Is Bangladesh ready for digital only banks?

Business Daily

BBC

Business

4.4 • 796 Ratings

🗓️ 21 August 2023

⏱️ 18 minutes

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Summary

The government in Bangladesh is trying to modernise its economy and has announced a policy to create digital only banks. The idea is to move away from traditional bricks and mortar banks and provide more financial services to people in remote areas.

For fintech companies that operate digital wallets – this is a gamechanger. However, many people in the country don’t have access to smartphones or the internet, so how will these banks work for them and for Bangladesh’s economy?

Presenter / producer: Devina Gupta Image: Money exchange; Credit: Getty Images

Transcript

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0:00.0	That 56 seconds, it took me to swim that gold medal win.
0:05.3	I looked for that feeling for 30 years, and I never found it.
0:11.7	A podcast about the people behind the medals.
0:15.7	On the podium from the BBC World Service.
0:18.7	Find it wherever you get your BBC podcasts.
0:25.0	A world without cash in our pockets.
0:28.5	This is becoming a reality in many modern economies.
0:33.0	If you live in London, the moment you step out of your home for work,
0:37.0	you can take the tube or bus with just a tap of your card or phone.
0:42.8	Need a morning coffee and a sandwich.
0:45.7	You just need to.
0:47.6	And you are done.
0:50.5	While it seems part of life in this side of the world,
0:54.0	for many countries, this is a future they want to move towards.
0:59.0	Among them is the South Asian nation of Bangladesh, which has recently announced plans to open digital-only banks.
1:09.0	The idea is that fintech companies that have digital wallets for consumers can now offer
1:14.7	banking services as well.
1:17.4	But are people in Bangladesh ready for it?
1:19.9	I started making use of my mobile financial services more during the COVID times when everything was shut.
1:30.3	I did all my transactions like paying for medicines, food, even shopping with my mobile phone wallet.
1:38.3	The thing is they don't have a credit card facility yet.
1:41.3	I hope it will be available once they start other banking services
	...

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