. The system allows the bank to stay compliant, facilitates instant uploading of documents, triggers automatic e-mail alerts and notifications, and ensures integration with the core banking applications and third-par ty systems. About the companies BRAC Bank, traded as 'BRACBANK' on Dhaka Stock Exchange, has been one of the fastest-growing banks in Bangladesh with a particular focus on the SME segment, as the press release says.

It is also the first and only bank in Bangladesh with an issuer rating by S&P Global Ratings (B+). With 1. 3 million customers, the bank is a collateral-free SME financier.

A member of the Global Alliance for Banking on Values (GABV), it intends to serve as a standard bearer for governance, transparency, ethics, and compliance. Newgen is the provider of a unified digital transformation platform with native process automation, content services, communication management, and AI/ML capabilities. Globally, enterprises rely on Newgen's low code application platform to develop and deploy complex, content-driven, and customer-engaging business applications on the cloud.

Their solutions can be used from onboarding to service requests, lending to underwriting. BRAC’s partnerships In July 2022 the Bangladesh bank signed an agreement with TerraPay to enable faster cross-border payments. Through this partnership, non-resident Bangladeshis living and working in other countries can send real-time digital cross-border payments to their friends and families using TerraPay’s interoperability platform.

According to the statement, at the time around 13 million Bangladeshi workers living abroad send close to USD 22. 1 billion yearly in remittances to Bangladesh. They must face various challenges while sending money to Bangladesh on a regular basis.

With TerraPay and BRAC Bank joining hands, non-resident Bangladeshis can have access to a secure, real-time, and affordable passage that allows them to send money to Bangladesh. For the same purpose, Singapore-based DBS Bank in March 2022 announced that Bangladesh migrants working in Singapore can start transfer funds to their home country in real-time with no fees through DBS’ digital banking platform to a BRAC Bank account. .