Bangladesh Bank selects Fime to launch domestic card scheme

The Central Bank of Bangladesh wants to create a payment infrastructure that increases financial inclusion, sovereignty and security in the country

Bangladesh Bank has selected Fime to help launch the nation’s domestic card scheme. 

Fime helps organisations to create and launch products across payments, biometrics and open banking.  

During this six-year deal with the Bank, Fime will provide consulting and testing services.  

The Bank wants to create a payment infrastructure that increases financial inclusion, sovereignty and security in the country.  

This is not the first time Fime has supported a domestic card scheme. It worked on India’s RuPay project, a payment network launched by the Bank of India to boost retail payments in India.  

Mezbaul Haque, executive director at Bangladesh Bank, commented on its project: “Bangladesh is an emerging market with a growing payments ecosystem and a strong desire for digital solutions.”  

This card scheme feeds into the Smart Bangladesh Vision 2041, which aims to digitise the country and increase inclusivity.  

Angaj Bhandari, vice president of MEA, India and South Asia at Fime, said this initiative will be “fundamental” in increasing digital payments and “boosting” financial inclusion in the region.  

He added: “Our experts in South Asia will deliver global expertise at a local level. It will tailor the domestic scheme and its digital payments architecture to the unique requirements of the Bangladeshi market.”  

Image: Canva  

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.