Bangladesh Fintech Forum hosted the Mastercard Presents 4th Bangladesh Fintech Summit Powered by bKash Limited & in Association with Mutual Trust Bank Limited, upay, BASIS & The Daily Star at Radisson Blu Dhaka Water Garden on August 26, 2023 (Saturday). Organized by Bangladesh Brand Forum, the day-long summit brought together industry professionals, decision-makers, and thought leaders from the banking and finance sector at home and abroad to discuss and share insights on the profoundly emerging fintech industry in Bangladesh.
This year, the Summit was designed around the core vision of “Shaping Bangladesh Fintech Ecosystem for the Future”, with aims to explore the transformative potential of financial technology in Bangladesh and lay the groundwork for a robust and innovative fintech ecosystem.
The discussions revolved around multifaceted and timely topics like Redefining Banking in the Digital Age, Emerging Trends and Predictions of Fintech for Paving the Path for Fintech, Innovation and Growth in Bangladesh, The Role of Blockchain in Fintech, How Smart Bangladesh approach can drive Inclusive Growth for Bangladesh and others.
The summit featured an engaging agenda comprising 03 Keynote Sessions, 03 Panel Discussions, 04 Insight Sessions, 01 Case Study, 01 Fireside Chat and 01 Igniting conversation. The distinguished discussions together have raised significant talking points and policy suggestions while shaping a framework for the fintech stakeholders of the country.
Opening Speech
The summit began with the Opening Speech of Shariful Islam, Founder, Bangladesh Fintech Forum and Founder and Managing Director, Bangladesh Brand Forum. Addressing the occasion, Shariful Islam said, “The advancement of Bangladesh’ fintech sector is crucial for the Smart Bangladesh vision. Fintech is a very important component of the Smart Economy, one of the four pillars of the Smart Bangladesh vision. This platform is dedicated to strengthening the fintech ecosystem in Bangladesh with policy advocacy and engagements. I firmly believe today’s valuable discussions will open new frontiers for the emerging fintech industry of Bangladesh.”
keynote session on Fintech for Financial Inclusion
The inaugural keynote session of the 4th Bangladesh Fintech Summit set the stage with an illuminating discourse on the critical role of fintech in driving financial inclusion and propelling Bangladesh towards its Sustainable Development Goals (SDGs). Hosted by Arfan Ali, the Chairperson of Zaytoon Business Consultants and Chairman of Onkur Digital Limited, this session delved into the dynamic landscape of financial accessibility, highlighting challenges, achievements, and the roadmap for a more inclusive economic future.
Arfan Ali passionately emphasised the immense potential of Bangladesh’s young population to drive economic growth. Yet, he acknowledged the gap between financial services and people, primarily due to the affordability barrier. Fintech adoption, he noted, has not met expectations due to this financial constraint. To bridge this gap and align with SDGs, financial inclusion is pivotal for achieving desired goals.
Ali highlighted Bangladesh’s banking sector, boasting 61 banks and over 11,000 branches. However, the distribution of banking accounts remains uneven across the population. Notably, a significant stride in financial inclusion has been the equal share of funds between women and men. Yet, challenges persist, particularly in sectors like Non-Bank Financial Institutions (NBFIs), where smaller account numbers are attributed to a more focused purpose.
Moreover, Microfinance Institutions (MFIs) have emerged as key players in addressing financial inclusion, especially in rural areas, serving nearly 38 million customers. Mobile Financial Services (MFS), boasting a staggering 200 million accounts, have significantly shaped the digital banking landscape, poised as potential future banks with the central bank’s guiding principles.
Ali underscored that although Bangladesh hosts 81 insurance companies, 47% of the adult population remains unbanked. In a comparative context, Bangladesh lags behind neighbouring countries, except for its prowess in MFS. Ali pointed to the necessity of enhancing financial literacy and infrastructure.
The keynote session revealed a comprehensive roadmap for bolstering financial inclusion. Goals included deepening economic penetration, expanding payment and system service delivery channels, and broadening financial access to underserved areas. Ali highlighted the significance of robust data management and underscored the role of public-private collaboration, legal frameworks, and ICT infrastructure.
Initiatives by the government, such as the National Financial Inclusion Strategy (NFIS), aim to achieve universal bank account access by 2026. Ali stressed the need for enhanced access points, simplified account opening processes, and reduced costs. He advocated for a more comprehensive financial reach, encompassing even the most remote areas.
The keynote session concluded with a call for a holistic approach to financial inclusion. Ali championed reaching beyond commercial hubs, emphasising that financial services should extend to every corner, ensuring a seamlessly integrated and inclusive ecosystem. He addressed the shallow state of capital market services, suggesting measures to make these more accessible.
Panel Discussion on Redefining Banking in the Digital Age: Collaborations, Innovations, and Customer-Centric Strategies
In an era defined by digital disruption, the first-panel discussion of the 4th Bangladesh Fintech Summit illuminated the evolving landscape of banking. Moderated by Rahel Ahmed, a renowned banker and financial market analyst, the discussion was commenced with Syed Mahbubur Rahman, Managing Director & CEO, Mutual Trust Bank Ltd.; Hassan O. Rashid, Managing Director & CEO, Prime Bank, Sohail R. K. Hussain, Managing Director & CEO, Meghna Bank Limited.
Rashid provocatively questioned the industry’s embrace of innovation, highlighting the absence of data scientists within banks. He echoed the sentiment that innovation must not be confined to a theoretical realm but needs practical execution.
A pertinent concern, customer privacy, came under the spotlight as banks navigate the delicate balance of data utilisation and security. Collaborative efforts to safeguard customer data emerged as a recurring theme, reinforcing that partnerships with tech-related fields could bolster data privacy and financial education.
Syed Mahbubur Rahman, MD & CEO of Mutual Trust Bank Ltd., steered the discussion towards customer-centricity. He stressed that innovation goes beyond technological advancement; it must be grounded in customer demand. As the financial landscape evolves, efficient customer onboarding through innovations like virtual debit card creation emerged as a key focus.
Sohail R. K. Hussain, the MD & CEO of Meghna Bank Limited, emphasised a collaborative approach to reaching the masses. He spotlighted Meghna Bank’s innovative solutions, including leveraging technology for micro-credits and small loans. Digitised information accessibility emerged as a crucial enabler, simplifying interactions between banks and customers.
Empowering through Digitalization
The conversation pivoted to financial empowerment and ethical banking practices. The significance of being demand-centric and synchronised with customers’ evolving needs came to the fore. The panellists collectively advocated for an integrated approach involving regulators, banks, and customers to drive innovation and efficiency while ensuring the ethical use of data.
Sohel R. K. Hussain’s insights underscored the need for banks to embrace automation and digitisation for relevance. He highlighted the importance of simplifying processes for educated and unaware masses, ultimately reducing operating costs and enhancing accessibility. Collaborative initiatives, like the successful partnership between Meghna Bank and GP, were hailed as exemplars of industry transformation.
Keynote Session on Digital Banking Landscape in APAC
During the keynote session, Benjamin Quinlan, CEO & Managing Partner, Quinlan & Associates, Chair – Innovation & Technology Committee, AustCham Hong Kong, discussed the digital banking landscape in the Asia Pacific (APAC) region. Traditional banking presents challenges for customers, such as physical visits, lengthy onboarding processes, and waiting times, but the COVID-19 pandemic led to an upsurge in digital banking adoption. MSMEs face difficulties opening bank accounts, even in well-developed countries like Hong Kong and Malaysia, where many applications were rejected.
Around 40 digital banks have been launched in the APAC region, with Hong Kong introducing 8 virtual banks in 2020. These digital banks focused on influencer marketing, rapid onboarding, and tools for budgeting. Payment standards and credit scoring algorithms are crucial for success, while leveraging data analytics is essential for effective customer data processing. Maintenance models like AI-powered chatbots (genAI) and regulatory acceptance of public cloud usage are emerging trends. The ultimate goal is to create an ecosystem providing comprehensive solutions to customers.
While markets like Japan, South Korea, and China have seen successes, others struggle with the profitability gap. Many customers remain dormant, revealing a challenge in maintaining customer engagement. Trust, data protection, and addressing security concerns are paramount. Successful digital bank examples include Kakaobank in South Korea, WEbank in China, and Starling and OakNorth in the UK, all of which emphasise customer usage frequency and strategic partnerships.
For Bangladesh, where a promising digital banking platform has been developed, careful consideration is required to ensure sustained success. Legacy infrastructure, regulatory support, and collaboration among banks were pivotal factors. In response to questions about banks’ readiness in Bangladesh for digital banking, Quinlan stressed the importance of data trust, legacy infrastructure challenges, regulatory backing, and collaborative efforts among banks.
Insight Session on Fintech for CMSMEs: Enabling The Journey of Smart Bangladesh
During the insight session on “Fintech for CMSMEs: Enabling the Journey of Smart Bangladesh,” led by Barrister Md. Sameer Sattar, President of Dhaka Chamber of Commerce & Industry, emphasised that CMSMEs (Cottage, Micro, Small, and Medium Enterprises) play a pivotal role in the economy by contributing around 25% to the GDP and accounting for 90% of private sector investments. However, their contribution is still comparatively low compared to other countries like China and India.
Several challenges hinder the growth of CMSMEs, including limited technology transfer and capacity development, insufficient technical expertise in fintech, a deficient fintech ecosystem, inadequate digital infrastructure, and a lack of regulatory acts for fintech advancement. Adopting advanced technologies like AI, cloud computing, and others remains limited. Furthermore, there is inadequate investment in developing fintech tools and low Foreign Direct Investment (FDI) in fintech ecosystems and technology parks.
The potential benefits of fintech for CMSMEs are substantial. Fintech can enhance credit and fund management efficiency through real-time transaction records, enable real-time taxation, provide cost and time-efficient account management, safeguard financial accounts against unforeseen shocks, and facilitate easy access to finance through maintained ledgers.
To propel CMSMEs towards digital transformation, it is suggested to conduct more fintech adoption orientation programs and provide training to upgrade technological skills. Moreover, enhancing digital and telecom infrastructure is vital. Barrister Md. Sameer Sattar emphasised that CMSMEs drive economic growth and are crucial for the country’s progress.
Moreover, Fintech adoption for CMSMEs faces significant challenges. Barrister Sattar proposed solutions such as organising more fintech programs, enhancing digital and telecom infrastructure, expediting the formulation of digital banking regulations, enabling international payment gateways, promoting the swift adoption and transfer of technology, and offering incentives like tax waivers.
Panel Discussion on Future of Fintech: Emerging Trends and Predictions
The second panel discussion moderated by Zeeshan Kingshuk Huq, Director and Group COO of Agile Minds Solutions Ltd., was attended by Adnan Imtiaz Halim, Founder, Sheba Pay; Noor Elahi, Managing Director, Wagely Bangladesh; Tohurul Hasan, Digital Financial Specialist (Finlab), a2i – Aspire to Innovate, Kashfia Mahmud, Chief Executive Officer, Shadhin Fintech Solutions Ltd.; Mumtahina Anika, Chief Operating Officer, Zatiq.
The discussion underlined the importance of regulatory harmony highlighting that regulators prioritise governance and risk mitigation, necessitating a deep understanding of their concerns. They stressed the need to avoid rushing into launching new FinTech products without adhering to regulatory standards. Adnan cited the successful implementation of paperless account openings as a testament to the potential of collaborative efforts between FinTech and regulatory bodies.
Noor Elahi, Managing Director of Wagely Bangladesh, illuminated the substantial opportunity to address the unbanked population, which is 62% in Bangladesh. He observed that Microfinance Institutions (MFIs) have a higher chance of acceptance than traditional banks due to their inherent focus on fostering financial inclusion. Noor underscored that the beauty of lending lies not only in extending credit but also in designing effective repayment mechanisms.
Kashfia Mahmud, CEO of Shadhin Fintech Solutions Ltd., recounted the inception of their venture with a clear goal – to solve problems faced by the unbanked population. She stressed that FinTech emerged as the solution to the hurdles. The panellists collectively stressed the importance of a balanced approach to regulatory compliance, aligning technology with policy, and focusing on customer-centric solutions. They also emphasised the untapped potential in enhancing lending practices by integrating AI and data analytics.
Fireside Chat: Empowering Bangladesh: How Fintech is Shaping the Future of Finance
In a compelling Fireside Chat that resonated with the aspirations of a digitally transforming Bangladesh, two prominent voices, Kamal Quadir, Founder & CEO of bKash Limited, and Dr. Syed Ferhat Anwar, Professor at the Institute of Business Administration, University of Dhaka, engaged in a thought-provoking discussion about the pivotal role of fintech in shaping the nation’s financial landscape.
Kamal Quadir, a pioneer in the fintech arena, challenged the prevailing notion that digital adoption in Bangladesh is sluggish. With bKash’s widespread presence, Quadir argued that digital inclusion is more pervasive than perceived. He illuminated the diverse services that bKash offers, dispelling doubts about the journey towards a cashless society. He emphasised the need for patience as the country embraces digital transformation.
Quadir unmasked a prevailing misconception about digital loans. He showcased bKash’s innovative approach to lending, offering non-performing loans with a staggeringly low 1% interest rate. The underlying principle is to empower financially stable individuals with credit access. Quadir underscored the profound impact of financial inclusion, equating it to providing access to capital, a powerful driver of economic growth.
Highlighting bKash’s spirit of innovation, Quadir unveiled a collaborative initiative that assigns user scores based on their likelihood of loan repayment. This data-driven approach tailors financial services to individual needs, positioning bKash as a pioneer in leveraging user behaviour analytics for tailored solutions.
Quadir’s insights transcended the present, touching upon the evolving investor perspective. He discussed the shift from assessing operational capacity to inquiries about academia. He stressed the urgency of reshaping educational paradigms, integrating ethics into academia, and preparing future generations for the fintech-driven future that awaits them.
Dr Syed Ferhat Anwar sparked a dialogue on cybersecurity, questioning potential setbacks arising from bKash’s charges. Quadir acknowledged the significance of cybersecurity standards and their role in safeguarding financial transactions. Both speakers converged on the theme of collaboration, underscoring its pivotal role in making financial services accessible to all.
The conversation extended to the concept of a “smart” Bangladesh. Quadir’s insights reiterated the value of patience in driving adoption and change. Beyond smart devices, he stressed the importance of robust security standards, data privacy, and ethical financial practices. In a dynamic exchange of ideas, the Fireside Chat resonated as a call to embrace the transformative potential of fintech. It revealed the depth of innovation, ethical considerations, and collaborative spirit that will fuel Bangladesh’s financial evolution. With leaders like Kamal Quadir and Dr Syed Ferhat Anwar leading the way, the nation stands poised to harness the opportunities offered by fintech, propelling Bangladesh into a digitally empowered future.
Igniting Conversation: Digital Transformation for Economic Growth: How Smart Bangladesh Approach Can Drive Inclusive Growth for Bangladesh
In a dynamic panel discussion that illuminated the path towards a digitally empowered future, industry thought leaders converged to dissect the role of digital transformation in fostering inclusive economic growth for Bangladesh. Hosted by Fahim Mashroor, Chairman of BASIS Standing Committee on Fintech, and featuring Anir Chowdhury, Policy Advisor at a2i – Aspire to Innovate, and Md. Abul Kalam Azad, Vice Chairman of iDEA Foundation and Former Principal Secretary, the conversation delved into the heart of the nation’s digital metamorphosis.
Anir Chowdhury, a prominent voice in fostering digital evolution, emphasised the synergy between human development and digital progression. He underscored the four pillars of Smart Bangladesh: a smart citizen, a smart economy, a smart government, and a smart society. As Bangladesh accelerates towards these goals, Chowdhury spotlighted the central role of AI in driving these transformations. Notably, he cited that 25-30% of transactions are already cashless, urging a comprehensive shift towards an entirely cashless society.
Chowdhury unveiled the profound alignment of fintech with Smart Bangladesh’s growth agenda in a visionary stance. The integration of fintech, akin to agrotech, occupies a priority position. The “Smart Bangladesh stack” concept was unveiled, comprising five layers: Access, Service, Data, Payment, and ID. While articulating this innovative structure, Chowdhury also posed thought-provoking queries: How will fintech evolve in a decade? What will financial inclusion look like in 2041?
The conversation pivoted to rural connectivity, where the challenges extend beyond policies into incentives. Addressing the connectivity gap necessitates a shift in focus from policy to incentive-driven solutions. Chowdhury stressed the need for proper incentives to incentivise regulatory officers in ensuring equitable connectivity access, especially in rural areas.
Md. Abul Kalam Azad underscored the role of synergy in steering the nation towards smart transformation. He emphasised the significance of the four pillars of Smart Bangladesh, asserting that the transition from Digital Bangladesh to Smart Bangladesh hinges on robust implementation.
Azad illuminated a unique initiative, the Smart Bangladesh Olympiad, aimed at enlightening the youth about the multifaceted goals of the transformation journey. He acknowledged the increased likelihood of digital exploitation with digital financial inclusion, emphasising the need for robust cyber literacy to safeguard individuals.
Insight Session on Fueling Fintech Innovation: Venture Capital’s Role in Transforming the Financial Landscape
The intricate relationship between technology and finance took centre stage during the insightful discourse of Insight Session 2. Guided by Sonia Bashir Kabir, Founder and Managing Partner of SBK Tech Ventures, this session illuminated the pivotal role of venture capital in driving fintech innovation while shedding light on the challenges posed by cyber security and awareness.
A crucial point of contemplation emerged as Sonia Bashir Kabir underscored the significance of comprehending the technological underpinnings of fintech. She elucidated the perplexing gap in cyber security and fintech awareness amongst bankers. In a nation where even those at the helm of finance remain unaware of fintech’s technological intricacies, the uphill task of integrating fintech comprehensively across the economic landscape is vividly highlighted.
The discussion pivoted towards the broader challenge of familiarising diverse population segments with fintech’s potential. Kabir expounded on the complexity of imparting the necessary awareness, especially to stakeholders unfamiliar with fintech’s technical aspects. She revealed the growing difficulty in conveying the potential harm of remaining oblivious to the tech facets of fintech.
Insight Session on The Role of Blockchain in Fintech
In a compelling journey through Insight Session 3, Mominul Islam, the Managing Director and CEO of IPDC Finance Ltd. delved into the transformative power of blockchain technology within the fintech landscape. Unveiling the multifaceted dimensions of blockchain’s role, Islam dissected its fame and challenges while spotlighting its burgeoning growth and remarkable benefits.
Islam commenced by shedding light on the often misconstrued fame of blockchain, commonly associated with cryptocurrency. He articulated how blockchain’s significance extends beyond this realm, permeating industries from banking and insurance to governance and regulations. Blockchain’s decentralised model, cross-border transaction facilitation, trading, and peer-to-peer payments have underscored its integral role in financial inclusion.
Acknowledging the current state of the blockchain-based fintech industry, Islam noted its burgeoning trajectory. While it may not be colossal, the sector is undoubtedly rising. As distributed ledger technology gains prominence, its potential to reshape financial systems becomes increasingly evident.
Islam elucidated the manifold benefits embedded within blockchain’s architecture. Improved data management, a profound enhancement in transparency, and more effective risk management stood as pivotal achievements facilitated by this technology. This triumvirate of advantages augments operational integrity and consumer trust, fundamental tenets of any resilient fintech ecosystem.
However, alongside its advantages, blockchain confronts challenges. Islam highlighted the lack of collaboration, limited standardisation, and the technology’s dependency on resource-intensive computing power. These hurdles illuminate the evolving nature of the fintech landscape, requiring innovative solutions to ensure blockchain’s seamless integration.
Keynote Session on Collaborative Strategies for Traditional Financial Institutions and Emerging Startups
In a compelling keynote session, Mamun Rashid, the Country Clients and Markets Lead at PwC Bangladesh, illuminated the transformative potential of collaborative strategies uniting traditional financial institutions and emerging startups. Rashid’s discourse resonated with the urgency of aligning with neighbouring startup ecosystems, showcasing the power of collaboration, and charting the trajectory of symbiotic growth in the fintech arena.
Rashid urged local startups like Praava and Chaldal to glean insights from their counterparts in neighbouring countries. This beckoning to learn and enhance promises to fortify local fintech endeavours. Rashid’s call resonated as the fintech revolution ripples across borders as a clarion for harmonising innovations with global benchmarks.
The centrepiece of Rashid’s discourse was the catalytic role of collaboration in fostering exponential growth. He underscored that cooperation isn’t just advantageous; it’s imperative. The seamless convergence of established financial institutions and dynamic startups has the potential to yield a holistic fintech landscape, propelling the sector’s evolution to unprecedented heights.
Rashid sketched an intricate tapestry of incentives driving traditional financial institutions to embrace collaboration. From adapting to shifting client demands and accelerating agility to harnessing innovation and technology, these incentives converge to transform conventional practices into dynamic, future-ready strategies.
The shifting marketplace emerged as a crucible for entrepreneurs and CEOs. Rashid noted that reinventing the startup sphere in this evolving milieu requires a discerning, adaptive mindset. The mandate of “adapt or perish” echoed through his discourse, encapsulating the essence of surviving and thriving in the fintech realm.
Insight Session On Insurtech Revolution: Possibilities Of Transforming: Bangladesh’s Insurance Landscape
The session led by Moniruzzaman Khan, Executive Director & Head of Digital Business at Green Delta Insurance Company Limited, shed light on the evolving landscape of insurtech in Bangladesh. The session emphasized the distinction between digital insurance and insurtech, with insurtech offering enhanced capabilities. Presently, Bangladesh hosts around 13 insurtech startups. Despite some progress in integrating insurance premium payments through banks, the use of technology in the insurance sector remains limited, with mobile financial services being the primary mode of payment.
The session highlighted essential insurtech applications like risk prevention, fraud detection, claims management, and smart contract formulation. Insurtech’s leveraging of data and analytics enables insurers to mitigate risks and enhance profitability. The readiness of the demographic, availability of telco data and internet connectivity, and the convenience of mobile financial services payment were discussed as key enablers for insurtech in Bangladesh.
Case Study on Revolutionizing the Financial Landscape for the Aspiring Bangladeshi Youth
The case study presented by Fahim Ahmed, Chief Executive Officer of Pathao, delved into the transformation of financial dynamics for the young demographic in Bangladesh.
Pathao’s strategic vision in the realm of Fintech recognized the demand for a reliable brand and a distribution platform that catered to these needs. The significance of data and analytics emerged as a pivotal point, coupled with the skill to effectively harness this information.
The core objective was to offer users the freedom to transact according to their preferences, access funds promptly, and proficiently manage their financial resources. Pathao’s distinct ability to leverage data stood out, as they not only possessed this wealth of information but also understood how to effectively utilize it.
Pathao introduced groundbreaking fintech products, with “Paylater” standing out as the country’s largest consumer Buy Now Pay Later (BNPL) initiative. Another product, “Advance,” was launched in closed BETA mode, highlighting their commitment to innovation.
Remarkably, the adoption of “Paylater” led to enhanced user loyalty and higher activity levels on the Pathao platform. This dynamic shift in user behavior was supported by insightful data analysis, indicating the tangible impact of their fintech endeavors.
The case study underscored how Pathao, led by its CEO Fahim Ahmed, is making significant strides in reshaping the financial landscape for the ambitious youth of Bangladesh. By providing accessible and innovative financial products, Pathao is addressing credit constraints and empowering young individuals to participate more robustly in the digital economy.
Policy Panel: Paving the Path for Fintech Innovation and Growth in Bangladesh
The Policy Panel unveiled a comprehensive dialogue centred around the dynamic realm of fintech innovation and growth in Bangladesh. Under the insightful moderation of Mahtab Uddin Ahmed, Founder and Managing Partner of BuildCon Consultancies Limited, the policy panel included, Kazi Mahmood Sattar, Chairman, RSA Advisory Ltd.; Asif Ibrahim,Chairman,, Chittagong Stock Exchange; Anis A. Khan, Chairman, AAZ & Partners; Veteran Banking and Financial Professional; Farzanah Chowdhury, Chartered Insurer ACII (UK), Managing Director & CEO, Green Delta Insurance Company Limited as the panellists.
The discussion echoed the evolution of digital transactions through platforms like bkash, upay, and nagad. These pioneering mobile financial services (MFS) heralded a paradigm shift, nurturing digital trust and engagement. The panellists emphasised that the rise of digital banks is poised to reinforce this trust, amplifying the digital habit and assuring continuity.
Their contemplation delved into the unique dynamics of the capital markets, shedding light on the pressing need for long-term evolution. They underscored the importance of modern management roles and compliance, advocating for an innovative trajectory that addresses both traditional roles and contemporary challenges. The panel’s call for corporate and regulatory governance emerged as a focal point, symbolic of the capital market’s resilience and growth.
The panel insights steered towards the multifaceted funding arena in fintech. They explored the possibilities of mobilising funds from crowdfunding to investment-based models. This perspective illuminated the role of fintech as an enabler of diverse investment avenues, fuelling the sector’s growth while fostering financial inclusion.
Farzanah Chowdhury’s narrative offered a unique vantage point from the insurance sector. She delved into the opportunities presented by fintech, particularly within insurance. Chowdhury highlighted the transformative potential of digitalisation, advocating for a holistic shift towards end-to-end digital processes. Her call to address the foundational IT infrastructure underscored the interdependence of growth and readiness.
In the Policy Panel’s rich discourse context, a recurring theme was the symbiotic relationship between innovation and policy. The panellists underscored the role of flexible policies in fostering innovation while ensuring regulatory checks and financial governance. This balance was hailed as pivotal to the sector’s sustainable growth.
The Policy Panel spotlighted the intricate tapestry of fintech growth, woven with innovation, compliance, investment, and readiness threads. Each insight, converging towards a shared vision, portrayed fintech as a dynamic force poised to redefine financial landscapes. The dialogue stood as a call to action for stakeholders, urging a collaborative approach to shape a future of inclusive and resilient fintech growth in Bangladesh.
With the resounding echoes of innovative discussions and illuminating insights, 4th Bangladesh Fintech Summit 2023 culminated as a defining juncture in Bangladesh’s journey towards a digitally empowered financial landscape. The summit, a confluence of visionary leaders, tech evangelists, and policy-makers, embarked on a voyage of exploration, delving deep into the transformative potential of fintech. As the curtains fall on this dynamic event, a sense of optimism and inspiration permeates the air, charting a course for a future driven by innovation, collaboration, and inclusive growth. In this transformative era.
