Page 38 - ICE BUSINESS TIMES February 2020

Few areas where SureCash is unique is in the payments and we will have a less cash society. We There is a great the ICT Division, financial created a new office for FinTech and
digitization services. For example, in close cooperation with have seen early signs of that in institutions, universities and hired a Chief Fintech Officers to work
the Ministry of Primary and Mass Education (MoPME) and some parts of the world but the potential for digital industry technology experts must with the FinTech and financial
Rupali Bank, we are doing stipend disbursement under proliferation of FinTech will financial service to work together to improve our services sector for proliferation of
which 10 million mothers in 80,000 villages get stipends all definitely improve that significantly. proliferate this market readiness against cyber-security financial services using technology.
over the country. This has helped to increase the attendance Being able to do your transactions threats. To address this, priority has
of the primary school students and empower women across from your own phone without with more than 98% to be given to increase awareness Tell us something about yourself?
the country by providing digital bank accounts. Under this requiring any POS machine, makes adults using mobile from all ends- from data system
project 67,000 primary schools have been digitized. This is it very simple and easy to adopt and engineers to business managers and Basically, I am a technology person by
the largest payment digitization project in Bangladesh scale in a country like Bangladesh. phone and owners to end users. training and by practice. I studied
inaugurated by Honorable Prime Minister Sheikh Hasina on For example, if you look at some of countrywide coverage Electrical & Electronic Engineering in
1 March 2017 and we’re very fortunate to be a part of this the developments in China and of 93M+ internet What role do regulators play BUET and then served as a faculty of
We have also created software-based solutions for 15 India, a lot of the day-to-day for the development of FinTech? BUET in the CSE department. I went to
government sugar mills managed by Bangladesh Sugar & transactions, such as grocery users. In this digital Regulators have a very crucial role Canada with a Commonwealth
Food Industries Corporation, where the whole process of payments and bus tickets are all world, knowing where to play in the introduction, Scholarship and completed my PhD in
procurement and payment system is automated. Now, paid just by scanning a QR code the inefficiencies are expansion and regulation of FinTech. Computer Engineering. I lived 18 years
12,000 sugar cane farmers are paid on time with the help of using the phone. Majority of FinTechs are quite new in Canada, and had the opportunity to
streamlined, transparent and efficient payment process. As the use of smartphones grows in and understanding technologies and innovative ways of work in the IT sector with customers
Bangladesh, from the current level the data is key. providing services. We have in more than 15 countries. I served as
Why develop FinTech software inhouse instead of of 30% penetration, we will see more witnessed that regulators around the the Chief Technology Officer of
getting quality software from renowned vendors? people using smartphone based globe are in constant touch with the Canadian software and technology
Being a tech person, it is natural that we will develop our payments and reducing reliance on market players to understand the dynamics and develop company Eyeball Networks.
I came back to Bangladesh in 2010 to
From the country perspective, this own software solution. When you want to provide digital cash. policies to support the expansion of this service to the use my experience in building
enables providing services to 75% financial services in a country like Bangladesh, you want to greater mass in a secure and responsible way. technologies. I saw great potential for
unserved and underserved population. develop solutions which are suitable for its people and When it comes to using Bangladesh Bank is playing a leading role in the digital financial service to proliferate
Expanding financial services will cultural context, and for that we need flexibility and control technology, how do we ensure development of the financial services sector using policy and in this market. This triggered me to
empower common people and SMEs which is only possible through inhouse development. security so that consumers are regulatory support to adopt technology-based financial come up with a mobile banking
thus improving their quality of life I have worked with the local talents and I know that we can more encouraged to become services and payment systems. We work very closely with platform, and SureCash was born. I’m
which will drive economic growth of develop very good solutions which are flexible, scalable and cashless? the Bangladesh Bank and the other banks in designing, a hobbyist photographer and love to
the country. cost effective. Because sometime in the near future if you Of course, when we talk about developing, and monitoring the services to ensure that we travel around the world to share and
want to have a technology to be used by 100 million people, technology, one needs to think are moving in the right direction. We see that the central experience digital technologies, like
What is SureCash? Please tell us it will be very expensive. Development using local talents about security as well. Whenever we banks worldwide are increasing their capacity to support FinTech and innovation.
more about its services. will be cost effective and investment friendly. talk about financial services, we FinTech. Countries like Singapore and Hong Kong have
Furthermore, having our own technology gave us a lot of
SureCash is a leading FinTech brand need to talk about risks and security
What is FinTech and what is the future of flexibility and strengths in providing services much beyond and FinTech is not beyond that.
FinTech in Bangladesh? in Bangladesh. We are serving more the MFS business. As I’ve mentioned earlier, we provide
than 20 million customers, and 1,000 custom based software solutions to different education and Security should start with the
FinTech, in short for Financial Technology, means payment partners in partnership with agro sectors to digitize their system which enhances customers- like customer
using technology for financial services. We live in 4 banks in Bangladesh, including one operational efficiency and end user Bangladesh including Rupali Bank, awareness, and them being careful
the era of information technology (IT). IT has made of the largest public banks, Rupali experience. one of the largest state-owned about securing their phones and
big changes and influence in all aspects of our lives Bank. We offer comprehensive mobile banks in Bangladesh. With PINs. It will always be that young
such as the way we communicate, entertain banking and payment services such What do you think about the software and technical support people are more comfortable with
ourselves, consume media etc. FinTech brings in a as person-to-person transfers, bill Bank-FinTech collaboration in from SureCash, the bank launched technology than older people. But in
lot of possibilities in providing and improving these payment and education payment. respect to industry? Rupali Bank SureCash - a the rural areas we face the bigger
financial services. For example, in Bangladesh 98% Customers can cash in/out at more comprehensive mobile financial problem. There is an uncertainty of
people use mobile phones, more than 92 million than 180,000 retail agents FinTech enables creating new services for mass people in people being able to read our
people use the internet, but only 25% people have nationwide. customers for financial services and Bangladesh. Here, SureCash is messages or not. Therefore, every
bank accounts. One use of FinTech is Mobile We have developed a digital payment new products and services for providing software and technology time you do a transaction, you get
Financial Services (MFS), which started about 9 platform technology and software that existing customers and businesses. for customers as well as an SMS in Bangla. So, all of us need
years ago in Bangladesh and we are already one of is used for SureCash services. The On the other hand, banks form the distribution support for retail to work together to increase
the leading countries in the world serving more software is developed in-house by foundation of the financial system agents. Our experience working people’s comfort and confidence for
than 80 million customers. Customers are sending young engineers of Bangladesh in a country. Banks and FinTech with banks is very positive and we digital financial services.
money, paying bills, recharging our mobile phones bearing the desires and needs of the organizations have a great still have a long way to go. As for the providers, we need to be
using MFS. However, we have achieved less than people of Bangladesh in mind. Having opportunity to collaborate and concerned with the security risks
10% of what FinTech can do for the people of our own technology helps us to add benefit from the business How far are we from and employ the latest security
Bangladesh. We expect to see more expansion of new products and services quickly, expansion. becoming a cashless society? measures available.Collaboration of
these services and usage in areas such as deposits, customize for new use cases, and SureCash is a very good example of all stakeholders including
savings, credits, insurance and simple QR code integrate easily with external a Bank-FinTech collaboration. We It is very difficult to say when we Bangladesh Bank, relevant
based payments. payment partners. are working closely with 4 banks in will have a cashless society, but we government departments such as
know for sure that in a few years
Photograph Courtesy: SureCash
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