Simplified from 幚 (帛 → 巾), a variant of 幫 (with the phonetic 封 replaced with 邦). Officially adopted as the simplified form of 幫 in the Chinese Character Simplification Scheme (《漢字簡化方案》) in 1956.
For pronunciation and definitions of 帮 – see 幫 (“the sides of an object; to help; to assist; to aid; etc.”). (This character is the simplified form of幫).
Notes:
Simplified Chinese is mainly used in Mainland China, Malaysia, and Singapore.