52 companies applied for digital bank licence

A total of 52 domestic and foreign enterprises have applied for the licence to establish digital banks.

Commercial banks, mobile financial services (MFS), ride-sharing and food delivery service providers, IT service providers, and pharmaceutical firms are among those listed, according to Bangladesh Bank (BB) Spokesperson Md Mezbaul Haque today.

The deadline for submitting applications was August 17.

The central bank began accepting proposals for digital banks from entrepreneurs on June 21 of this year.

According to Bangladesh Bank regulations, investors who want to establish a digital bank must have a minimum paid-up capital of Taka 125 crore, with the money coming from the sponsors.

Any organisation interested in establishing a digital bank must be a public limited company. According to the central bank, each sponsor's minimum shareholding stake will be Taka 50 lakh.

Previously, the BB stated that the sponsors or directors must meet the Fit and Proper Test (FPT) standards for proposed directors of digital banks.

BB previously said in its guidelines that digital banks will not be permitted to provide any service to clients directly through physical counters and will not be permitted to issue any physical instruments.

Similarly, digital banks would not be able to make loans for foreign commerce or term loans to medium and large businesses.
 

(with BSS)