BB signs MoU with ICT Division
Published On: 24 Dec 2019, 4:02 pm

The ICT Division and Bangladesh Bank (BB) signed a Memorandum of Understanding (MoU) on Monday, aiming to implement an ‘Interoperable Digital Transaction Platform (IDTP)’ in order to accelerate FinTech and digital financial inclusion.

Md Mezbaul Haque, General Manager of the Payment Systems Division of BB, and Syed Mojibul Huq, Additional Secretary and Director of iDEA Project, signed the MoU at the ICT Tower in the city.

State Minister for ICT Division Zunaid Ahmed Palak was present at the signing ceremony.

BB Deputy Governor Ahmed Jamal and senior secretary of ICT Division NM Zeaul Alam also attended the event.

Implementation of IDTP is required to ensure interoperability, transaction validation, seamless fund routing and security in order to launch e-payment and mobile payments in all areas in line with the ‘National ICT Policy 2018’, says a statement.

If it is implemented successfully, the financial inclusion will be ensured which will also help establish cashless society and prevent financial fraud, money laundering, terror financing and other economic crimes, it added.

The initiative to create this platform through the ‘Innovation Design and Entrepreneurship Academy (iDEA)’ of Bangladesh Computer Council under the ICT Division was taken to ensure mutual interchangeability, low cost, security and transparency in digital economic transactions.

This is a platform service and its Application Programming Interface (API) will be used by fintech organisations to make financial transactions, transfers, e-commerce, M-commerce, bill payment, merchant payments, remittance exchanges, machine-to-machine payments and other financial services.

The IDTP will create a bridge of transactions between various payment service participants, such as customers, merchants, payment and receivables, payment processors, e-wallets, banks and financial institutions, payment system operators and non-governmental organisations.