Our financial sector has already reaped rewards by introducing numerous digital payment methods
There is no doubt that in Bangladesh’s endeavours towards shedding our LDC tag and achieving middle-income status, our nascent but burgeoning ICT sector has played a massive part.
However, with all the advantages that the current government’s Digital Bangladesh manifesto has brought to the country’s economy, there will always be bad actors who would want to use technological advancements for nefarious purposes -- to that end, money-laundering has been one specific issue that has persisted within our borders, and there is genuine fear that digital and online methods of payment have only exacerbated the issue.
As such, Bangladesh Bank urging greater security in digital payment systems during the month of Ramadan is a welcome sign that the state is indeed aware of these issues.
We hope that the authorities remain alert not only during the holy month, but continue to monitor and assess the digital landscape in order to minimize the damage that could potentially be caused within this sphere.
As more sectors within the country embrace the power of digital, our financial sector has already reaped rewards by introducing numerous digital payment methods, including e-wallets such as bKash and online and mobile banking opportunities to go with an increased usage of plastic cards and less reliance on cash.
However, all of the progress made will be in moot if the citizens do not feel safe and comfortable in using these digital services.
Therefore, the onus is on the authorities concerned in respective sectors to remain vigilant.
Digital Bangladesh is helping our nation reach unprecedented heights and we need to ensure its seamless functioning for now and the future.