Dhaka: Bangladesh Bank (BB) has invited applications from interested investors for establishing a digital bank aiming to expand access to digital-first financial services and foster innovation in the country’s banking sector.
According to Bangladesh Sangbad Sangstha, the central bank announced that it will accept applications for digital bank licences from 1 to 30 September. This move aligns with the central bank’s decision to issue licences for digital banks against suitable proposals under the Bank Company Act, 1991.
The notice issued by BB highlights the bank’s recognition of the evolving global financial ecosystem driven by technological innovation, along with the associated challenges. BB emphasised its commitment to enhancing efficiency in the delivery of financial services and broadening the reach of the financial system.
Furthermore, the bank underscored the importance of digital banking in achieving Sustainable Development Goals, harnessing the transformative potential of the Fourth Industrial Revolution, and supporting inclusive economic growth. It stressed the need to promote Cottage, Micro, and Small Enterprises (CMSEs) as part of this initiative.
Digital banks are identified as a crucial element in improving access to credit, supporting marginalised groups, generating employment, and fostering long-term food security.