Beef up bank-fintech relations: analysts
Banks will have to strengthen collaborations with fintech companies to provide more, wide-ranging services which will decrease operating costs to remarkable extents and bring more convenience for customers, speakers told a bankers’ dialogue yesterday.
Good relations should be established in the interest of the country’s financial sector, said one speaker, Shibli Rubayat Ul Islam, dean of the Faculty of Business Studies of the University of Dhaka.
Virtual banking will replace physical branches in the coming days, he said at the event titled “Bank-fintech collaboration: a win-win situation” organised by the Bangladesh Journalists’ Foundation for Consumers and Investors in the capital’s National Press Club.
Virtual banking has already gained immense popularity in the developed world and the country’s banking sector has embraced it as well, Islam said.
However, the banks have to have adequate measures to thwart cyberattacks and secure their services, he added.
The government with its Digital Bangladesh vision has created an enabling regulatory environment that encourages banks and fintech entities to work together, said Industries Minister Nurul Majid Mahmud Humayun.
Thanks to the government’s initiative, the number of fintech companies is growing in Bangladesh, he said. “Against this backdrop a collaboration between banks and fintech firms is imperative to drive growth,” Humayun said.
Faruq Mainuddin Ahmed, managing director of Trust Bank, Mohammed Haider Ali Miah, managing director of Exim Bank, and Kamal Quadir, chief executive officer of bKash, spoke among others.
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