What Are The Steps Taken To Promote Digital Finance System In Developing Countries?

Expatriates mostly use digital finance services to send money to Bangladesh for their families. To create a genuinely Digital Bangladesh, we must first revamp our financial system so that more and more services are available online. In this aspect, significant progress has been made in recent years, with many Bangladeshis preferring mobile banking to traditional banking services.

What Are The Further Steps Bare Necessity To Take For Development Of Digital Finance System?

Regulators must also achieve the right balance between innovation, client protection, and the transmission of monetary policy. Banks in Bangladesh have recognised the importance and potential of digital banking in the nation. Banks are experimenting with various approaches, such as forming partnerships with MFS to provide banking services or forming subsidiaries with Fintech firms to offer digital banking services for money transfers to Bangladesh from abroad. Regulators must, however, implement the right policy to release the opportunity presented by Digital Banking in order to materialise the notion of Digital Banking.

In the end, this is healthier for our economy and society as a whole because a country’s development requires complete financial inclusion. Technology has brought banking to regions of the country where brick-and-mortar institutions could never go, and while this has greatly empowered individuals, the work is far from done. Going genuinely digital is a far more considerable effort. As Resurgent Bangladesh Initiative and Deloitte recently pointed out in a webinar, Bangladesh must focus on developing adequate capacity, digital infrastructure, a risk management framework, effective data analytics, and easing laws to send money to Bangladesh online from foreign expatriates.

What Is The Impact Of COVID-19 On The Digital Money Transfer System?

Because of the Covid-19 pandemic, which has made person-to-person contact extremely dangerous, now is a better time than ever to focus on digital. It’s no secret that our banking sector has been beset by numerous issues in recent years, with experts urging reform, but little action was taken in practice.

While going digital will not solve anything, it will go a long way toward phasing out wasteful and obsolete financial procedures that no longer work or serve a purpose. A developed country’s digital banking system is simple, accessible, and secure. This year, we should focus our efforts on achieving that aim. So that online money transfer to Bangladesh from developed countries can be easy and fast to increase remittance to the country.