The Bangladesh Bank has taken a significant step towards regulating the country's e-commerce landscape by establishing an escrow implementation committee to oversee the newly introduced Escrow Service.
This initiative aims to enhance order and security within the e-commerce sector.
Bangladesh Bank has also announced the inclusion of key industry players such as the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the E-Commerce Association of Bangladesh (ECAB) and e-commerce entrepreneurs in the committee.
This development was unveiled during a productive meeting between Bangladesh Bank and representatives from FBCCI and ECAB on Monday.
Deputy Governor of Bangladesh Bank Abu Farah Md Nasser said that the e-commerce sector is still new in Bangladesh. There is still a lot to do in this promising sector. He expressed optimism that the e-commerce sector will soon overcome all obstacles and play a supporting role in bolstering the economic and GDP growth of the country.
During the meeting, private sector representatives voiced concerns and limitations related to the implementation of the escrow system.
Bangladesh Bank revealed that the “Merchant Acquiring and Escrow Service Policy 2023” had been enacted to encourage consumer confidence in e-commerce platforms and combat fraud.
An initiative has been taken to further revise this and form a committee for its implementation. The central bank authority also said that entrepreneurs and other stakeholders of the e-commerce sector including FBCCI, and E-CAB will be included in that committee.
FBCCI Vice-President and I-CAB President Shomi Kaiser said that the country's e-commerce sector is moving forward despite various challenges. Women's participation in this sector has increased at a significant rate than ever before. She also thanked Bangladesh Bank for their tireless support for the e-commerce sector.
Shomi Kaiser also said: “We want to work at the policy level to enrich the country's e-commerce sector by expanding trade in the global market. In this case, cross-border e-commerce modification is very important.”
As there are still some obstacles in the e-commerce sector, FBCCI will hold a policy summit with the Ministry of Commerce, Bangladesh Bank and related stakeholders to overcome these obstacles, she added.
Furthermore, Shomi Kaiser urged Bangladesh Bank to consider raising the credit card limit, a request to which Bangladesh Bank responded positively, promising to review and potentially increase the limit later if needed.
Bangladesh Bank spokesperson and executive director Md Mezbaul Haque, ICAB Director and CEO of Online Shopping Platform 'Daraz' Khondoker Tasfin Alam, E-Cab Directors Mohammad Ilmul Haque and Ananya Raihan were also present at the meeting.
