As a result of this six-year partnership, Fime will provide consulting and testing services, and set up a certification body framework.
The group looked to ambitions of establishing this independent payment infrastructure, in a bid to form a stable, sovereign economic platform to maximize citizen security.
Mezbaul Haque, Executive Director, Bangladesh Bank, commented on the deal: “Bangladesh is an emerging market with a growing payments ecosystem and a strong desire for digital solutions that advance the Smart Bangladesh Mission.
“We are confident and ready to begin our journey towards payments sovereignty, and we are looking forward to working with Fime to achieve this goal.”
As a result of the collaboration, financial inclusion will be a key focus for the duo, something that has taken on vital importance during a challenging economic climate.
Angaj Bhandari, VP – MEA, India and South Asia at Fime, added: “Fime is pleased to be playing such an integral role in the creation of Bangladesh’s domestic payment scheme. This initiative will be fundamental in increasing the penetration of digital payments and boosting financial inclusion in the region.
“Our experts in South Asia will deliver global expertise at a local level, tailoring the domestic scheme and its digital payments architecture to the unique requirements of the Bangladeshi market.”
Fime has supported multiple domestic card schemes globally, with Bangladesh marking the second time it has done so in South Asia following its work on India’s RuPay scheme.