UCB Stock Brokerage’s digital booth has been launched in Dubai

Staff Reporter: UCB Stock Brokerage Limited has launched the first digital booth in Dubai, United Arab Emirates outside Bangladesh. The digital booth was inaugurated in Dubai on February 12 by Professor Shibli Rubayat, Chairman, Bangladesh Securities and Exchange Commission (BSEC).

It is learned that this booth will serve the expatriate Bangladeshi (NRB) investors as well as other foreign investors who want to invest in the capital market of Bangladesh. The digital booth will provide all the services to the investors in one place for opening investor accounts, transferring funds to Bangladesh for investment in the capital market, accepting orders for stock / bond trading and arranging return of funds from Bangladesh.

At the time, BSEC Chairman Prof Shibli Rubayat-ul-Islam lauded the present dynamic leadership under the Hon’ble Prime Minister of Bangladesh and said that he (the Prime Minister) has been working tirelessly for the country to achieve higher growth. He explained the importance of capital market for the next stage of growth and development of Bangladesh.

He also mentioned that in order to achieve the desired results, expatriate Bangladeshis need to be attracted to the capital market. This will not only help Bangladesh in its growth path; Besides, it will expand the horizons of reliable and profitable investment for expatriate Bangladeshis.

At the time, the BSEC chairman explained that the opening of digital booths was part of a series of initiatives taken by the current commission to improve the capital market. He also expressed interest in providing maximum support by the regulatory body to create investment opportunities for expatriate Bangladeshis whose hard work and dedication are helping Bangladesh achieve the desired development. He thanked the expatriate Bangladeshis for their immense contribution to the development of Bangladesh.

He added that before the launch of the digital booth, the Bangladesh Securities and Exchange Commission (BSEC) organized a road show titled ‘The Rise of Bengal Tiger: Potentials of Bangladesh Capital Markets’ in Dubai on 9-12 February 2021. The aim was to attract expatriate Bangladeshi (NRB) investors outside and foreign investment in Bangladesh and expatriate Bangladeshi investment. He noticed a lot of enthusiasm among expatriate Bangladeshis and foreign investors during the road show on capital markets in Bangladesh and hoped that these digital booths would help realize the full potential of the capital market. He wished the best of success to this digital booth.

Mr. Anisuzzaman Chowdhury, Chairman, Executive Committee, United Commercial Bank Limited was also present on the occasion as a special guest. He was overjoyed to inaugurate the first digital booth of a Bangladeshi brokerage firm outside Bangladesh on the occasion of Mujib’s centenary and the golden jubilee of independence.

He described it as another proud feather in the beak of the Bengal Tiger and as another step towards realizing the dream of his late father, Mr. Akhtaruzzaman Chowdhury, founder of United Commercial Bank Limited, who dreamed of making UCB a ‘progressive global bank’.

He thanked Professor Shibli Rubayat-ul-Islam and the Commission for taking timely initiatives like digital booths which would open up new investment opportunities for hardworking expatriate Bangladeshis.

He added that UCB Stock Brokerage Limited has been able to transform itself into a reliable and efficient institution with a focus on research-driven investments. UCB Investment Limited and UCB Asset Management Limited have been formed and a custodian license has also been obtained to contribute to the capital market. UCB and its affiliates now have a combined investment of over Tk 550 crore in the Bangladesh capital market. Moreover, a new mobile financial services company has been launched to realize the dream of Digital Bangladesh.

UCB Stock Brokerage CEO Mohammad Rahmat Pasha delivered the closing speech. He explained the potential of digital booths and thanked all the regulators for their help in opening digital booths. He expressed his sincere gratitude to BSEC Chairman Professor Shibli Rubayat-ul-Islam for his initiative and relentless efforts. He thanked the expatriate Bangladeshis for their enthusiasm towards digital booths and promised to provide the best possible service through these digital booths.

Commissioner Khandaker Kamaluzzaman and other high ranking officials of BSEC were present on the occasion. Mr. Asifuzzaman Chowdhury, Director and Member of the Executive Committee on behalf of United Commercial Bank Limited; Director Dr. Md. Jonaid Shafiq; CEO, UCB Asset Management Limited Sheikh Mohammad Rashedul Hasan; CEO, UCB Investment Limited Mr. Tanzim Alamgir and other senior officials were present.

The event was attended by a number of prominent dignitaries from various communities in Dubai.

The digital booth is located on the 21st floor of Conrad Tower on Sheikh Zayed Road in Dubai. It was inaugurated virtually at Creek Ball Room, Park Hyatt, Dubai.


Source: Daily StockBangladesh by www.dailystockbangladesh.com.

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