The Bangladesh Association of Banks (BAB) has urged local banks to participate in and sponsor a fintech conference planned for November by UK-based company FintechBD UK Ltd.
The firm, which began operations on 15 August 2024, has received approval from both Bangladesh Bank and the Bangladesh Investment Development Authority (Bida) to host the three-day event in Dhaka. However, it has no prior experience organising such conferences internationally. This will be its first.
Several managing directors (MDs) of commercial banks expressed scepticism to The Business Standard, questioning the company’s credibility and the rationale for granting approval to a newly established and largely unknown firm. They suggested a more reputable organiser should have been chosen.
One senior bank MD said, “We don’t know their background. This isn’t the right time for such things – Bangladesh first needs the infrastructure for fintech. If it were a Singaporean fintech event or one by Mastercard, we’d consider it. But I don’t even know this firm. Why did Bida approve them? Only credible organisers should get such approval. We won’t sponsor this.”
The organisers have already met with several bank chairmen and plan further meetings next week.
In a letter to banks, BAB Chairman Abdul Hai Sarkar stated that the conference aims to strengthen the country’s banking sector and called on banks to support the event through sponsorships.
According to a Bida letter, the authority will not provide financial support for the conference. FintechBD UK Ltd is solely responsible for funding the event. While the firm may reference Bida in promotional materials, it must adhere to guidelines ensuring the logo or name does not imply financial sponsorship, and all references require prior written approval.
Bida Director and Deputy Secretary Md Sirajul Islam Khan said, “The Bida chairman directed me to grant approval. We won’t provide any financial support for the event.”
BAB Chairman Abdul Hai Sarkar told TBS, “Someone referred this company to me. Their people met with us. I’ve heard it’s a good company – that’s all I know.”
A senior Bangladesh Bank official added that some UK-based young entrepreneurs are planning fintech ventures in Bangladesh. They approached the central bank with Bida approval, which was accordingly granted. Bangladesh Bank, however, will not provide any financial backing for the conference.
When contacted, several bank MDs said they were unwilling to sponsor the event. One said, “Holding a fintech conference in Bangladesh is a good idea, but approval should go to reputable and trustworthy firms.” Another added, “We’ll verify the company’s credentials first. If it’s credible, we might sponsor – otherwise, no.”
A leading bank MD remarked, “We don’t know this organiser. With 30 years in banking, I can tell something’s off. My bank will not sponsor this conference.” Another private bank MD said, “A delegation from the company came to meet me, but I couldn’t see them. They showed documents claiming central bank approval and asked us to sponsor and participate. We made it clear – even if Bangladesh Bank has approved them, we will not provide sponsorship.”
As of last night, the organisation’s website – https://fintechbd.uk – listed only details of the planned 24–26 November conference, with no information on the company itself, no contact page, or “about us” section.
FintechBD UK Statement
Md Anwarul Haque, FCCA, representing FintechBD UK Ltd, said, “We’re organising a three-day conference where speakers will discuss a cashless society and digital banking. This will be the first event of its kind in Bangladesh.”
He added, “The conference will be funded by our own resources and sponsors. The UK High Commission referred us to Bida for this initiative. We work as consultants, helping banks and mobile service providers develop fintech solutions.”