How Sydney blockchain startup Hashkloud scored partnerships with two Bangladeshi banks
Blockchain has been receiving a deluge of media attention in recent weeks, and Sydney-based startup Hashkloud is capitalising on the growth of the technology by launching its offerings with two financial institutions in Bangladesh.
Hashkloud is working with Dhaka Bank to launch its Serviskloud platform within the next week, in a partnership that will use the blockchain as a software connector to consolidate the integrity of the data that is transferred between banks, as well as securing transactions between the bank and its customers.
The startup has also recently signed with the United Commercial Bank in Bangladesh to explore how its services can help the bank utilise the blockchain platform.
Launching in new markets
Hashkloud was founded in 2015, after co-founders Tarique A Bhuiyan and Dr Reza Ali met while Bhuiyan was completing his research doctorate on the effect of cryptocurrency and blockchain technologies on business verticals. Since then, they have established a team in Australia and Malaysia, and will be looking at setting up their main operations in Bangladesh soon.
Bhuiyan told StartupSmart he leveraged his past knowledge of the Bangladeshi fintech sector to spearhead this Bangladeshi launch. Previously, he held the role of chief executive and information officer at bKash, a startup that was owned by BRAC bank, the largest SME bank in Bangladesh. He’s also held senior management positions at Accenture, St George Bank and ING Direct. Buiyan advises startups should have an in-depth knowledge of the market before they contemplate overseas expansion.
“You really need to understand the market before you venture in to it,” he says.
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