Nagad becomes the model of PPP in fintech world

Top regional financial institutions’ leaders highly praise the public-private partnership model of Nagad, a mobile financial service arm of Bangladesh Post Office, saying that this can be the role model for including the unaccounted population in the book.

In the 11th CEO TALK of the Asian Institute of Technology (AIT) at Thailand styled on “Innovative Technology for Financial Inclusion in a Public-Private Partnership”, the regional financial intuitions top leaders also showed their keen interest to replicate the innovations of Nagad in their country to accelerate financial incursions, reads a press release.

Tanvir A Mishuk, co-founder and managing director of Nagad, was the key speaker for the event.

“Even with different challenges the government is ready to facilitate the public-private partnership if the private entities are equipped with the correct tools and initiatives,” he said. 

Tanvir A Mishuk, the torchbearer of the FinTech industry of Bangladesh said his next ambitious project will be launching a digital bank and he is planning to launch it by 2022 to provide 360-degree financial services to the citizens of the country.

Dr Sundar Venkatesh, program director of School of Management at AIT, moderated the session while Dr Naveed Anwar, vice president of Knowledge Transfer at AIT deliver the welcome speech.

Attending the session, Dr Syed Abdulla Al Mamun, chief executive officer of Bangladesh Rating Agency Limited, a subsidiary of Dun & Bradstreet SAME said that he is witnessing the incredible journey of Nagad and found it as a benchmarking startup journey of Bangladesh.

“I am appreciating the approaches that Nagad came forward with, especially the promotion of innovation in the organisational level,” he said.

Pointing to the traditional banking system, Sanjib Subba, Intern CEO at Nepal Electronic Payment System Ltd said that the big giants will fall down within a short time, maybe in the next decade, and with the help of digitalisation, startups will lead the world.

“I am quite sure that initiatives like Nagad that are doing excellent things by introducing the digital Know Your Customers (d-KYC) process will be the game-changer in the coming days. My country also can replicate the digital KYC system which I believe will help the end-users to avoid language jargons,” he said.

After launching its service in March 2019, Nagad already becomes the second-largest MFS carrier in the country and become the fastest-growing carrier of this kind of payment system in the world.