Bhutan National Bank Launched 4 New Services, Accepts Major Credit Cards And 135 Foreign Currencies

Email

“There is immense development in the bank," said Finance Minister, Namgay Tshering.

(Source: Facebook/Bhutan National Bank Limited)

 

By Phub Dem Kuensel

With the launch of Bhutan National Bank (BNB)’s payment gateway on 27 Aug, tour operators can now directly receive payment from international visitors.

The system that rides on the national online international payment gateway will be able to accept 135 different currencies from around the world as well as cards including VISA, Mastercard, AMEX and Discover, among others.

Without a proper payment gateway, tour operators had to spend weeks processing payment of visa fees from their international guests.

 

Bhutan National Bank will be providing training to tour operators and related parties. The training will cover detailed information on the signup process, generation of invoice, payment processing and disbursement of funds. 

Source: Facebook/Bhutan National Bank Limited

 

Some tour operators shared bitter experiences of having lost visitors due to the lengthy and unsecured banking processes.

Three other services launched by Bhutan National Bank

Coinciding with the official inauguration of its corporate building yesterday, BNB also launched three other services - BNB Ngotshab, BNB Thuendrel Gatshor and the Loan Origination System.

BNB Ngotshab is a banking solution where agents across the country will assist people in availing the bank’s services. People using this service will be able to carry out transactions across any bank in Bhutan.

Strategy Officer of BNB, Diwas Puri said that any individual or business entity can become an agent.

“They will be given incentives for carrying out the transactions.”

For a start, BNB has partnered with Bhutan Post, considering its presence in all parts of the country.

Services available

This service covers account opening, balance inquiry and payment of utility bills, loan instalments, insurances, taxes and mobile recharge. Customers of other banks can also withdraw cash and perform balance inquiries.

 

Source: Youtube/Bhutan Broadcasting Service

 

BNB Ngotshab intends to reach out to the ‘un-banked population’ and encourage them to be a part of the financial network. It also aims at enhancing customer satisfaction and financial inclusion.

The relationship pricing module or BNB Thuendrel Gatshor is another service that strives to acknowledge and reward clients who extensively engaging with the bank.  It will enable focused attention and align the system to serve selected clients.

The bank will also offer cash-back rewards, fee-waiver, discount on services such as bank guarantees and letters of credits among others to those select customers.

About the Loan Origination System

Aligning with the latest Fintech solution technology, BNB also launched a new iteration - Loan Origination System (LOS).

The LOS is a digital system for managing applications and the loan disbursement system. It helps in simplifying the document appraisal process. The new feature will accelerate loan delivery, automate repetitive tasks, track loan applications and enable more transparent decisions.

For the financial institutions, LOS enables user to create data-driven solutions. The new feature is expected to improve the credit management system of the bank.

Finance Minister, Namgay Tshering who inaugurated the opening of the corporate building said that the bank’s credit relationship has grown by over 40 times from Nu 687 million to about Nu 30 billion in four decades.

“There is immense development in the bank. It is one of the banks that offer employment opportunities and a high salary to the employees,” he said.

 

This article first appeared in Kuensel and has been edited for Daily Bhutan.

 


Related Posts

Promoting Access To Micro-Finance Amongst The Rural Populace And...

RENEW, BAOWE, Tarayana Foundation and the Royal Monetary Authority of Bhutan provide micro-finance to the rural...

Jan 28, 2019 16:49

RENEW’s Microfinance Loans Empower Women In Rural Regions Of...

Most women in the rural communities do not have access to financial services but this initiative has been a turning...

Jan 23, 2019 18:02

Bank At Your Doorstep – Bank Of Bhutan Introduces ‘Banking On...

Bank of Bhutan (BoB) introduced ‘banking on wheels’ on 3 Oct 2018. It travels to various areas in Thimphu on a fixed...

Oct 09, 2018 17:36

Positive Impact of Fintech on Bhutan

“Fintech is a disruption to be embraced,” this view was echoed by the digital pioneer Taizo Son.

Apr 26, 2018 00:36

Bhutan To Revise 3rd Foreign Direct Investment Policy To...

Most of the FDI companies are in the hotel sector today, therefore it is important for us to diversify.

Mar 29, 2019 18:32

Bhutan’s Foreign Direct Investment Saw 10 Fold Increase From...

The jump in figure is due to the large number of capital-intensive projects (such as hotels) being approved in 2018.

Feb 24, 2019 13:51

Latest

News

Canada Offers Scholarships For Students In Bhutan, Aims To Enhance Bilateral Ties

Through the programme starting in the 2020/2021 academic year, scholarship recipients will receive Nu 3,256,029 (about USD 45,600) a year to...

Sep 16, 2019 13:08

Delegation From Bhutan Attended UNCCD COP14 In India

Minister of Agriculture and Forests, Yeshey Penjor led a delegation to the high-level segment of the UNCCD COP14, which was held from...

Sep 12, 2019 23:58

Features

Reconstruction of Lingzhi Dzong – Built To Commemorate Bhutan’s Victory Over A Tibetan Invasion In 1668

To date, about Nu 13 million has been spent since preparatory works for the Lingzhi Dzong construction which began 15 months ago.

Sep 14, 2019 23:58

True Purpose of Rituals And Their Importance In Buddhism

Rituals are an indispensable way of life for a Bhutanese household and families are known to spend a fortune on them.

Sep 13, 2019 12:11

Sports

Bhutan’s Pelden Wangchuk Wins 10th Edition Of Tour 0f Dragon Mountain Bike Race

This year, the race also saw the highest number of female participants compared to past years.

Sep 10, 2019 01:08

Tour Of The Dragon – Toughest One Day Bike Race Starts On 7 September In Bhutan

It takes sheer toil and stamina for the top riders to complete the 268 km race which finishes at the capital, Thimphu.

Sep 06, 2019 23:58

Business

Sherza Ventures Limited Launched IPO, Aims To Establish Brand Bhutan Products Globally And More

Sherza Ventures Limited aims to be a hyper retail and wholesale trading venture using e-commerce.

Sep 09, 2019 10:58

iMerit Bhutan Launched, Hopes To Create Far-Reaching Socio-Economic Impact

iMerit strives to drive social and economic change by tapping into an under-resourced talent pool, thereby creating digital inclusion.

Sep 04, 2019 10:58

Travel

Plans In The Pipeline To Develop Trongsa For Tourism

“The people of Trongsa were very supportive of the tourism development concept for the locality.”

Sep 05, 2019 14:48

7 Facts You Never Knew About Flying Into Bhutan

Druk Asia interviewed Namgyal Wangchuk, Senior First Officer with Drukair to find out what it's like to fly into Paro International Airport.

Aug 07, 2019 23:18

Lifestyle

7 Vegetables You Must Try While Visiting Bhutan

Read Tashi Choden's blog on the vegetables to try if you ever visit Bhutan.

Aug 31, 2019 16:43

Many Lives, Many Stories - 10th Edition of Bhutan’s Mountain Echoes Literary Festival Underway

About 80 speakers and performers came from different parts of the world with different stories to narrate.

Aug 25, 2019 22:42

Subscribe to our newsletter

Never miss out on new happenings and news stories!