BAB asks banks to sponsor fintech event by little-known UK firm; MDs question credibility

The Bangladesh Association of Banks (BAB) has asked banks to participate in and sponsor a fintech conference to be organised in November by a UK-based company called FintechBD UK Ltd.

The firm, which started operations on 15 August 2024, has obtained approval from the Bangladesh Bank and the Bangladesh Investment Development Authority (Bida) to host a three-day conference in Dhaka. However, it has no prior experience organising such events in any other country. This will be its first.

Several managing directors of commercial banks told The Business Standard that they were sceptical about the company's credibility and questioned why a newly formed, unknown firm was granted permission. They said a more established organiser should have been chosen.

A top bank MD said, "We don't know their background. This isn't the right time for such things – Bangladesh first needs the infrastructure for fintech. If it were a Singaporean fintech event or one by Mastercard, we'd consider it. But I don't even know this firm. Why did Bida approve them? Only credible organisers should get such approval. We won't sponsor this."

The organisers have already met with several bank chairmen and plan to hold more meetings next week.

In a letter to banks signed by BAB Chairman Abdul Hai Sarkar, the association said the conference aims to strengthen the country's banking sector and called on banks to join and support it through sponsorships.

According to a Bida letter, the authority will not provide any financial support for the event. FintechBD UK Ltd is responsible for arranging all necessary funds. The firm may mention Bida's support in promotional materials but must follow Bida's guidelines, ensuring the logo or name does not imply financial sponsorship. All materials referring to Bida must receive prior written approval.

Bida Director and Deputy Secretary Md Sirajul Islam Khan said, "The Bida chairman directed me to grant approval. We won't provide any financial support for the event."

BAB Chairman Abdul Hai Sarkar told TBS, "Someone referred this company to me. Their people met with us. I've heard it's a good company – that's all I know."

A senior official of Bangladesh Bank said some UK-based young entrepreneurs are planning fintech ventures in Bangladesh. They came to the central bank with Bida approval, and approval was granted accordingly. However, Bangladesh Bank will not be financially involved in any way with the conference.

When contacted, several bank MDs said they were unwilling to sponsor the event. One said, "Holding a fintech conference in Bangladesh is a good idea, but approval should go to reputed and trustworthy firms." Another added, "We'll verify the company's credentials first. If it's credible, we might sponsor – otherwise, no."

A leading bank MD remarked, "We don't know this organiser. With 30 years in banking, I can tell something's off. My bank will not sponsor this conference."

Another private bank's managing director said, "A delegation from the company came to meet me, but I couldn't see them. They showed us documents claiming approval from the central bank and asked us to sponsor and participate. But we made it crystal clear — even if Bangladesh Bank has approved them, we will not provide any sponsorship."

When visited last night, the organisation's website – https://fintechbd.uk – contained only the details of the planned conference on 24-26 November, but nothing on the organisation itself, not even a contact page or "about us" section, something every company usually does.

FintechBD UK's statement

Md Anwarul Haque, FCCA, representing FintechBD UK Ltd, said, "We're organising a three-day conference where speakers will discuss a cashless society and digital banking. This will be the first event of its kind in Bangladesh."

He added, "The conference will be funded by our own resources and sponsors. The UK High Commission referred us to Bida for this initiative. We work as consultants, helping banks and mobile service providers develop fintech solutions."