WellxPay, a fintech company, is accused of creating financial pitfalls in Bangladesh by making misleading statements about holding a valid license from the central bank and establishing formal partnerships with well-known personalities and institutions.
The company claimed to foreign media outlets that it had obtained the Payment Service Operator (PSO) license from the Bangladesh Bank and had entered into an agreement with the prominent mobile financial service (MFS) provider, bKash. Additionally, it asserted that noted tech entrepreneur Sonia Bashir Kabir served as the founder and managing director of the company.
Prothom Alo discovered that the aforementioned claims are unfounded, sparking concerns about potential financial fraud for clients utilizing the payment gateway.
On November 16 of the previous year, an advertisement in Hindustan Times stated that WellxPay had obtained a Payment Service Operator (PSO) license from the Bangladesh Bank. However, upon closer examination, it was revealed that the tech company had not even applied to the central bank, let alone received the license.
The Payment Service Operator (PSO) license authorizes payment gateways to facilitate transactions through various banks and mobile financial service providers.
Mezbaul Haque, the executive director and spokesperson of the Bangladesh Bank, verified to Prothom Alo that the central bank had not granted any license to a company named WellxPay. He emphasized that the Bangladesh Bank maintains a list of licensed entities on its official website.
In another advertisement featured in a foreign news outlet, WellxPay claimed to have entered into a partnership with bKash, a well-known mobile financial service entity in Bangladesh. The advertisement also identified Sonia Bashir Kabir as the founder and managing director of the company.
Nevertheless, bKash authorities have verified that there is no existing partnership with WellxPay, asserting that the company is disseminating inaccurate information. While attempts to reach Sonia Bashir Kabir for comment were unsuccessful, she has publicly clarified that she has no association with WellxPay.
According to its website, WellxPay is headquartered in Indonesia and offers payment services in India, Pakistan, and Bangladesh. The company accepts cryptocurrency in addition to traditional currencies.
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