BB to form escrow execution body to regulate e-comm

Bangladesh Bank (BB) has taken a move to regulate the country's e-commerce landscape by establishing an Escrow Implementation Committee to oversee the newly introduced Escrow Service.

It aims at enhancing public order and security within the e-commerce sector. BB has also announced the inclusion of key industry players such as the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the E-Commerce Association of Bangladesh (ECAB), and e-commerce entrepreneurs in the committee.

This move has been unveiled at a meeting between BB and representatives from FBCCI and ECAB on Monday. In the meeting BB delegation was led by Deputy Governor Abu Farah Md Nasser. FBCCI Vice President and E-CAB President Shomi Kaiser led the private sector delegation. 
BB 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, etc were also present at the meeting.

FBCCI Vice President and E-CAB President Shomi Kaiser said the 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 also thanked BB for their tireless support for development of the e-commerce sector.

Shomi Kaiser also said: "We want to work at the policy level to enrich the country's e-commerce sector by expanding trade in global market. In this case, cross-border e-commerce 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, BB, and related stakeholders to overcome these obstacles, she added.

Furthermore, Shomi Kaiser urged BB to consider raising the credit card limit, a request to which BB responded positively, promising to review the limit if needed.

During the meeting, private sector representatives voiced concerns and limitations related to implementation of the escrow system.

BB revealed that the 'Merchant Acquiring and Escrow Service Policy 2023' had been enacted to encourage consumer confidence in e-commerce 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 entrepreneurs and other stakeholders of the e-commerce sector including FBCCI, and E-CAB will be included in that committee.

BB Deputy Governor Abu Farah Md Nasser said e-commerce sector is still new in context of Bangladesh. There is still a lot to do in this promising sector.

He expressed optimism that e-commerce sector will soon overcome all obstacles and play a supporting role in bolstering the country's economy and GDP growth.