DUBAI, United Arab Emirates--(BUSINESS WIRE)--CASHe Alliance Limited (CAL) and Dhaka Bank Limited (DBL) announced on March 12th the commercial launch of the eRin app after receiving regulatory approval from Bangladesh Bank.
Dhaka Bank’s eRin is the first and only digital lending app to receive regulatory approval from Bangladesh Bank to deliver up to BDT 50K, demonstrating the confidence and trust the bank has in DBL and its partner CASHe Alliance. The mass launch comes after a successful pilot phase where the eRin app has reached a 40% monthly growth on MAU by providing personal loans within minutes.
Emranul Huq, Managing Director and CEO at Dhaka Bank, said: "I am proud of our team for successfully piloting and launching the eRin app in collaboration with CASHe Alliance. Our ambition to serve underserved consumers came to fruition by plugging into CASHe Alliance’s industry-leading AI/ML BaaS platform. This historic approval to deliver up to BDT 50K confirms Dhaka Bank's commitment to innovation and financial inclusion. We are excited to offer our customers a new way to access financial wellness products and services seamlessly and affordably."
Deepak H. Saluja, Co-Founder, and Group CEO at TSLC, said: “We are delighted to see Dhaka Bank, our principal partner and anchor bank, secure a unique, landmark regulatory approval from the Bangladesh Bank. This makes CASHe Alliance the leading AI/ML credit-led PaaS company in Bangladesh and our first big foray outside India. This pivot reflects our shared vision of financial inclusion at scale and positively impacting the lives of underserved consumers in Bangladesh. We are confident that the eRin app and subsequent projects with Dhaka Bank and other financial institutions will enable quick, easy, and affordable financial access for Bangladeshi consumers and empower them to achieve their goals and aspirations.”
The eRin app launch is set to benefit millions of Bangladeshis and help address financial exclusion, which is a government priority in the country and a mission that CASHe Alliance and its partners passionately strive towards.