Govt to examine possibility of establishing digital banks
The government will examine the possibility of establishing digital banks to expand and accelerate financial inclusion, Finance Minister AHM Mustafa Kamal said.
"It is to be noted that establishing digital banks is under either initial implementation or experimental stage in various developed countries and some developing countries in Asia including Singapore, Malaysia and India. Once digital banks are established, huge employment opportunities will be generated for young IT workers," the finance minister said during the budget proposal on Thursday (9 June).
The minister added that the introduction of services like Mobile Financial Services (MFS) and Agent Banking in the country has facilitated financial inclusion.
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"However, due to the lack of interoperability of transactions between MFS service providers, the users of the service did not have the opportunity to perform direct inter-transactions," he said.
To make financial inclusion more dynamic, the government has introduced financial interoperability in the country and fixed nominal fee and charge for inter-transactions, the finance minister added.
