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Move to curb anomalies in financial transactions


Published : 23 Mar 2021 09:30 PM | Updated : 24 Mar 2021 02:02 AM

To prevent irregularities and harassment in financial transactions, the government has made an Interoperable Digital Transaction Platform (IDTP) where country’s all other financial banks and institutes are expected to join shortly. 

State Minister for Information, Communication and Technology (ICT) Zunaid Ahmed Palak said this while addressing as the chief guest a conference on “Living No Micro-Merchants Behind the Digital Era in Bangladesh” at a city hotel on Tuesday.

The ICT state minister said, “The ICT Department has launched the Interactable Digital Transaction Platform (IDTP) to prevent irregularities, costs and harassment in financial transactions. 

The country's largest mobile wallet development has already been added to this digital inter-transaction platform. I hope that every bank and financial transaction institutions in the country would join the platform in a short time, the state minister said.

UNCDF Head of Corporation of the Delegation Maurizio Sian and UN Resident Representative in Bangladesh Sudipto Mukherjee, were present as special guests at the conference. Among others, Senior Secretary of the Department of Financial Institutions of Finance Ministry Asadul Islam, and Industries Secretary KM Ali Azam spoke on the occasion.

The state minister said, “The credit rating and scoring facility of IDTP would pave the way for lending to small traders. This month, we are going to have a partnership agreement between Sheba XYZ and Startup Bangladesh Company. Through its digital ERP solution, small and medium businesses will get marginal loans without collateral.”

Palak further said, “In order to ensure that Bangladesh does not lag behind in the age of digital economy, we are expanding initiatives like Merchants Development Driving Rural Markets (MDDRM) with the help of investment monitoring, progress monitoring, development partners and investors.”

Mentioning that the Fourth Industrial Revolution has formulated five national strategies for Bangladesh, the ICT minister said adding, “The National Strategy for Robotics, National Blockchain, National Internet of Things Strategy, National strategy of artificial intelligence and Microprocessor Design Capacity Strategy have been formulated which will help in laying strong foundation.” 

This conference was organized to explore emerging opportunities in the pandemic era, bring together global policymakers, academics, industry, and digital ecosystem leaders, and showcase the activities conducted under MDDRM (Merchant development driving Rural Markets) initiative.