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The Bangladesh Bank (BB) has taken a significant step towards regulating the country's e-commerce landscape by establishing an Escrow Implementation Committee to oversee the newly introduced Escrow Service.
This initiative aims to enhance order and security within the e-commerce sector. Bangladesh Bank has also announced the inclusion of key industry players such as the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), the e-Commerce Association of Bangladesh (e-CAB), and e-commerce entrepreneurs in the committee.
This development came during a meeting between Bangladesh Bank and representatives from FBCCI and ECAB, said a press release on Monday.
The Bangladesh Bank delegation was led by Deputy Governor Abu Farah Md Nasser. FBCCI vice-president and I-CAB president Shomi Kaiser led the delegation of the private sector.
Bangladesh Bank Spokesperson and Executive Director Md. Mezbaul Haque, ICAB Director and Chief Executive Officer (CEO) of Online Shopping Platform 'Daraz' Khondoker Tasfin Alam, e-Cab Director Mohammad Ilmul Haque, and Ananya Raihan were present, among others, at the meeting.
Shomi Kaiser said that the country's e-commerce sector is moving forward despite various challenges. Women's participation in this sector has increased at a significant rate than ever before, she added.
She also thanked Bangladesh Bank for their tireless support for the e-commerce sector. The ICAB president also said: "We want to work at the policy level to enrich the country's e-commerce sector by expanding trade in the global market. In this case, cross-border e-commerce modification is very important."
As there are still some obstacles in the e-commerce sector, FBCCI will hold a policy summit with the Ministry of Commerce, Bangladesh Bank, and related stakeholders to overcome these obstacles, she added.
Furthermore, Shomi Kaiser urged the Bangladesh Bank to consider raising the credit card limit, a request to which Bangladesh Bank responded positively, promising to review and potentially increase the limit later if needed.
During the meeting, private sector representatives voiced concerns and limitations related to the implementation of the escrow system.
Bangladesh Bank revealed that the 'Merchant Acquiring and Escrow Service Policy 2023' had been enacted to encourage consumer confidence in e-commerce platforms and combat fraud.
An initiative has been taken to further revise this initiative and form a committee for its implementation. The Central Bank authority also said that entrepreneurs and other stakeholders of the e-commerce sector including FBCCI, and e-CAB will be included in that committee.
Deputy Governor of Bangladesh Bank Abu Farah Md Nasser said the e-commerce sector is still new in the context of Bangladesh. Still, a lot needs to be done in this promising sector, he added.
He also expressed optimism that the e-commerce sector would soon overcome all obstacles and play a supporting role in bolstering the economic and GDP growth of the country.
