Banks Encouraged To Make Banking Open To Drive Monetary Consideration

Banks Encouraged To Make Banking Open To Drive Monetary Consideration

Bankers and fintech organizations have encouraged the Bangladesh Bank to present steady rules so that banks and fintech organizations can share data base of client assent keeping information protection and security.

They came up with the call at a roundtable conversation on “API and Open Banking: New Service Innovation for Banks and Fintech Companies” coordinated by the Bangladesh Association of Software and Information Services (BASIS) Standing Committee on Fintech, held at Lakeshore Hotel Gulshan in Dhaka on Wednesday, said a public statement on Friday.

The meeting strengthened that any monetary exchange data is possessed by the user or client. Banks or mobile monetary services are just caretakers of the data. If any user has any desire to share the data to any outsider to get any monetary services like loans from some other financial organization, the overseer banks ought to make arrangement for that data sharing.

Bangladesh Bank Executive Director Md Khurshid Alam led the roundtable where Association of Bankers (ABB) Chairman Selim Hossain was the special guest. The event was directed by BASIS Committee Chairman on Fintech and CEO of Bdjobs.com Fahim Mashroor.

Discussants make the idea for presenting API-based open banking so that more individuals can be brought under financial administrations.

Todd Schweitzer, CEO of Brankas, an open banking fintech organization in the Philippines and Singapore, shared prescribed procedures of open banking in the Southeast Asian area. Payment Service Department of Bangladesh Bank Deputy Director Jayanta Bhoumic gave one more feature on the subjects and talked about the conceivable guide of API-based open banking in Bangladesh. Circle Fintech CEO Redwan Ansary gave a statement on the expected strategy support for empowering more prominent organization among banks and fintech organizations.

"The Bangladesh Bank will work with new development by youthful fintech business people by providing them with a wide range of administrative help," BB Executive Director Khurshid Alam said.

"Open banking is the most effective way to tackle the large issue of low advance dispensing proportion of banks to the MSME portion. The issue of high activity cost for banks for MSME credit dispensing and reimbursement can be settled by open banking based computerized loaning," BASIS Committee Chairman on Fintech Fahim Mashroor said.

Premise President Russel T Ahmed, Vice-President Fahim Ahmed along with ove 30 BASIS member companies were present at the roundtable. High authorities of 20 leading commercial banks and more than 30 fintech business people likewise attended to the roundtable.

Head of IT and digital banking of various banks including BRAC Bank, UCB, HSBC, Bank Asia, Mutual Trust Bank, Islami Bank, City Bank, Jamuna, Nagad, Upay and  bKash  and other monetary institutions attended the program and discussed the points.