Staff correspondent :<\/p>\n
The Bangladesh Bank (BB) has taken a significant
\nstep towards regulating the country’s e-commerce landscape by establishing an
\nEscrow Implementation Committee to oversee the newly introduced Escrow
\nService.<\/p>\n
This initiative aims to enhance order and security within the e-commerce
\nsector. Bangladesh Bank has also announced the inclusion of key industry
\nplayers such as the Federation of Bangladesh Chambers of Commerce and
\nIndustries (FBCCI), the e-Commerce Association of Bangladesh (e-CAB), and e-
\ncommerce entrepreneurs in the committee.<\/p>\n
This development came during a meeting between Bangladesh Bank and
\nrepresentatives from FBCCI and ECAB, said a press release today.<\/p>\n
The Bangladesh Bank delegation was led by Deputy Governor Abu Farah Md
\nNasser. FBCCI vice-president and I-CAB president Shomi Kaiser led the
\ndelegation of the private sector.<\/p>\n
Bangladesh Bank Spokesperson and Executive Director Md. Mezbaul Haque, ICAB
\nDirector and Chief Executive Officer (CEO) of Online Shopping Platform
\n‘Daraz’ Khondoker Tasfin Alam, e-Cab Director Mohammad Ilmul Haque, Ananya
\nRaihan were present, among others, at the meeting.<\/p>\n
Shomi Kaiser said that the country’s e-commerce sector is moving forward
\ndespite various challenges. Women’s participation in this sector has
\nincreased at a significant rate than ever before, she added.<\/p>\n
She also thanked Bangladesh Bank for their tireless support for the e-
\ncommerce sector. The I-CAB president also said: “We want to work at the
\npolicy level to enrich the country’s e-commerce sector by expanding trade in
\nthe global market. In this case, cross-border e-commerce modification is very
\nimportant.”<\/p>\n
As there are still some obstacles in the e-commerce sector, FBCCI will hold a
\npolicy summit with the Ministry of Commerce, Bangladesh Bank, and related
\nstakeholders to overcome these obstacles, she added.<\/p>\n
Furthermore, Shomi Kaiser urged the Bangladesh Bank to consider raising the
\ncredit card limit, a request to which Bangladesh Bank responded positively,
\npromising to review and potentially increase the limit later if needed.<\/p>\n
During the meeting, private sector representatives voiced concerns and
\nlimitations related to the implementation of the escrow system.
\nBangladesh Bank revealed that the ‘Merchant Acquiring and Escrow Service
\nPolicy 2023’ had been enacted to encourage consumer confidence in e-commerce
\nplatforms and combat fraud.<\/p>\n
An initiative has been taken to further revise this initiative and form a
\ncommittee for its implementation. The Central Bank authority also said that
\nentrepreneurs and other stakeholders of the e-commerce sector including
\nFBCCI, and e-CAB will be included in that committee.<\/p>\n
Deputy Governor of Bangladesh Bank Abu Farah Md Nasser said the e-commerce
\nsector is still new in the context of Bangladesh. Still a lot needs to be
\ndone in this promising sector, he added.<\/p>\n
He also expressed optimism that the e-commerce sector would soon overcome all
\nobstacles and play a supporting role in bolstering the economic and GDP
\ngrowth of the country.<\/p>\n","protected":false},"excerpt":{"rendered":"
Staff correspondent : 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<\/p>\n","protected":false},"author":1,"featured_media":3190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"limit_modified_date":"","last_modified_date":"","rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[14],"tags":[],"class_list":["post-3189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=\/wp\/v2\/posts\/3189","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3189"}],"version-history":[{"count":1,"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=\/wp\/v2\/posts\/3189\/revisions"}],"predecessor-version":[{"id":3191,"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=\/wp\/v2\/posts\/3189\/revisions\/3191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=\/wp\/v2\/media\/3190"}],"wp:attachment":[{"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyenglishtimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}