Syed Mahbubur Rahman
Managing Director & CEO
Mutual Trust Bank

The Daily Star (TDS): How is Bangladesh progressing in its transition to a cashless economy?

Syed Mahbubur Rahman (SMR): Bangladesh is making notable strides toward establishing a cashless economy, driven by government initiatives, technological advancements and introduction of digital financial services by banks, financial institutions and fintech companies. The introduction of the Bangla QR has been a significant milestone in promoting digital payments. Mobile Financial Services have also played a pivotal role in enhancing financial inclusion and promoting cashless transactions. 

Despite significant progress, challenges remain in achieving a fully cashless society. A substantial portion of the rural population remains unbanked, necessitating collaborative efforts from the government, and private sectors to improve financial inclusion and rural connectivity. Additionally, ensuring robust cybersecurity measures is crucial to build trust and protect users against potential digital fraud. Bangladesh is on a promising path toward a cashless economy, with strategic initiatives and technological innovations driving this transition. 

TDS: What innovative steps has your bank taken to accelerate the shift toward a cashless economy, and how have they impacted customers?

SMR: MTB has implemented several innovative initiatives to accelerate the transition to a cashless economy. These include the introduction of a seamless banking App- MTB Neo, QR code-based payments and contactless digital transactions. 

Our bank set the bar high in the banking industry with the launch of the country's first-ever Virtual Debit Card, a groundbreaking digital solution. A customer can apply for the card from MTB Neo App and get it instantly. With this virtual card, customers can perform ATM transaction through Cash by Code, QR transactions and e-commerce transactions conveniently. 

Additionally, we have expanded our digital financial services by launching the first ever banking bot in Asia: MTB Avatar. MTB Avatar is an artificially and emotionally intelligent bot. Our current MTB Avatar, named Md. Abu Yusuf, is guiding customers on various MTB products, banking services and relevant information. These innovations have significantly improved customer experience. As a result, our customers now enjoy greater financial accessibility and convenience in their daily transactions.

TDS: What policy changes or government initiatives do you believe are crucial for making digital transactions more secure, inclusive, and widely adopted?

SMR: To enhance security, inclusivity, and adoption of digital transitions, strengthening cybersecurity with advanced fraud detection and data encryption, launching nationwide financial literacy programs, and expanding digital infrastructure are critical. Streamlining regulations, fostering public-private partnerships, and ensuring interoperability across financial service providers will drive innovation and accessibility. Additionally, robust data privacy laws must be enforced to protect users' financial information. These reforms will enable a secure, inclusive, and efficient digital payment ecosystem, accelerating Bangladesh's transition to a cashless economy.