An evaluation of FinTech in Bangladesh

Abstract

This paper presents an overview of technologies used in the financial services sector in Bangladesh, which is popularly known as FinTech. Bangladesh’s fintech industry still needs to catch up with developed countries like Japan, the United States, and the UK. The paper found that though the Fintech industry in Bangladesh is progressing well, the level and types of technologies used currently in Bangladesh need to catch up to the developed world. The current technologies used in developed countries to offer financial services are blockchain, big data, reg data, etc. Bangladesh offers a few Fintech services, such as MFC and mobile banks. As the country progresses toward a cashless society and digital banking, updated technologies have to be adopted for the operational efficiency and security of the system. The information in the paper is collected from secondary sources.