Behind in fintech ecosystem globally

Despite a growing market, the country is falling behind in terms of using technology to automate and digitalize financial activities

Although the fintech ecosystem in Bangladesh has been growing — and is expected to grow in the coming years — the country seems to be lagging behind its global counterparts, according to the Global Fintech Index 2021.

Bangladesh ranked 78th among 83 countries on the index, indicating that the country is falling behind in terms of using technology to automate and digitalize financial activities.

The country declined 17 points in the global ranking, released on June 23, compared to the last index. 

Bangladesh ranked the lowest out of 16 countries in the Asia Pacific region. Dhaka ranked 225th out of 264 cities globally, while New Delhi became the only South Asian city to secure a place in the top 20.

According to Syed Almas Kabir, the president of the Bangladesh Association of Software and Information Services (BASIS), the country ranked so poorly in fintech due to its low level of financial inclusion and technology penetration.

Although MFS has garnered confidence in the local fintech segment, almost half of the population remains unbanked and technology penetration is approximately less than 40%, he said. 

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