Prime Exchange Co. Pte Ltd (PEC), the first fully owned overseas exchange company of Prime Bank Limited, started its journey in Singapore in 2006 through a single branch with license from Monitory Authority of Singapore (MAS).

Prime Exchange Co. Pte Ltd is also the first ever fully owned Exchange Company in Singapore established by any private commercial bank of Bangladesh.

At the beginning, PEC started providing services to Non-resident Bangladeshis (NRBs) working in Singapore to send money to their nearest and dearest ones in Bangladesh quickly and safely with best competitive exchange rate. PEC stated its business with only one branch in 2006. After satisfactory performance, a second branch was opened at Jurong East in 2011. In recognition to the company’s controlled and complied performance, MAS was pleased to approve a third branch for PEC at Joo Koon which was shifted to Choa Chu Kang Branch in 2022 to cater more wage earners offering different services.

After satisfactory performance in sending remittances to Bangladesh, in 2013, PEC started providing remittance services to Non-resident Indians (NRIs) in Singapore to send remittance through HDFC Bank, which has an extensive branch network across India. Later, from 2015, PEC started sending remittances to Philippines through Bank De Oro (BDO) Unibank Inc. And in 2016, PEC tied up with ICICI, one of the leading commercial banks of India, for further extending remittance service in the country.

In future, PEC also intends to provide remittance services to other nationals living and working in Singapore by increasing its corridors and payment networks.