FinTech in Bangladesh
What is FinTech?
“FinTech or fintech” means Financial Technology. It’s the technology & innovation method that aims to compete with traditional financial methods in the delivery of financial services. It’s an emerging industry that uses technology to improve activities in finance with in organization or publicly. The example of modern FINTECH to use of Mobile Phone for Banking (MFS), Cryptocurrency is one of the alternative of physical money using the web-based or app based, Using Smartphone Application to trading in Share market at real time. Financial technology companies consist of both startups and established financial institutions and technology companies trying to replace or enhance the usage of financial services provided by existing financial companies.
Investopedia says’
Fintech refers to the integration of technology into offerings by financial services companies in order to improve their use and delivery to consumers. It primarily works by bundling offerings by such firms and creating new markets for them. Fintech funding is on the rise but regulatory problems abound.
FinTech in Bangladesh
There are many FinTech service available in Bangladesh. One of the most popular FinTech mobile banking service is “BKash” a BRAC Bank Company. At the beginning of mobile banking service in Bangladesh is DBBL Mobile Banking or “Rocket” was the pioneer of Mobile Financial Service.
DBBL Mobile Banking or “Rocket” is the first Mobile Financial Service in Bangladesh early 2011. Dutch-Bangla Bank Limited (DBBL) pioneered Mobile Banking in Bangladesh. It was the first bank to offer banking facilities through a wide range of mobile phones. Rocket is a Banking process without bank branch which provides financial services to unbanked communities efficiently and at affordable cost.
Now most of the Bank in Bangladesh has their own limited banking service application for their clients. DBBL was also in the front in the race. The City Bank Limited launched their “City Touch” App with lots of update feature in the beginning period of internet banking services.
