Bangladesh is developing electronic payment infrastructure

[img_assist|nid=7558|title=|desc=|link=none|align=left|width=100|height=60]The Securities and Exchange Commission (SEC) in Bangladesh proposed IT Consultants Limited (ITC), a manager of Q-cash brand of ATM and different cards, to raise their paid-up capital up to Tk 500 million if the company is to proceed to initial public offerings.

"The Securities and Exchange Commission (SEC) has asked us to raise the company's paid-up capital Tk 50 crore from the current Tk 37 crore following our application a couple of months ago," says Saifuddin Munir, managing director and chief executive officer (CEO) of ITC.

"The SEC has given us time till December this year to raise the paid-up capital before going for IPO," he adds.

In case the company fails to comply with the SEC requirements to increase the paid-up capital within the time specified, it will have to gain the approval of the SEC again.

This measure is believed to extend the sphere of the company's influence. The company began as a private limited business in 2001. But now it is the local leader in electronic payment systems which are developing in the country with increased speed. ITC possesses necessary tools to process transactions for banks and retailers. It has the largest independent network of more than 100 ATMs in the country. There is also a wide network of point-of-sales (POS) centers operated by the company.

"The company promoters have already invested Tk 50 crore in the business," says Raziur Rahman, head of administration and general services division of ITC.

"We are sensing huge potentials of Q-cash business in Bangladesh. Once the ITC as the operator of the network becomes enlisted in the capital market, the state-run banks that have huge network of branches would be encouraged to come into the Q-cash network," Munir stated.