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BB to form Escrow Implementation Committee with e-Commerce stakeholders

Reporter Name 158 Time View
Update : Monday, October 2, 2023

The Bangladesh Bank (BB) has taken a significant

step towards regulating the country’s e-commerce landscape by establishing an
Escrow Implementation Committee to oversee the newly introduced Escrow
Service.

This initiative aims to enhance order and security within the e-commerce
sector. Bangladesh Bank has also announced the inclusion of key industry
players such as the Federation of Bangladesh Chambers of Commerce and
Industries (FBCCI), the e-Commerce Association of Bangladesh (e-CAB), and e-
commerce entrepreneurs in the committee.
This development came during a meeting between Bangladesh Bank and
representatives from FBCCI and ECAB, said a press release today.
The Bangladesh Bank delegation was led by Deputy Governor Abu Farah Md
Nasser. FBCCI vice-president and I-CAB president Shomi Kaiser led the
delegation of the private sector.
Bangladesh Bank Spokesperson and Executive Director Md. Mezbaul Haque, ICAB
Director and Chief Executive Officer (CEO) of Online Shopping Platform
‘Daraz’ Khondoker Tasfin Alam, e-Cab Director Mohammad Ilmul Haque, Ananya
Raihan were present, among others, at the meeting.
Shomi Kaiser said that the country’s e-commerce sector is moving forward
despite various challenges. Women’s participation in this sector has
increased at a significant rate than ever before, she added.

Shealso thanked Bangladesh Bank for their tireless support for the e-
commerce sector. The I-CAB president also said: “We want to work at the
policy level to enrich the country’s e-commerce sector by expanding trade in
the global market. In this case, cross-border e-commerce modification is very
important.”

As there are still some obstacles in the e-commerce sector, FBCCI will hold a
policy summit with the Ministry of Commerce, Bangladesh Bank, and related
stakeholders to overcome these obstacles, she added.

Furthermore, Shomi Kaiser urged the Bangladesh Bank to consider raising the
credit card limit, a request to which Bangladesh Bank responded positively,
promising to review and potentially increase the limit later if needed.

During the meeting, private sector representatives voiced concerns and
limitations related to the implementation of the escrow system.
Bangladesh Bank revealed that the ‘Merchant Acquiring and Escrow Service
Policy 2023’ had been enacted to encourage consumer confidence in e-commerce
platforms and combat fraud.

An initiative has been taken to further revise this initiative and form a
committee for its implementation. The Central Bank authority also said that
entrepreneurs and other stakeholders of the e-commerce sector including
FBCCI, and e-CAB will be included in that committee.

Deputy Governor of Bangladesh Bank Abu Farah Md Nasser said the e-commerce
sector is still new in the context of Bangladesh. Still a lot needs to be
done in this promising sector, he added.

He also expressed optimism that the e-commerce sector would soon overcome all
obstacles and play a supporting role in bolstering the economic and GDP
growth of the country.

BU


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