United Commercial Bank (UCB) has launched the first open API-based banking system in Bangladesh. With this initiative, the bank will be able to provide modern, convenient, and technology-driven services to a larger number of customers simultaneously.
Open API is an advanced technology that no other bank in Bangladesh has yet implemented. Globally renowned tech company Oracle has introduced this service in only 25 countries. UCB is the first in Bangladesh and the sixth largest institution globally to start using the latest version, 14.7.
The announcement was made today, 15 June, at the banks head office in Dhaka during a program organized with invited journalists.
With the use of this technology, customers will now be able to access a wide range of banking servicessuch as opening accounts, applying for loans, or verifying securitymore quickly and easily, and at a greater scale.
Notably, nearly 300,000 new customers have joined UCB this year. Thanks to Open API technology, the bank will now be able to serve this growing customer base simultaneously, with faster and more advanced service.
In addition, Open API technology will allow seamless and secure integration of third-party servicessuch as other apps, new fintech platforms, or startupswith the banks platform. This will enable customers to manage their transactions more easily and access financial services tailored to their needs. It will also create a network among grassroots-level businesses involved in product distribution, enabling them to release goods instantly and simplify transactions.
UCBs Managing Director and CEO, Mohammad Mamdudur Rashid, stated: This is not just a technological advancement; it is a foundational step toward taking Bangladeshs banking sector to a new level. In todays digital world, we are taking this initiative to prepare ourselves for the future. This is our first step toward introducing more digital services in the coming days.
Also speaking at the event were UCBs Deputy Managing Director and Chief Operating Officer Md. Abdullah Al Mamoon and a senior representative from Oracle, the technology partner for the digital transformation project. Senior officials from both organizations were also present at the event.
