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Fime supports Bangladesh Bank in launching card scheme

Thursday 10 August 2023 13:20 CET | News

Fintech Fime has announced that it’s been selected by Bangladesh Bank to help launch the nation’s domestic card scheme.

Through the partnership’s duration of six years, Fime will provide consulting and testing services, while setting a certification body framework. With the establishment of this independent payment infrastructure, Bangladesh Bank may be able to create a stable, sovereign economic platform that can deliver financial security to its customers.

Fintech Fime has announced that it’s been selected by Bangladesh Bank to help launch the nation’s domestic card scheme.

Consultants from Fime will first offer support in defining Bangladesh Bank’s payment strategy, to lead to improved financial inclusion and security. The fintech will also be involved in the certification body framework, while supporting the onboarding and, eventually, the running and operation of the scheme. As per Bangladesh Bank’s officials, the country is an emerging market, with a growing payment ecosystem and a need for digital solutions that advance the Smart Bangladesh Mission. Fime’s officials have stated that the initiative will represent a fundamental part in increasing the penetration of digital payments and enhancing financial inclusion in the region. Their team in South Asia will offer global expertise at a local level, tailoring the domestic scheme and its architecture to the requirements of the Bangladeshi market. 

Domestic payment schemes

Domestic payment schemes facilitate transactions within their respective countries, posing an array of limitations as globalisation has rapidly risen. However, international card schemes, which became more prevalent, have encountered several challenges when it comes to international regulations compliance and ethical business practices. As a result, in the last decade, several countries have advocated for the creation of domestic payment schemes. 

The initiatives, which offer data security and maintain control of payments within a country’s jurisdiction, partner with local financial institutions and businesses to establish payment ecosystems that take into account local finances, language, and cultural partialities. The adoption of domestic payment schemes is also influenced by the lower processing cost, for both the issuers and acquirers, as well as the understanding of the target population. Moreover, according to the Global Payment Cards Data and Forecast to 2027 report, numerous world’s largest payment card markets are rapidly increasing the numbers of domestic scheme cards. 

More information about Fime

Fime offers a cross-industry perspective, local insight, and heritage in testing and certification, helping clients to launch solutions that are secure. The company’s services include payments, biometrics, authentication, and Open Banking. Back in July 2023, Fime supported the EMV 3DS specs, announcing their EMVCo qualification that supports 3DS Directory Server (DS) and Software Development Kit (SDK) testing. The fintech’s platform can be leveraged by merchants looking to transfer to 3DS v2.3.1.1., therefore receiving secure and accessible ecommerce authentication and reducing cart abandonment. 

Moreover, Fime has endorsed multiple domestic card schemes globally, Bangladesh being the second country in the South Asian region, after their work on India’s RuPay scheme in 2014. The company’s involvement in the partnership has included defining the certification specifications, laboratory setup, test plans, test tools, and operating the certification board for RuPay. 

Source: Link


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Keywords: payments , digital payments, financial inclusion, card scheme
Categories: Banking & Fintech
Companies: Bangladesh bank, Fime
Countries: Bangladesh
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