Bangladesh Bank Gives Initial Nod to Four Digital Banks

-

DHAKA, Bangladesh —

Bangladesh Bank has given the initial go-ahead to four proposed digital banks, marking another step in the country's effort to expand technology-driven banking services and reduce reliance on conventional branch-based operations.

The central bank's board decided on Thursday to issue Letters of Intent (LoIs) to four applicants: bKash Digital Bank, Boost Digital Bank backed by Robi Axiata, DK Digital Bank backed by Bhutan's DK Bank, and Nova Digital Bank, a venture involving Banglalink and Square. The meeting was chaired by Bangladesh Bank Governor Md Mostaqur Rahman.

An LoI represents an initial regulatory approval rather than a final banking licence. Under Bangladesh Bank's digital-bank guidelines, an applicant receiving an LoI must meet specified conditions and regulatory requirements before it can obtain a full licence and commence operations.

12 applicants in the latest round

Bangladesh Bank received applications from 12 entities seeking to establish digital banks in the latest application round.

The applicants were British Bangla Digital Bank PLC; DK Digital Bank; Amar Digital Bank-22 MFI; 36 Digital Bank PLC; Boost Digital Bank backed by Robi; Amar Bank; APP Bank-Farmers; Nova Digital Bank backed by Banglalink and Square; Maitree Digital Bank PLC; Upokari Digital Bank; Munafa Islami Digital Bank backed by Akij; and bKash Digital Bank.

The four successful applicants were selected from those 12 proposals.

Kori receives initial licence

The latest decision also concerns Kori Digital Bank, which was among the two digital-bank initiatives to receive Letters of Intent in October 2023.

At that time, Bangladesh Bank had received applications from 52 entities and issued LoIs to Nagad Digital Bank PLC and Kori Digital Bank PLC. Nagad's licensing process was subsequently placed under review, while Kori was given additional time to fulfil regulatory requirements.

According to the latest reporting, Kori has now received its initial licence after meeting the relevant requirements. This means the latest development involves four newly selected applicants receiving LoIs, alongside Kori's progression in the licensing process.

Digital banking enters a new phase

Bangladesh Bank's digital-bank framework envisages banking services delivered entirely through digital channels rather than a conventional branch network. Such institutions are expected to provide services including account opening and financial transactions through websites and mobile applications.

Under Bangladesh Bank's guidelines, each digital bank is required to have at least Tk 300 crore in paid-up capital. The framework also provides for regulatory scrutiny of applicants before an LoI is issued and allows the central bank to withdraw an LoI if stipulated conditions are not fulfilled.

The central bank has positioned digital banking as part of efforts to broaden access to formal financial services, particularly for underserved customers and small businesses, while supporting the country's transition towards a more technology-based and cash-light financial system.

The latest approvals could therefore add a new layer of competition to Bangladesh's rapidly evolving financial-services market, bringing major mobile financial, telecommunications and corporate groups into the country's emerging digital-banking sector.

Comments

Post a Comment

Popular posts from this blog

Oil Prices Slide as U.S.-Iran Pause Raises Hopes for Diplomacy, but Supply Risks Persist

-
Image
LONDON — Global oil prices fell sharply on Monday after the United States and Iran suspended military operations following two weeks of escalating attacks, raising hopes that a diplomatic path could prevent a broader regional conflict and eventually restore disrupted shipping routes through some of the world's most important energy corridors. Brent crude futures dropped more than 5 percent during early trading, while U.S. West Texas Intermediate (WTI) crude also posted significant losses as investors reacted to signs that both sides may be willing to allow more time for negotiations. The decline follows weeks of heightened volatility in global energy markets, during which fears of supply disruptions in the Middle East pushed oil prices sharply higher. At the height of the tensions, Brent crude briefly approached the psychologically significant $100-per-barrel level as concerns mounted over the security of oil shipments passing through the Strait of Hormuz. However, market a...
Read more

CeraVe Moisturizing Cream: A Dermatologist-Developed Solution for Deep Skin Barrier Repair

-
Image
Introduction In modern skincare science, hydration alone is not enough. Healthy skin requires a strong and intact skin barrier that retains moisture and protects against environmental damage. CeraVe Moisturizing Cream has earned global recognition as one of the most effective dermatologist-developed moisturizers for dry to very dry skin . Designed with a focus on skin barrier restoration, this product goes beyond surface hydration and works at a structural level of the skin. It is widely recommended by dermatologists for individuals suffering from dryness, sensitivity, irritation, and compromised skin barrier function. Product Overview Product Name: CeraVe Moisturizing Cream Category: Face & Body Moisturizer Skin Type: Dry to Very Dry Skin Key Ingredients: Hyaluronic Acid, Essential Ceramides Formula Type: Oil-Free, Fragrance-Free Safety Profile: Non-Comedogenic Usage: Daily Moisturizer for Face and Body Key Features of CeraVe Moisturizing Cream 1. Advanced Skin Barrier Re...
Read more

ইরান–মার্কিন উত্তেজনা এবং গালফ অঞ্চলের ভবিষ্যৎ: উপসাগরীয় দেশগুলোর সামনে কী ধরনের সংকট সৃষ্টি হতে পারে?

-
Image
মধ্যপ্রাচ্যে ইরান ও যুক্তরাষ্ট্রকে কেন্দ্র করে সামরিক উত্তেজনা বৃদ্ধি পেলে সবচেয়ে বেশি ঝুঁকির মুখে পড়ে উপসাগরীয় বা গালফ দেশগুলো। কারণ ভৌগোলিক অবস্থান , জ্বালানি নির্ভর অর্থনীতি , আন্তর্জাতিক বাণিজ্য এবং নিরাপত্তা কাঠামোর দিক থেকে এই দেশগুলো বিশ্বের অন্যতম সংবেদনশীল অঞ্চলে অবস্থান করছে। সামরিক হামলা ও পাল্টা হামলার ঘটনাগুলো যদি দীর্ঘমেয়াদে বিস্তৃত সংঘাতে রূপ নেয় , তাহলে সৌদি আরব , সংযুক্ত আরব আমিরাত , কাতার , কুয়েত , ওমান এবং বাহরাইনকে বহুমুখী চ্যালেঞ্জের মুখোমুখি হতে হতে পারে। নিরাপত্তা ঝুঁকি ও সামরিক অনিশ্চয়তা গালফ অঞ্চলের সবচেয়ে বড় উদ্বেগ হলো নিরাপত্তা পরিস্থিতির অবনতি। এই অঞ্চলে যুক্তরাষ্ট্রের একাধিক সামরিক ঘাঁটি , নৌঘাঁটি এবং কৌশলগত স্থাপনা রয়েছে। ফলে ইরান ও যুক্তরাষ্ট্রের মধ্যে সংঘাত তীব্র হলে এসব স্থাপনা সম্ভাব্য লক্ষ্যবস্তুতে পরিণত হতে পারে। বিশেষজ্ঞদের মতে , কোনো সামরিক সংঘর্ষ সরাসরি গালফ রাষ্ট্রগুলোর ভূখণ্ডে ছড়িয়ে পড়লে বিমানবন্দর , সমুদ্রবন্দর , তেল স্থাপনা , বিদ্যুৎ কেন্দ্র এবং গুরুত্বপূর্ণ অবকাঠামো ঝুঁকির মধ্যে পড়তে পারে। এতে শুধু জাতীয় নিরাপত্তাই নয় , সাধারণ মানুষের দ...
Read more