Some banks cite boards as barriers to digitalisation, yet ‘opened vaults’ for a few: Ex–Bank Asia chief
The institutions which resisted digitalisation are now facing serious trouble, with nearly Tk2–2.5 lakh crore being removed through various irregularities, he says
Former Bank Asia Managing Director Arfan Ali today (27 October) said that several banks, which previously claimed board pressure prevented them from pursuing digitalisation, are now in dire condition after allowing massive irregularities and fund siphoning.
"When Bangladesh Bank urged banks to accelerate digitalisation, some managing directors said they were helpless because of their boards. Ironically, those same banks later opened their vaults for certain individuals - a figurative expression meaning they allowed unrestricted access to funds and enabled fraud - instead of embracing modern controls," Arfan Ali said.
The former banker made the remarks while presenting the keynote paper titled "Cashless Economy and Financial Inclusion" at the Economic Reform Summit 2025, held at a hotel in Dhaka.
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He added that the institutions which resisted digitalisation are now facing serious trouble, with nearly Tk2–2.5 lakh crore being removed through various irregularities.
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