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MoU signed to accelerate digital financial inclusion

MoU signed to accelerate digital financial inclusion

Information and Communication Technology Division and Bangladesh Bank on Monday (Dec 23) signed a Memorandum of Understanding (MOU) to implement “Interoperable Digital Transaction Platform (IDTP)” project for accelerating FinTech and Digital Financial Inclusion.

Md. MezbaulHaque, General Manager of Bangladesh Bank’s Payment Systems Division and Syed Mojibul Huq, Additional Secretary and Director of Innovation Design and Entrepreneurship Academy (iDEA) Project signed the MoU on behalf of their respective organizations, local media reported citing a press release.

State Minister for ICT Division Zunaid Ahmed Palak, MP, was present at the signing ceremony held at ICT Division at ICT Tower.

IDTP is required to ensure interoperability, transaction validation, seamless fund routing and security for launching e-payment and mobile payments in all areas in the line of National ICT Policy 2018. The initiative was taken to create this platform through iDEA project of Bangladesh Computer Council to ensure mutual interchangeability, low cost, security and transparency in digital economic transactions.

This is a platform service and its Application Programming Interface (API) will be used by fintech (financial technology) organizations to make financial transactions, transfers, e-commerce, m-commerce, bill payment, merchant payments, remittance exchanges, machine-to-machine payments and other financial services.

IDTP will create a bridge of transactions between various payment service participants, such as customers, merchants, payment and receivables, payment processors, e-wallets, banks and financial institutions, payment system operators and non-governmental organizations.