PayPal Set to Launch Soon in the Country

The proposed budget for the fiscal year 2023-24 in Bangladesh has raised concerns within the technology industry as it includes measures that could increase the cost of importing IT hardware and software. Industry insiders warn that higher import duties and the introduction of an additional VAT levy will result in increased expenses for hardware and software, reducing protection and incentives for local software development. The proposed budget prioritizes making imported hardware more expensive before sufficient local capacity is built, which could hinder industry growth.

The government of Bangladesh plans to digitize 80% of government services by 2023 and achieve full digitalization by 2025, according to the latest National Budget proposal. Finance Minister highlighted the goal of facilitating efficient storage and easy access to information for the public. Currently, 1,851 out of 2,425 government services have been digitized, with efforts underway to centrally store citizens' information, including birth and death records, through the Civil Registration and Vital Statistics (CRVS) system.

SMAC IT Limited (SIL) has unveiled its latest product innovation, "ProFund," a cutting-edge provident fund management software. The launch ceremony, attended by industry leaders and finance professionals, showcased the software's advanced features and benefits. ProFund is set to revolutionize the management of provident funds for organizations of all sizes. Developed and marketed by SIL, this software incorporates state-of-the-art technology and industry best practices to streamline and enhance the handling of employee provident funds.

The Association of Bankers, Bangladesh (ABB) Chairman emphasized the need to reduce internet costs in the country to improve access to digital services and expand the range of financial services available to marginalized communities. In a recent press conference held during the ABB's conference on 'Banking on Digital Transformation,' He highlighted that compared to neighboring countries, internet costs in Bangladesh remain high, limiting the adoption of digital services among the population. He stated that reducing internet prices would create an opportunity for banks to strengthen their modern technology-based services, ultimately benefiting both the industry and customers.

eGeneration Limited, a leading IT company, has secured a contract with the Insurance Development and Regulatory Authority (Idra) to establish a state-of-the-art data center at their office. The agreement, valued at approximately Tk 15 crore, was signed between eGeneration and Idra's project director for the Bangladesh Insurance Sector Development Project. The data center is expected to be fully operational within the next six to nine months, according to an eGeneration official.

Cloud computing technology is gaining traction among banks and non-bank financial institutions (FIs) as it delivers improved operational efficiency, cost savings, scalability, and enhanced security. With cloud-based solutions, financial institutions can reduce capital and operational expenditures, freeing up resources for critical initiatives. The scalability of cloud technology allows institutions to easily adjust computing resources according to their needs, catering to peak demand hours and facilitating the launch of new products or services.