In a bid to fortify the integrity of online commerce and protect consumers, the Bangladesh Bank has taken a decisive step by establishing a specialized committee responsible for overseeing the implementation of escrow services in the burgeoning e-commerce sector.
Escrow, a legal safeguard in financial transactions, entails a trusted third party holding assets or funds on behalf of two parties engaged in a transaction until its completion.
The committee, formed through collaboration among industry leaders, includes representatives from FBCCI, e-CAB, and e-commerce professionals. This decision emerged during a productive meeting between the central bank and FBCCI/e-CAB delegates.
Deputy Governor Abu Farah Md Nasser reportedly led the delegation, accompanied by central bank spokesperson Md Mezbaul Haque. The meeting was chaired by Shomi Kaiser, FBCCI Vice President, and e-CAB President, and attended by industry figures, including Tasfin Alam, CEO of ‘Daraz,’ e-CAB Director Md Ilmul Haque Sajeeb, and Ananya Raihan.
Shomi Kaiser reportedly emphasized the importance of improving cross-border e-commerce practices to bolster Bangladesh’s global standing. To address sector challenges, FBCCI plans to host a policy summit with the Ministry of Commerce, Bangladesh Bank, and relevant stakeholders. In response to her proposal to raise the credit card cap, the Bangladesh Bank committed to making necessary adjustments, boosting consumer confidence in online shopping.
To strengthen consumer trust and combat fraudulent activities, the central bank has introduced the ‘Merchant Acquiring & Escrow Service Policy 2023.’ This groundbreaking policy is aimed at promoting secure transactions on e-commerce platforms.
The newly formed escrow implementation committee will play a pivotal role in ensuring the effective execution of this policy, thus fostering a safer and more reliable online shopping environment for all consumers.
As Bangladesh’s e-commerce sector continues its rapid expansion, the collaborative efforts of the Bangladesh Bank, FBCCI, and e-CAB signal a commitment to fostering responsible growth and safeguarding the interests of all stakeholders in the digital marketplace.
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