Nagad becomes model of PPP in financial tech world: experts

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DHAKA, June 19, 2021 (BSS)- Top regional financial intuition leaders have praised highly the public private partnership (PPP) model of Nagad, a mobile financial service arm of Bangladesh Post Office, saying that this can be the role model for including the unaccounted population to the book.

The regional financial intuition top leaders in the 11th CEO TALK of the Asian Institute of Technology (AIT) in Thailand styled ‘Innovative Technology for Financial Inclusion in a Public Private Partnership’ also showed their keen interest to replicate the innovations of Nagad in their country to accelerate financial advancement.

Tanvir A Mishuk, co-founder and managing director of Nagad and also the key speaker at the event said, even with different challenges, the government is ready to facilitate the public-private partnership if the private entities are equipped with the correct tools and initiatives, said a press release here today.

Mishuk said his next ambitious project will be launching a digital bank and he is planning to launch it by 2022 to provide 360-degree financial services to the citizens of the country.

Dr. Sundar Venkatesh, program director of School of Management at AIT, moderated the session while Dr. Naveed Anwar, vice president of Knowledge Transfer at AIT delivered the welcome speech.

Attending the session, Dr. Syed Abdulla Al Mamun, chief executive officer of Bangladesh Rating Agency Limited, a subsidiary of Dun & Bradstreet SAME, said he is witnessing the incredible journey of Nagad and found it as a benchmark startup journey of Bangladesh.

“I am appreciating the approaches of Nagad to come forward, specially promoting innovation in the organizational level, which is amazing.” he added.

Pointing towards the traditional banking system Sanjib Subba, Intern CEO at Nepal Electronic Payment System Ltd, said the big giants will fall down within a short time, maybe in the next decade and with the help of digitalization startups will lead the world.

“I am quite sure that initiative like Nagad that are doing excellent thinks by introducing the digital Know Your Customers (d-KYC) process will be the game-changer in the coming days. My country also can replicate the digital KYC system which I believe will help the end-users to avoid language jargons.” Sanjib added.

He also expressed his excitement to see the financial inclusion process of Nagad.

Dr. Weerakoon Wijewardena, former deputy governor of the central bank of Sri Lanka, M Nurul Alam, a former chief compliant officer of Banglalink, CPA Karunatilake a former top official of the central bank of Sri Lanka also spoke at the event and praised Nagad’s innovations and initiatives, which they were saying can be replicated in some other countries in this part of the world.

After launching its service in March 2019, Nagad has already become the second largest MFS carrier in the country as well as become the fastest growing carrier of this kind of payment system in the world.