The Dhaka Times Desk Basis, the country's largest technology sector business organization, has welcomed the government's initiative to establish a digital bank. However, disappointment has been expressed over not taking the opinion of the technology sector and taking any steps to ensure the participation of technology entrepreneurs in this important initiative of creating a smart and cashless Bangladesh.
A roundtable discussion on “Digital Bank: Prospects and Future Actions” was held at Basis Conference Center on June 14. More than 50 fintech companies, financial software companies, banks and representatives of mobile financial institutions were present in the discussion. Under the chairmanship of Basis President Russell T Ahmed and moderated by Fahim Masrur, the former president of Basis and Chairman of the Fintech Committee, the main presentation was made by the Chief Executive of the fintech company Tali'pay. Shahadat Khan.
Speakers in the discussion said that it would be wrong to think of digital bank as just an improved digital version of ordinary bank. In other countries of the world, digital banks have been able to revolutionize financial inclusion because the use of technology is the main driving force, led by entrepreneurs in the technology sector. If digital bank policy or license is prepared like traditional bank system in our country, then the main objective of establishing digital bank will not be achieved. BASIS President applauded Bangladesh Bank's initiative to establish a digital bank and presented several recommendations on behalf of BASIS for the development of digital bank license guidelines.
Basis president Russell T Ahmed said, the more the digital bank license can be opened, the more innovation will come in this field. Specific conditions may be given if necessary. It is also mandatory to have at least one-third of the ownership of each digital bank by technology sector organizations or entrepreneurs.
Banking experience should not be mandatory to become CEO of Digital Bank. Just as technology entrepreneurs in Bangladesh have successfully used technology to bring new innovations in the field of mobile financial services, digital banks should also be created under the leadership of technology entrepreneurs. Of course they will work with bankers as per their requirement. In this case, the government should take necessary initiatives to ensure that the new digital bank license is not limited to only large corporate groups.
The main presenter of the discussion. Shahadat Khan cites examples of how digital banks in other countries have brought large unbanked populations into banking services. He said that currently the most deprived of banking services are small and cottage industry traders. No bank wants to give them a loan because they don't have any information about them. These small entrepreneurs are forced to borrow 24% annually from NGOs. Digital banks can provide banking services to this large population at a much lower cost. It requires smartphone technology, data technology and artificial intelligence.
Appropriate use of these technologies requires innovative technology entrepreneurs and technology professionals to lead digital banking. To successfully implement Digital Bank we need some preparations like personal identity authentication, real time interoperable payments and comprehensive credit bureau with data of all lending institutions.
In this regard, National e-KYC and Bangla QR based 'Cashless Bangladesh' initiative will play an important role. That is why banks, fintech institutions and regulators have to work together.
Arfan Ali, head of fintech company Zaytun and former MD of Bank Asia, Zakaria Swapan, head of Priya-Pay, Siraj Siddique, director of credit card network Visa, Manzoor Mahbub, president of Datasoft, Fida Haque, head of SuryaPay, BRAC also spoke on the occasion. Bank Chief Operating Officer Sabbir Hossain and others. News bulletins.
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