Brett King Backs Bangladesh’s Banking Breakthrough
Renowned fintech expert and futurist Brett King highlighted how Artificial Intelligence (AI) and other emerging technologies are transforming the global financial sector and widening the gap between traditional banks and digital-first fintech firms. He expressed the view that if Bangladesh can build mobile-based digital financial services and a digital identity-based infrastructure, the country could swiftly overcome cash dependency and achieve significant progress in financial inclusion.
In his words, “You cannot build an AI-based economy solely on cash transactions. In the future, no one will be able to purchase server time at a data center, fly a drone, or operate an autonomous electric vehicle using cash. Biometric authentication and advanced AI-driven fraud detection will be the future solutions for the fintech sector.”
When asked why central bank digital currencies (CBDCs) have not gained popularity, King noted that their success in retail transactions within domestic markets remains limited. However, he suggested CBDCs could be effective in cross-border trade. He advised Bangladesh to consider using CBDCs in bilateral trade or transactions within regional alliances.
In response to another question, he said, “In 2012, China’s economy was as cash-dependent as Bangladesh’s. Today, cash use in retail transactions is less than 1 percent. Bangladesh could achieve a similar transformation within 10–12 years.” He cited improvements in internet and mobile network quality, affordability of smartphones, and investment in digital infrastructure as key requirements.
On strategies for digital transformation, King stated, “By 2040, all major financial infrastructures will be technology-driven. Those who fail to digitally transform in time will not survive—many banks will merge or be acquired. By 2050, the concept of a ‘bank’ will not resemble the banks of the 1990s or 2000s; they will be technology-driven service institutions. Large banks must transform into technology companies or launch separate digital banks to gradually migrate customers.”
Addressing the role of technology in preventing fraud, he noted, “Today, 80 percent of fraud occurs through social engineering or by exploiting weaknesses in outdated authentication methods. A person’s signature has not been considered secure for 100 years, yet it is still being used as a form of security.”
King made these remarks at the “Bankers Meet 2025” event held on Thursday, August 14, at a hotel in Dhaka, organized in collaboration with City Bank, Prime Bank, and AB Bank. He stressed that to address high levels of non-performing loans (NPLs) and various administrative challenges in Bangladesh’s banking sector, building a technology-driven infrastructure is essential.
In his keynote presentation, King demonstrated how AI and other emerging technologies are reshaping global finance and widening the gap between traditional banks and digital-first fintechs. He said Bangladesh could leapfrog legacy systems and adopt the “bank of the future” model now. He also emphasized the importance of sustainable development and climate considerations, presenting the concept of “Bank 5.0,” where digital infrastructure, real-time customer connectivity, and customer-centric innovation would be the main drivers of competition.
The event, attended by top leaders and senior executives from Bangladesh’s leading banks and financial institutions, explored the innovations and strategic partnerships necessary for the next stage of the country’s banking sector. Among the presentations was UAE-based fintech firm Fylps, showcasing its digital lending platform and digital customer onboarding solutions. The company also announced new partnerships with City Bank and AB Bank.
Tushar Hasan, Fylps’ Country Manager for Bangladesh, said, “Our goal is to build deep and long-term relationships with banks and financial institutions and align our solutions with their strategic objectives.”
Masrur Arefin, Chairman of the Association of Bankers Bangladesh Ltd. (ABB), said, “We are grateful to Fylps for bringing Brett King to Bangladesh at a time when our sector is on the brink of major transformation. The Bankers Meet 2025 discussions have made the urgency of technology-driven innovation and financial inclusion even clearer.”
In his closing remarks, Fylps CEO Bishwas Dhakal said, “Fylps has entered Bangladesh by combining years of technological and operational expertise gained from success in emerging markets. We aim to stay here for the long term and work closely with banks, regulators, and industry partners to accelerate digital transformation and customer-first innovation.”
