Bangladesh Bank (BB) has reportedly issued letters of intent (LoIs) to five prospective digital banks, authorizing them to begin preparing for fully online banking operations.
The decision was reportedly made at today’s board meeting, 24 September, led by Governor Md Mostaqur Rahman.
The five reportedly approved entities are DK Digital Bank Ltd, backed by Bhutan’s DK Bank; bKash Digital Bank, launched by mobile financial service provider bKash; Nova Digital Bank, backed by Banglalink; Boost Digital Bank, promoted by Robi Axiata; and Kori Digital Bank, founded by Habibullah N Karim, who also heads Technohaven.
An LoI falls short of a full banking license as it lays out the conditions, including infrastructure requirements, that each applicant must satisfy before operations can begin.
Under central bank rules dating to June 2023, digital banks are required to hold a minimum paid-up capital of Tk 300 crore. These banks operate entirely online, through websites or apps, with a single headquarters and no physical branch network.
BB had previously issued LoIs to Nagad Digital Bank and Kori Digital Bank in October 2023, selecting them from a pool of 52 applicants; Nagad’s license has since come under review.
A subsequent application round attracted 12 entities by the November 2, 2025, deadline, including mobile financial service firms, telecom companies, commercial banks, and major conglomerates, several of which have overseas partners.
Bangladesh Bank says the broader goal behind expanding digital banking is to extend affordable financial services to small entrepreneurs and underserved populations, while pushing the country toward a less cash-dependent economy.
For more updates, be with Markedium.
Leave a comment