Bangladesh is moving to introduce an open banking system to make financial services faster and easier for people and small businesses, and the announcement has started a conversation among banks, fintechs, and regulators. The system would allow customers, with their clear consent, to let trusted apps and fintechs access parts of their bank data so those apps can show accounts from many banks in one place, offer faster loan options based on real data, help people pay bills with one tap, and provide simple tools for tracking income and spending. Officials say the change could help customers get tailored offers without visiting many branches, and it could help small shops and gig workers access credit by showing real activity rather than only past paperwork. The plan also asks banks and fintechs to work on common technical rules so different systems can talk to one another, and experts are studying successful models abroad to learn what works and what to avoid. Supporters say open banking can encourage new services like payment initiation from an app, richer budgeting tools that use real data, and smoother ways to move money between banks and mobile wallets. The shift could also spur new businesses that build helpful apps while banks keep customer accounts and core services. At the same time, people who know the sector warn that clear rules on data sharing, strong cyber security, and real user consent are essential so customers feel safe. For this reason, planners want simple permission screens, clear records of what is shared, and strong steps to protect personal data. The change will need training for bank staff, fintech teams, and customer help desks so users can learn how to use new tools with confidence. Early pilots and standard tools can help test what works before services grow wider, and banks and regulators plan to work together along with payment networks so the technology is fair and reliable. If the plan succeeds, customers may find everyday banking easier, loans quicker to approve, and more choices for saving and paying. The move could also help the financial sector grow by inviting new startups, improving digital skills, and creating jobs in tech and customer support. The message from leaders is hopeful and practical: build common rules, protect data, train people, and try small tests to learn fast so new services bring clear benefits for users and the wider economy.
