Page 16 - ICE BUSINESS TIMES February 2020

FROM

THE

EDITOR

It has been over 400 years since the modern financial service industry has been
established. The introduction of cheques in the seventeenth century led to
payments being settled, while insurance contracts have a history predating this.
Financial services institutions have allowed more people to avail their services
over the years. However, 35 million people in the country still don’t have a bank
account and their economic activities remain excluded from the formal economy.
Fintech has the power to change this provided the right regulatory framework and
technological support are in place.
Financial technology or Fintech is a disruptive force aiming to compete with
traditional financial methods in the monetary services are delivered. The
emerging industry harnesses technology in order to improve financial activities by
reducing cycle time and service costs by enhancing the quality of services.
FinTech is poised to accelerate financial inclusion in emerging countries like
Bangladesh.
In our February 2020 issue, IBT we have taken aim at revealing the stunning
potential of the Fintech sector through enlightening interviews with an industry
expert such as Dr. Shahadat Khan, who tells us how his tech-driven ideology
birthed the leading Fintech brand SureCash. Using the vast talent pool of
emerging young engineers, SureCash is leading the Fintech momentum in
Bangladesh through proudly serving its 20 million and growing satisfied customer
base. The ability to develop home-grown technology will allow financial services
to be tailored to the specific needs of the people of our country in a cost-effective
and efficient manner. By partnering with 4 banks, SureCash highlights the
benefits which can be reaped through collaborations between the public and
private sectors.
Adoption of Fintech and DFS (Digital Financial Services) will prove pivotal for our
economy. The proliferation of Fintech and DFS will be instrumental in ensuring
financial inclusion which will bring millions of Bangladeshis under the formal
banking system. As we move closer to becoming a middle-income country, we
need to be aware of the consequences of rising inequality. Fintech is an integral
part of an inclusive robust growth model. It is the essential mechanism to mobilize
our enormous human capital, to allow people to participate in online
marketplaces and exchange goods and services against digital money efficiently
and fairly. Finally, Syed Mamnun Quader, Founding Director, Managing Director
and Chief Executive Officer of Southtech Group, discusses the challenges that the
ICT sector is facing and the humble beginnings of Southtech Group. We are
ecstatic to have met the experts of the Fintech and ICT sector who are paving the
way to fulfil the dream of a developed Bangladesh by 2041.