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Empowering Bangladesh’s digital future
AHM HASINUL QUDDUS RUSHO
In recent years, Bangladesh has experienced a remarkable transformation in its digital landscape, with the proliferation of e-commerce platforms playing a pivotal role. These platforms not only facilitate online buying and selling but have also emerged as powerful vehicles for providing digital financial services, fostering financial inclusion and uplifting communities.
Micro, small, and medium enterprises (MSMEs) are the lifeblood of Bangladesh’s economy, comprising 90 percent of sellers on various e-commerce platforms. However, one of the longstanding challenges faced by these entities has been limited access to financing. Traditional banking systems often require extensive documentation, collateral and a lengthy approval process, making it difficult for these businesses to secure the capital they need to expand and thrive.
E-commerce companies can step in to bridge this gap. By integrating digital banking services into their platforms, they can offer swift and streamlined access to loans and credit facilities for MSMEs. Leveraging the vast amount of transaction data generated on their platforms, e-commerce companies can assess the creditworthiness of sellers more accurately and offer tailored financial solutions. This will empower these businesses to grow and bolster the overall economic landscape by fostering innovation and job creation.
One of Bangladesh’s rich cultural assets lies in its traditional crafts and skilled artisans. E-commerce platforms have recognised the potential of these artisans to contribute not only to the economy but also to the preservation of cultural heritage.
The digital marketplace can provide easy access to finances for these artisans at low-interest rates coupled with other benefits, facilitate the preservation of their livelihood, enable them to reach a global audience and find a market for their products beyond their immediate vicinity.
Bangladesh’s geographical diversity presents a unique challenge when it comes to extending banking services to every corner of the country. Many rural and remote areas lack physical bank branches, making it challenging for residents to access basic financial services. E-commerce companies can emerge as a solution to this challenge by bringing digital banking services to underserved regions.
Through the integration of digital banking services, e-commerce platforms can enable individuals in remote areas to open digital bank accounts, conduct transactions, and access a range of financial services using their smartphones. This will enhance financial inclusion and empower such individuals to participate more actively in the economy.
E-commerce companies are not just platforms for buying and selling goods; they are driving forces behind the nation’s digital transformation. Digital commerce entities already harbour a range of technologies that integrate digitalisation into their everyday operations.
Through the advent of digital banking into the digital commerce landscape, e-commerce companies can leverage their pre-existing tech prowess and bolster digital banking services.
The introduction of resources such as robust security systems and protocols, digital management of finances, smart saving schemes, and buy-now-pay-later services will help the country achieve the vision of Smart Bangladesh by 2041.
As Bangladesh continues to embrace the digital age, the synergy between e-commerce and digital banking is poised to reshape the economic landscape. However, it is imperative to assign such responsibilities to credible e-commerce companies with both financial and technical expertise and long-term business repute.
Such companies can play a pivotal role in shaping a brighter and more prosperous future for the nation by promoting entrepreneurship, preserving our cultural heritage and facilitating financial inclusion.
The author is chief corporate affairs officer of Daraz Bangladesh Limited