Bangladesh’s mobile financial service (MFS) sector is likely to get a big boost with the new foothold of an old market player to serve potential customers independently in paperless banking, company sources said.

The United Commercial Bank Limited’s (UCB) MFS wallets – U-Cash and U-pay – are going to be replaced with a new brand under an independent company by this year-end, its project head told the FE.

The proposed fintech-based MFS service has a target to provide banking services on mobile phone for the customers, he added.

Programme Director of the UCB’s MFS project Sydul H Khandaker said they already applied to the central bank for operating pendent MFS company, instead of operating as a wing of the UCB, by launching new services and products.