An Overview of FinTech in Bangladesh

Abstract

How the future financial industry is going to be reshaped by technological innovations is now a concern. Financial technology (FinTech), a much-discussed topic around the globe, is changing the overall financial system. The trend is not an exception in developing countries like Bangladesh. In this chapter, the authors aim to explore the current state of FinTech in Bangladesh in light with the possible challenges for growth, opportunities, and future prospects. The growth of FinTech helps a large percentage of people to become banked or has given possible access to formal finance. For having access to finance, high rate of mobile phone penetration, smooth mobile internet access, and high cost of access to formal finance are some factors that have enhanced FinTech penetration in Bangladesh for the past few years. In line with the given prospects, there are problems too. Therefore, using an in-depth study, this research addresses those issues, provides recommendations, and looks for possible solutions for the smooth operation of FinTech in Bangladesh.