By Syeda Ishrar Fariha
Fi, the term refers to new technology that aims to improve and automate the delivery and usage of financial services. Mostly, it is used to help organizations, company owners, and individuals better manage their financial operations, procedures, and lives through the use of specialized software and algorithms that run on computers and, increasingly, smartphones.
According to a recent report of Dhaka Tribune, Pathao has applied for a Payment Service Provider (PSP) licence from Bangladesh Bank as it plans to venture into fintech with “Pathao Pay”.
Bangladesh's startup ecosystem is currently valued at $1.45 billion, with the potential to grow to $10 billion. The country's financial participation rate increased from 16% in 2011 to 37% in 2018. Despite significant improvements, Bangladesh continues to have one of the world's largest unbanked populations. The challenges Bangladesh is facing are the lack of financial and technological literacy among the mass people,as we have a large unbanked population.
According toTracxn , the most exciting FinTech startups are:
bKash: It features a solution for money transfer, mobile recharges, utility bill payments, and others.
SureCash: SureCash is a reloadable pre-paid mobile wallet that allows users to pay utility bills, make educational payments, make online purchases, and send money. To top up the wallet and withdraw the money, the user must go to an agent location. Nagad: Nagad,provides correspondent banking services mostly financial services using an app-based wallet. It provides a variety of services such as savings accounts, money transfers, bill payments, online/offline payments, and more. Bangladesh has taken many initiatives to promote the FinTech services,such as the government dedicated collaborative acceleration projects, such as Vision 2025, to foster a startup and venture capital-friendly environment. The Digital Financial Services (DFS) Lab, a joint venture of Bangladesh Bank and a2i, was also created to aid the industry's growth, according to Dhaka Tribune.
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