ORO Bank plans on providing platforms for Bhutanese living in Bhutan as well to invest in GMC
Since inception on November 25, 2024, ORO Bank has so far received over 15,000 subscriptions for its Fixed Term Deposit (FTD) scheme from Bhutanese Living Abroad (BLA).
Although the current plan’s registration deadline, which expires on March 31, 2025, is offered only to Non-Resident Bhutanese (NRB) or BLA as investment towards the development of an international airport at the Gelephu Mindfulness City (GMC), the Bank is planning to offer investment opportunity for Bhutanese living in Bhutan as well very soon.
“The FTD was never intended to fulfill the entire construction of the GMC airport. It was always about providing an investment opportunity for Bhutanese abroad who wanted to contribute and be a part of GMC,” the Bank’s Chief Executive Officer (CEO), Mike Kayamori said. “Unfortunately, we cannot share the actual figures but we are grateful for the contribution.”
As in any other projects or schemes when its deadline approaches, this FTD also allows customers to purchase a recurring subscription (24 months). Hence, ORO Bank will continue to support these customers with any inquiries or questions. “And as previously shared, GMC will probably offer something similar to Bhutanese living in Bhutan,” the CEO said.
Regarding the Bank having signed or is going to sign with new partners that will enable the customers to send and receive money transfers more cheaply and quickly, Mike Kayamori said that ORO bank has made significant progress in both incoming (receiving) as well as outgoing (sending) of funds/money.
“We should be able to make an announcement soon for both. For incoming (receiving), this should help our customers who signed up for the monthly recurring payment of the FTD. And for outgoing (sending), customers will be able to send to over 100+ countries in the world near real time at a fraction of the cost of SWIFT. So, please kindly stay tuned,” he shared.
The ORO Bank FTD scheme, designed for BLA aims to allow non-resident Bhutanese to invest in Bhutan’s future while earning competitive returns.
The scheme offers investment opportunities in both United States dollars (USD) and Bhutanese ngultrum (BTN). Subscriptions were open until the end of the year, with a deadline of December 31, 2024, and later extended to March 31, 2025.
For investments made in Dollars, the Bank will provide an interest rate of USD 3-4%, while it will be BTN 8-10% for investments made in Ngultrum, with the payouts being made annually and the lock-in period scheduled until December 31, 2029.
Subscribers can make a minimum deposit of $1,000 (one-time deposit) and $250 (recurring deposit) for a term of 10 years, with the maturity date set towards December 31, 2034 (Callable after 5 years).
The Gelephu Investment and Development Corporation (GIDC) partnered with ORO Bank to introduce the FTD program as a nation building campaign for the international airport at GMC. This FTD programme represents an opportunity for Bhutanese abroad to participate in and contribute to Bhutan’s future development. This partnership was inspired by His Majesty the King’s engagement with Bhutanese communities abroad, who expressed a heartfelt commitment to supporting Bhutan’s development. In response, GIDC has created meaningful opportunities for global Bhutanese to directly participate in nation-building initiatives, beginning with the construction of an international airport in Gelephu. This initiative provides a powerful, impactful way for Bhutanese worldwide to contribute to Bhutan’s progress.
Through fixed-term deposit subscriptions, NRBs now have a unique opportunity to actively support the development of GMC while enjoying stable and secure financial returns. This initiative, crafted specifically for Bhutanese and NRBs, empowers individuals to contribute directly to Bhutan’s progress and prosperity. Through these FTD subscriptions, ORO Bank will support the development of the international airport by subscribing to a bond with GIDC.
“This is more than a financial opportunity; it is a call to all Bhutanese, especially NRBs, to contribute to and actively shape the shared vision for a thriving, mindful, and resilient Bhutan. This initiative is one of various mechanisms designed to help fund the initial phases of GMC— a visionary endeavor to create a model city rooted in mindfulness, sustainability, and well-being, and a legacy for our future generations,” said a Bhutanese living in Australia.
Tashi Namgyal from Thimphu
