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Bangladesh needs to strengthen digital finance and the fintech ecosystem while ensuring secure data management, interoperability and technological capacity to build a future-ready banking system, experts said at a seminar.
The seminar, titled “Digital Finance, Fintech and Future of Banking in Bangladesh”, was held at the Bangladesh Bank Training Academy (BBTA) auditorium on September 29, according to a press release issued today.
Bangladesh Bank Deputy Governor Dr Md Habibur Rahman attended the seminar as the chief guest, while BBTA Executive Director Md Obayed Ullah Chowdhury delivered the welcome address.
DataSoft Systems Bangladesh Limited President Muhammad Manzur Mahmud presented the keynote paper, highlighting current trends in digital finance and fintech, the use of technology in Bangladesh’s financial sector, the rapid expansion of digital banking and the potential for technology-driven innovation in the future banking system.
He also highlighted the importance of leveraging technological advances to develop more efficient and innovative financial services as customer expectations and financial needs continue to evolve.
A panel discussion followed the keynote presentation, featuring Dhaka Bank PLC Managing Director Osman Ershad Foyez, Bangladesh Bank Executive Director Md Ashraful Alam, BIBM Senior Faculty Md Ashraful Alam (on deputation), Bangladesh Bank Executive Director (ICT) Debdulal Ray, and Nagad Administrator and Bangladesh Bank Executive Director Md Motasim Billah.
The session was moderated by BBTA Executive Director Md Obayed Ullah Chowdhury.
The speakers stressed the importance of effective and appropriate use of technology in expanding digital finance and fintech, developing innovative financial services and preparing the banking sector for future challenges.
They also discussed the need to establish a “One Person, One ID” system, improve data management and enable secure data sharing among relevant financial service providers.
The speakers emphasised the wider use of artificial intelligence and the need to ensure interoperability among banks, financial institutions and other providers of financial services.
They said banks and financial institutions need to continuously enhance their technological capacity in line with rapid technological changes and expand innovative financial products and services to meet evolving customer needs.
The discussion also highlighted the importance of building a secure and interconnected digital financial ecosystem in which technology can be used to improve service delivery while maintaining data security and customer trust.
Participants later took part in a question-and-answer session focusing on digital finance, fintech, digital banking and technology-based financial services. The seminar speakers and panellists responded to questions and shared their views on the challenges and opportunities facing the sector.
Bangladesh Bank executive directors and directors, along with faculty members of the BBTA, attended the seminar.