Liberal business processes, simpler regulations emphasised

Industry experts and players have emphasised the need for liberalising business processes, simplifying regulations, and implementing a simple tax system to enable digital platforms to contribute more to the socioeconomic development of Bangladesh.

"Operating as a start up in Bangladesh is extremely challenging due to complex business processes and regulations," Namir Ahmad Nuri, CEO of Ami Probashi, a digital platform for aspiring migrants, said at a webinar recently organised by The Business Standard in association with the government approved app and web portal. 

Nuri, also a director at Bangla Trac Group, shared the story of how Ami Probashi began, highlighting the need to provide a platform where industry stakeholders can communicate with individuals leaving the country.

The app tracks users who sign in while travelling abroad, and currently, over five million people use the app. Furthermore, the app's recruitment process simplifies visiting various government offices in person, saving time and money.

He also stressed the importance of digital literacy and the need to provide small entrepreneurs with access to financing through the use of digital wallets.

Shahadat Khan, founder and CEO at TallyKhata and Co-Chairman of BASIS, explained how his company provides a free business account to small businessmen, as well as access to financing and direct marketing opportunities. He also highlighted the importance of digital wallets enabling customers to receive and pay money through the app.

Fahad Ifaz, founder and CEO at iFarmer, spoke about the services his company provides to small farmers across the country, including financing, provision of good seeds, and advisory services. He stressed the importance of providing access to formal channels for financing, as well as introducing insurance in the agricultural sector, which employs 17 million farmers.

Anis A Khan, former president of the Bangladesh Association of Bankers, emphasised the need for a common digital platform for investment opportunities, as well as initiatives to promote digital literacy among expatriates.

"While Bangladesh has the potential for digital inclusion, the country lags behind in the ease of doing business due to complicated legal procedures and difficulties in securing investment," he pointed out, adding that Bangladesh's foreign exchange rules should be flexible.