Pakistan's InfoTech eyes role in Bangladesh's share settlement software system
The company made its intentions known during an event titled "Turbo Charging South Asian Capital Markets – Dhaka Chapter" held at the Sheraton Dhaka
Pakistan-based technology firm InfoTech Group has expressed interest in providing software solutions to Bangladesh's share settlement company, Central Counterparty Bangladesh Limited (CCBL), as part of its expansion into the South Asian capital market infrastructure segment.
The company made its intentions known during an event titled "Turbo Charging South Asian Capital Markets – Dhaka Chapter", held at the Sheraton Dhaka on 7 October. The event brought together policymakers, regulators, exchange officials, and market leaders to explore how technology can simplify and strengthen the region's capital markets.
According to a senior Dhaka Stock Exchange (DSE) official who attended the event, InfoTech expressed its desire to offer software services to CCBL. "However, the final decision will depend on the firm's eligibility in the upcoming tender," the official added.
InfoTech, which currently provides software to the countries— Ghana, Ethiopia, Monetary Union of West Africa, East African Community, Zimbabwe, Kenya, and others, showcased its experience and technological capabilities during a presentation. The firm emphasised its three-decade record in driving digital transformation across financial systems.
Keep updated, follow The Business Standard's Google news channel
The Pakistan Stock Exchange uses Chinese software. And their share settlement company developed their own in-house system.
Speaking at the event, Naseer Ahmad Akhtar, president and CEO of InfoTech, highlighted the company's commitment to building resilient financial infrastructure across the region.
He said InfoTech aims to support Bangladesh and neighbouring markets through "trusted, high-impact technology solutions that enhance transparency and investor confidence."
Haris Naseer, the company's chief operating officer, presented InfoTech's new integrated platform, Infiniem Trading and Post-Trade Infrastructure, designed to modernise exchanges, clearing houses, and depositories using cloud-native, interoperable systems.
The chief guest of the event, Anisuzzaman Chowdhury, special assistant to the chief adviser, reaffirmed the government's focus on creating globally aligned and technology-driven capital markets to attract both regional and international investors.
Prominent economist and former governor of the State Bank of Pakistan, Ishrat Hussain, also spoke at the event. He stressed the importance of modernising South Asia's market infrastructure to match international standards, citing Pakistan's improvements in transparency and efficiency after adopting digital clearing and settlement systems.
"Digitisation and integration across exchanges, clearing houses, depositories, and brokers can dramatically enhance efficiency and investor confidence," he said.
Hussain also praised the recent Tripartite Memorandum of Understanding (MoU) signed between Bangladesh, Pakistan, and Sri Lanka, expressing optimism that it could strengthen collaboration in technology and regulation if implemented properly.
InfoTech's interest comes as Bangladesh's share settlement infrastructure continues to evolve.
CCBL, formed in 2019 by the DSE, the Chattogram Stock Exchange (CSE), the Central Depository Bangladesh Limited (CDBL), and several banks, was created to separate the clearing and settlement of share transactions from the exchanges themselves.
The DSE holds 45% of CCBL, while CSE owns 20%, CDBL another 20%, and 12 banks collectively own the remaining 15%.
Currently, DSE and CSE run the share settlement activities by using Nasdaq software.
Although CCBL's operations have yet to commence, progress has been ongoing. In March 2022, it floated a tender for software and data center installation. Among four bidders, India's Tata Consultancy Services (TCS) was selected, and a Letter of Intent (LOI) worth $12 million was issued on 27 March 2024. TCS accepted the LOI a week later.
However, the new DSE board later forced CCBL to cancel the LOI, citing concerns over pricing, and announced plans to issue a new tender soon, according to a senior officer of the DSE.
The dispute between CCBL and DSE over procurement has been under the Bangladesh Securities and Exchange Commission (BSEC)'s observation. Following mediation, BSEC directed that all future activities of CCBL be conducted in consultation with its major shareholders, ensuring greater transparency and alignment among stakeholders
