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On Friday night, key regional leaders of financial insights praised Nagad’s public-private partnership model, a mobile financial service of the Bangladesh post office, saying this could be the model for including the dispersed population in the book.
In the 11th CEO TALK of the Asian Institute of Technology in Thailand titled – Innovative Technology for Financial Inclusion in a Public-Private Partnership – the top leaders of regional financial insights also showed their keen interest in replicating Nagad’s innovations in their country to speed up the finance raids.
Tanvir A Mishuk, co-founder and chief executive of Nagad, was the key speaker of the event, he said that, even with different challenges, the government is ready to facilitate public-private partnership if private entities have been equipped with the correct tools and initiatives.
Tanvir A Mishuk, the torchbearer of Bangladesh’s FinTech industry, said his next ambitious project would be the launch of a digital bank and plans to launch it by 2022 to provide 360-degree financial services to Bangladeshi citizens.
Dr. Sundar Venkatesh, program director of the AIT School of Management, moderated the session while Dr. Naveed Anwar, AIT Vice President of Knowledge Transfer, delivered the welcome speech.
During the session, Dr. Syed Abdulla Al Mamun, chief executive of Bangladesh Rating Agency Limited, a subsidiary of Dun and Bradstreet SAME, said he witnessed Nagad’s incredible journey and found it as a landmark trip to start Bangladesh.
“I appreciate the approaches proposed by the Nagads, in particular they promote innovation at the organizational level, which is surprising.”
Indicates the traditional banking system Sanjib Subba, CEO Intern at Nepal Electronic Payment System Ltd, said the big giants will fall short, perhaps in the next decade and with the help of digitization, startups will lead the world.
‘I’m pretty sure that the initiative like Nagad that is doing very well by introducing the digital Know Your Customers (d-KYC) process will be the turning point in the coming days. My country can also replicate the KYC digital system which I believe will help end users avoid language jargon. ‘
Subba also expresses his excitement to see Nagad and Bangladesh’s financial inclusion process as a country, while visiting here multiple times he said there are tremendous opportunities for a company like this to change the process.
Dr. Weerakoon Wijewardena, former deputy governor of the central bank of Sri Lanka, M Nurul Alam, former chief compliant officer of Banglalink, one of the leading mobile operators in Bangladesh, also CPA Karunatilake former senior official of the central bank of Sri Lanka spoke at the event and praised Tanvir’s innovations and initiatives, which they believe can be replicated in some other countries in this part of the world.
Tanvir A Mishuk said, initially, we faced so many challenges even from our partner, the postal department, but later they supported me and with the encouragement of the government we got it. Countries in the region always complain about bureaucracy, but with correct solutions and hard work this challenge can be overcome. ‘
‘The postal department has been a loss-making project for a while and with our innovative ideas, we have decided to partner with it. Initially, there were some challenges. But as I understand, with the infrastructure of the postal department we can make a difference, ‘he explained.
Tanvir, who successfully built 12 other businesses before Nagad, had to struggle even when he preached this plan, said: “To be honest, my board members were a little shaky, but thanks to what little I have got it first, they agreed to go ahead with my experience. ‘
When Nagad was about to start there were already 30 MFS licensees of which the only success. And that situation also prompted Tanvir to do a lot of ground work by visiting all over the country, even places where there is no internet.
Having launched its service in March 2019, Nagad already becomes the second largest MFS carrier in the country and the fastest growing carrier of this type of payment system in the world.
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