Mutual Trust Bank in Bangladesh partners IDEX Biometrics for new payment card security feature
Mutual Trust Bank (MTB), a private commercial bank hailing from Dhaka, Bangladesh, has teamed up with Norway’s IDEX Biometrics to introduce biometric payment cards.
MTB in Bangladesh partners IDEX Biometrics
Leveraging its partner’s IDEX Pay solution, the bank says it hopes to strike “unparalleled security” by pairing its physical card offering with fingerprint sensors.
These sensors require cardholders to physically verify their identity in order to complete a transaction, and have become an increasingly popular security measure among financial institutions centred in card issuance, with notable examples including NatWest in the UK, Crédit Agricole in France and challenger bank Rocker in Sweden, which also tapped IDEX Biometrics to power its offering.
Syed Mahbubur Rahman, managing director and CEO of MTB, claims the new functionality will “attract new customers and increase card usage among existing customers” while also delivering “financial empowerment to the people of Bangladesh”.
For IDEX Biometrics, which is headquartered in Oslo, the deal signals the continued proliferation of its solutions across Asia, following its previous deals with Taiwan’s Beautiful Card Corporation, Bangladeshi payments solution provider DoelPay, Malaysian smart card solution provider MCS Microsystems, and most recently, with smart card and technology platform KONA I in Japan.
