PayPal operations in Bangladesh on the cards: PM
A committee has been formed to take concrete steps towards launching PayPal's operations in the country, Prime Minister Tarique Rahman tells parliament.
Prime Minister Tarique Rahman has said effective steps have been taken to launch the international payment gateway PayPal in Bangladesh.
Speaking during a question-answer session in parliament today (15 April), he said a committee has been formed to ensure the effective operation of hi-tech parks and ICT centres, as well as to take concrete steps towards launching PayPal's operations in the country.
The special committee is chaired by Rehan Asif Asad, adviser to the Ministry of Posts, Telecommunications and Information Technology. Its members include the Bangladesh Bank governor, the chairman of the Bangladesh Investment Development Authority, the chairman of the National Board of Revenue, and other senior government officials, according to a gazette notification issued by the Prime Minister's Office on 2 March.
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PayPal has expressed interest in operating in Bangladesh on various occasions. Most recently, the company showed renewed interest during the tenure of the interim government.
In January this year, Lutfey Siddiqi, the interim government's chief adviser's special envoy on international affairs, said the company had indicated interest in entering the Bangladeshi market but that the process could take time.
"On the sidelines of the World Economic Forum (WEF) Annual Meeting last week in Davos, Switzerland, I held a meeting with PayPal… the company is now, in principle, interested in entering the Bangladesh market," he said.
Earlier, in December, then Bangladesh Bank governor Ahsan H Mansur said PayPal would begin operations in Bangladesh, adding that the initiative was primarily aimed at facilitating easier transactions for freelancers, e-commerce entrepreneurs and the country's IT sector.
Around that time, PayPal's South Asia team, based in Singapore, held meetings with Bangladeshi freelancers and officials of the ICT Division. The company sent a senior delegation to Bangladesh, which spent four to five days in the country holding discussions.
PayPal is a digital financial service that enables online payments and money management between users and merchants worldwide.
The platform allows users to send and receive money online, pay bills and make international purchases by linking securely to a bank account or card. It also offers buyer and seller protection and refund facilities.
Widely used in more than 200 countries, PayPal is a key payment platform for freelancers, online businesses and cross-border transactions.
