As Bangladesh moves away from the effects of the Covid-19 pandemic and once again focuses on its growth trajectory, there will arise many new challenges, perhaps none more than the exponential changes in technology that threaten to change how every sector in the economy operates.
Fintech, or financial technology, is fast becoming integral to the progress of any developing economy. As such, it is imperative that as new fintech technology is incorporated, we are also aware of updating existing laws and policies that exist pertaining to it.
To that end, we cannot help but agree with the panel of experts at the eighth installment of the Academy of Law and Policy (ALAP) webinar series “Evolution of Fintech: Law and Policy in Bangladesh” where there was unanimous agreement that for ensuring financial inclusion across the population, having the right laws and policies in place was a must.
Indeed, while technology has continued to be a great accelerator to help economies such as Bangladesh, it continues to be a divider as well, with many marginalized populations remaining deprived of its benefits, creating what has widely been accepted as the digital divide.
For Bangladesh to reduce this digital divide and become not just a high-income nation but also an equitable one where every citizen regardless of background will enjoy a healthy standard of living, good governance will be key.
The authorities concerned would do well to pay heed to the words of the experts; digitization of our financial services have certainly helped countless Bangladeshis, but in these modern, changing times, with the advent of the fourth industrial revolution and the challenges it brings, we must remain at par with our policies and laws to stand a chance of becoming the nation we wish to become.
