Digital ID must for opening business accounts

The commerce ministry yesterday asked Bangladesh Bank to ensure that banks seek digital business identification (DBID) numbers when opening business accounts for companies engaged in e-commerce.
A DBID number is a unique identifier for digital and technology-based businesses that are officially registered.
Enabling instant registration, validation and verification, the DBID platform was introduced by the commerce ministry to consolidate activities in Bangladesh's e-commerce sector, where the presence of digital businesses is scattered.
It also seeks to create a trustworthy environment between buyers and sellers following a series of e-commerce scams that unfolded in 2021 and 2022.
In a letter signed by Md Sayed Ali, deputy secretary to Central Digital Commerce Cell, the ministry said the DBID prerequisite was aimed at ensuring that small digital businesses get access to finance even if entrepreneurs do not have a trade licence.
The request was based on an appeal made by the Bangladesh Association of Software and Information Services.
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