PayPal Signals Policy-Level Interest in Entering Bangladesh Market
International digital payment service provider PayPal has finally expressed policy-level interest in entering the Bangladesh market. However, Chief Adviser’s Special Envissary Lutfey Siddiqi has said that turning this interest into reality will take time and involve a lengthy process. According to him, PayPal is now preparing to formally initiate the procedural steps.
He shared this information at a press briefing held on Tuesday, January 27, at the Foreign Service Academy on Bailey Road in the capital.
Lutfey Siddiqi said discussions regarding PayPal had been ongoing for many years, but for various reasons the company was not willing to actively engage with Bangladesh. After several months of requests, around December 1 last year, PayPal for the first time sent a senior-level delegation to Bangladesh. The delegation included PayPal’s Asia-Pacific regional president (based in Singapore), the head of South Asia (based in Delhi), and several other senior officials, who stayed in the country for four to five days.
During their visit, the PayPal officials held detailed discussions with local entrepreneurs, private sector representatives, and other relevant stakeholders. They also met with the Governor of Bangladesh Bank and officials associated with the ICT sector.
He added that this was the first time he personally held a high-level meeting with PayPal representatives. “In principle, they are interested in coming to Bangladesh. But I want to say this very carefully so that there are no misleading headlines. PayPal is not coming immediately—and they themselves do not want to create such an impression,” he cautioned.
Lutfey Siddiqi further explained that for a global company like PayPal, launching operations in a new country requires going through a long internal process. There will be internal debates, board-level discussions, and multiple layers of decision-making. According to him, PayPal is now set to begin this entire process.
Sharing his personal assessment, Lutfey Siddiqi said, “My impression is that they are fully convinced. Bangladesh’s demographic potential existed before and still exists. But this time, what gave them the most confidence was our governance.” He noted that after discussions with the central bank governor and managing directors of private sector banks, PayPal officials observed that the banking sector situation has significantly improved compared to the past.
DBTech/ MUM/ EK / OR
