BB approves proposal of 8 digital banks

Bangladesh Bank (BB) has taken a decision to approve the proposal of eight digital banks.

The decision was taken at a board meeting held at the central bank headquarters in Dhaka.

BB Governor Abdur Rouf Talukder presided over the meeting.

After the meeting, BB Spokesperson Mezbaul Haque said BB will issue a Letter of Intent (LOI) to Nagad Digital Bank PLC and Kori Digital PLC of ACI for setting up digital bank.

Besides, three other applicants, each with support from different traditional banks, have been granted permission to establish digital banking platforms, he added.

Furthermore, three fintech firms will receive licences after a six-month monitoring period to assess the performance of the initial two digital banks, he said.

Earlier, a total of 52 domestic and foreign entities filed applications for a licence to set up digital banks when the central bank initially intended to extend permits only for two or three banks.