The rollout of digital banking in Bangladesh has hit a snag, with the first two proposed banks, Nagad Digital Bank and Kori Digital Bank, facing licensing and compliance issues. Initially granted letters of intent in October 2023, both banks were expected to start operations by April 2024. However, the central bank’s new governor announced that Nagad’s licensing is under review, while Kori has until October 25, 2024, to meet compliance requirements or risk losing its opportunity. With 52 applications submitted for digital banking licenses, the fate of three additional banks awaiting approval remains uncertain. Digital banks will operate without physical branches and are expected to enhance online banking access, but their future is contingent on the timely launch of the initial two banks.
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