Bangladesh's financial sector will have to adopt new technologies and services in the post-COVID-19 period for the lenders to move their operations online and address the recent challenges faced by the industry.

Ministry of Economy and Finance undersecretary of state Ros Seilava told a news conference that the economic crisis instigated by COVID-19 had been the primary trigger for the emergency SME lending endeavours.

Many expats have been sending money as part of their preparation to return home due to joblessness abroad.

The financing package is part of IFC’s $8 billion global COVID-19 fast-track financing facility, which aims to help companies stay in business.

The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.

Debt relief measures by micro-loan providers in Cambodia are failing to alleviate the serious financial burdens on indebted families affected by the COVID-19 pandemic.

Tens of thousands of garment workers, who are facing slashed work hours and wages amid the global pandemic and economic downturn, will struggle to repay mounting microfinance debt, a new civil society report says.

Many Cambodians are being forced to sell their livestock and farms to pay off debts to banks and microfinance institutions, prompting calls for the government to prevent lenders from collecting during the outbreak.

COVID-19 has brought to the forefront the potential for microinsurance in the Bangladesh market, where over 30 percent live below the national poverty line and insurance penetration is extremely low.