BoBL introduces new digital aps to ease banking and transaction

The Chairman of Bank of Bhutan Karma Yonten graced the occasion as the chief guest

SHERAB DORJI

Thimphu

Coinciding with the 66th Birth Anniversary of His Majesty The Fourth Druk Gyalpo on 11 November, Bank of Bhutan Limited (BoBL) launched the BoB eLoan (Online Loan Application) and goBOB (Digital Wallet Application).

The main objective for the launch of these new applications, according to BoB, is to provide more financial inclusion to facilitate payment services and to promote cashless transaction, while also reducing traffic at branch offices so as to bring efficiency to the bank services.

BoBL’s Chief Executive Officer (CEO), Dorji Kadin, said, “Before, our clients use to come two to three times in the bank to avail one complete process.” He hopes to do away with all those lengthy procedure for their clients with the launch of the new banking applications.

The BoB eLoan which can be availed through the mBoB under cards and loan or BoBL website can make credits and application process seamless and will be simple to use and intuitive.

The CEO said, “Our clients can avail loan from wherever they are comfortable. More importantly they can save time for other important tasks instead of visiting the banks physically.”

The application process of BoB eLoan can be completed within five minutes and the approval can be done within two working days. 

Regular government and corporate employees, and list of companies with provident funds (PFs) and gradually with a minimum of six months of confirmed service including probation period, including self-employed person with adequate proof of income are eligible for BoB  eLoan.

For now, only the retail banking services like consumer loan, vehicle loan, festival loan and establishment loans are available under BoB eLoan and corporate banking services in future. 

However, goBoB which sounds like a synonym for mBoB, is actually different.

Unlike the m-BoB and eLoan, everyone who has a valid phone number and are above the age of ten can register for goBoB as it does not require registered bank accounts.

An official from BoBL Tandin Wangchuk, said, “The reach for goBoB will be more than that of mBoB as anyone can register if their phone number is registered with Bhutan Telecom or Tashi Cell.”

The launch of goBoB will act as a digital wallet where they can also avail services like scan and pay, send and receive money to mobile numbers, pay utility bills and split bill payments.

“We will mainly focus on tourist to opt for goBoB as it will be a onetime charge for them and they won’t be charged for every single time they use their cards,” Tandin said.

The money can be deposited either from the bank or ATMs in order to use the goBoB facility.  

Meanwhile, with the launch of the two new Apps, it is expected that the bank’s customer base will increase as it envisions in easing the whole process of digital banking and transactions.