Staff Correspondent
Speakers at a roundtable discussion on Wednesday said as alternative financing method, the 'crowdfunding' is playing a very effective role in solving the financing problems for startups.
The roundtable discussion styled ‘Crowdfunding’ was organised by Bangladesh Institute of Bank Management (BIBM) at the BIBM conference room on Wednesday.
S.M. Moniruzzaman, Chairman of BIBM Executive Committee and Deputy Governor of Bangladesh Bank attended the roundtable meeting as chief guest with Md. Nazimuddin, Executive Director of Bangladesh Bank and Director General of BIBM in the chair.
Deputy Governor said, there have no way ignore the risks and problems of crowdfunding. Crowdfunding portals and platforms are equally vulnerable to attacks from hackers and cyber-criminals.
"Building “Trust” is one of the key aspects of successful crowdfunding initiative which may not be very easy for us. We are yet to have regulations in this regard. However, it is a timely initiative to create awareness among the citizens of the country", he added.
Dr. Prashanta Kumar Banerjee, Professor & Director (R, D&C) of BIBM delivered address of welcome. Dr. Mohammad Tazul Islam, Associate Professor of BIBM presented the keynote paper titled ‘Crowdfunding and Its Implications in Bangladesh’
Senior executives from Banks and NBFIs, academicians, media representatives, faculty members of BIBM took part in the roundtable discussion. Professor Dr. Barkat-e-Khuda, Dr. Muzaffer Ahmed Chair Professor of BIBM & Former Professor of Dhaka University; Helal Ahmed Chowdhury, Supernumerary Professor of BIBM & Former Managing Director of Pubali Bank Limited; Yasin Ali, Former Supernumerary Professor of BIBM spoke among others at the event.
Speakers opined that the 'Crowdfunding' is a type of alternative funding method in which a project or venture is financed by raising small amounts of money from a large number of people, typically via the Internet.
They said there have four crowdfunding business models which are donation based, reward based, equity based, and lending based. Dhaka Ahsania Mission (DAS), Kidney Foundation Hospital, Anjuman Mufidul Islam are some bright examples of donation based crowdfunding model.
In the Concluding Speech Dr. Barkat-e-Khuda, BIBM Dr. Muzaffer Ahmed Chair Professor & Former Professor of Dhaka University said, Crowdfunding is a very old concept for informal sector or individual level. But we can incorporate in formal sector.
