Silicon Valley appriciates Bangladesh

 

Silicon Valley, the pinnacle of global technology and innovation paid tribute to Bangladesh’s Father of the Nation Bangabandhu Sheikh Mujibur Rahman for his outstanding contribution to social, economic and political transformation. Santa Clara’s Mayor Lisa M. Gilmore presented the Silicon Valley honour on the birth centenary of the Father of the Nation.

 

Salman F Rahman, Adviser to the Prime Minister on Private Industries and Investment, received the memorandum of honour on behalf of Bangabandhu’s daughter Prime Minister of Bangladesh Sheikh Hasina. He said Bangladesh has facilitated the ICT sector and increased support from the public and private sectors. He added that now is the time for everyone to come and invest in Bangladesh. This is a new Bangladesh and we are all determined to move forward.

 

In collaboration with the American Chamber of Commerce in Bangladesh and in partnership with Venture Capital and Private Equity Association of Bangladesh (VCPIAB) and Tie Global, the conference was organized by the Bangladesh Securities and Exchange Commission (BSEC).

 

The current government’s efforts to use technology to reduce poverty, and transform the lives of the general population in Bangladesh has played a key role in this growth. The government recognizes digital inclusion as the only way to facilitate rural economic activities, and enable rural workers to capture a larger piece of the economic pie. The government very carefully designed digital services to ensure they are relevant for all three groups of Bangladeshi citizens: digital natives – younger, tech-savvy, generations growing up with technology; digital adapters – middle-aged individuals who have adopted technology; and outliers – the minority who stay away from technology.

 

The government has made a concerted effort towards achieving the Digital Bangladesh Vision by 2021, marking the 50th anniversary of Bangladesh's independence. The Digital Bangladesh philosophy of the Prime Minister Sheikh Hasina is to protect people's democracy and human rights, ensure transparency and accountability, establish justice, and ensure delivery of government services to the citizens of Bangladesh through maximum use of technology, with the ultimate goal being the overall improvement of the daily lifestyle of the general population.

The government plans to replicate this on other remote islands that dot the country’s Bay of Bengal coastline. Fibre optic connectivity has been established, providing high speed Internet connectivity. The government plans to roll out the fifth-generation cellular network technology (5G) in Bangladesh by 2021, ensuring faster and more reliable internet coverage across the country.

 

A key component of the government’s digital inclusion strategy is to promote the uptake of mobile money and other digital payment platforms. Efforts are being made to boost the popularity of Mobile Financial Services (MFS) to ensure higher penetration at the bottom of the pyramid.

 

In recent years, MFS has made a significant impact on reducing the unbanked population, rural-urban capital flow, and growth of online e-commerce transactions. In the last five years, growth of mobile financial services in Bangladesh has skyrocketed, with bKash leading the way. In 2018, registered users of Non-Banking Financial Institutions (NBFIs) were more common among the rural poor than among the adult population as a whole. Mobile money transfers were the most popular digital use case in Bangladesh and uptake of mobile money transfers was three times greater than bank transfers.