Chinese Group Applies for Digital Banking License1 min read

Documents from the Chinese Embassy in Dhaka reveal that a group of Chinese nationals, in collaboration with Bangladeshi partners, has submitted an application for a digital banking license in Bangladesh. The consortium, operating under the name China Bangla Bank Plc, has pledged an initial investment of around $10 million, with plans to commit an additional $200 million over the next five years.

According to embassy records, this venture is expected to create over 7,000 jobs in Bangladesh, aligning with the country’s goal of extending banking services to 75 million underserved individuals. The China Council for the Promotion of International Trade Guangdong Committee (CCPIT Guangdong Committee) has initiated communication with relevant Bangladeshi agencies regarding the application.

Bangladesh China Chamber of Commerce and Industry Secretary General, Al Mamun Mridha, highlighted the importance of digital banking in Bangladesh’s rapidly evolving financial landscape, emphasizing the convenience and security it offers compared to traditional banking. The Bangladesh Bank has been proactive in promoting digital banking, having already granted initial approval to eight digital banks, including Nagad Digital Bank PLC and Kori Digital Bank PLC. These banks are set to launch operations soon, with plans for ongoing monitoring of their performance.

In addition to these new players, existing banks like BRAC Bank and Bank Asia have also been approved to offer digital banking services, reflecting the country’s commitment to embracing digitalization in the financial sector. As the digital banking landscape in Bangladesh continues to evolve, the entry of a Chinese-Bangladeshi consortium into the market signals further diversification and competition, with potential benefits for consumers and the economy at large.

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