Experts at a seminar on Monday said that financial technology (fintech) will soon become the primary element of confidence for stakeholders in the capital market.
To mark World Investor Week, the seminar was jointly organized by the Dhaka Stock Exchange (DSE) and the DSE Brokers Association of Bangladesh (DBA).
Bangladesh Securities and Exchange Commission (BSEC) commissioner Md Abdul Halim attended as chief guest of the program, which was presided over by DSE Chairman Eunusur Rahman.
Md Saifuddin, managing director of IDLC Securities, said that trust was the most important factor for any financial system to work.
Furthermore, real-time pricing and instant access to transactions also play an important role for investors in the capital market, such as ledger history, breakdowns for all fees and charges, tax reports, audit trails, and analytics on trades, he added.
Currently, there are 1.8 million beneficiary owner (BO) accounts [required for stock market trading] in the country, which may increase to 8 million by 2030, he added.
BSEC commissioner Abdul Halim said that ordinary investors in the stock market suffered losses due to lack of professional skills and various other reasons.
These investors need to be protected with education in investment, he also said.
"About 58% of citizens in the USA participate in the stock market, but in our country only 2% citizens are involved in the market," Halim added.
DSE Chairman Eunusur Rahman said: "DSE is working on setting up a modern data centre. We are hopeful that a state-of-the-art data centre will be established by 2022. The more fintech is used, the more risks will come with it. We have to be aware of some essential matters to minimize these risks."
President of DSE Brokers Association of Bangladesh (DBA), Richard D Rosario, said: "We are all closely related to technology. The DSE has followed the same path. It has already taken various steps so that trading will never stop."
Government securities are now being traded in the stock market. A new window has opened in the market and as a result of this, trading volume will increase, he added.