BRAC Bank will partner with DEG Impulse, Germany, to establish the first-ever SME Innovation Lab in the Bangladesh banking sector.
The bank will establish the innovation lab with the support of DEG Impulse gGmbH, a 100聽 per cent subsidiary of the German development finance institution DEG, within the framework of the develop programme.
The SME incubator is dedicated exclusively to fostering innovation among cottage, micro, small, and medium enterprises (CMSMEs).
The Lab is designed to develop sustainable solutions that can be adopted and replicated across various areas, including Bridging the Gender Gap in Financing, Inclusion of Cottage and Micro Enterprises, Promoting Smart Agriculture and Climate Resilient Financing.
As a first step, BRAC Bank and DEG Impulse have signed an agreement to launch the SME Innovation Lab鈥檚 initial vertical, focusing on women-led businesses.
Syed Abdul Momen, additional managing director and head of SME Banking, BRAC Bank, said, 鈥楢s a SME-focused bank, BRAC Bank persistently explores new ways to groom and serve the entrepreneurs at the grassroots level.鈥�
