What licensing and regulatory steps apply to a fintech offering a digital wallet in Bangladesh?

Launching a digital wallet service in Bangladesh requires compliance with a specific licensing framework governed primarily by Bangladesh Bank under its Payment Systems Regulations. Depending on the service model (e.g., wallet-based transactions, merchant payments, or fund storage), you may need authorization as a Payment Service Provider (PSP) or Payment System Operator (PSO).

Launching a digital wallet service in Bangladesh requires prior authorisation from the Bangladesh Bank as per the prescribed legal and regulatory framework. The service must operate through a prescribed model, which has a specific capital requirement threshold. There are other regulatory and investment-safeguard considerations. Compliance obligations include (but are not limited to): (a) maintaining a robust Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) programme aligned with the requirements of Bangladesh Financial Intelligence Unit (BFIU); (b) implementing e-KYC procedures; (c) transaction monitoring, and regular reporting of suspicious activities; and (d) Other applicable regulatory requirements of Bangladesh Bank. It is highly recommended to consult and engage a local counsel before initiating any procedure.

Launching a digital wallet service in Bangladesh requires prior authorisation from the Bangladesh Bank as per the prescribed legal and regulatory framework. The service must operate through a prescribed model, which has a specific capital requirement threshold. There are other regulatory and investment-safeguard considerations. Compliance obligations include (but are not limited to): (a) maintaining a robust Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) programme aligned with the requirements of Bangladesh Financial Intelligence Unit (BFIU); (b) implementing e-KYC procedures; (c) transaction monitoring, and regular reporting of suspicious activities; and (d) Other applicable regulatory requirements of Bangladesh Bank. It is highly recommended to consult and engage a local counsel before initiating any procedure.