Bangladesh Bank FXTMS Integrates with Asycuda World to Digitize Trade Processes

As a major step toward simplifying import-export trade, Bangladesh Bank’s Foreign Exchange Transaction Management System (FXTMS) has been integrated with the Asycuda World system. The connection was implemented through a joint initiative by the National Board of Revenue (NBR) and Bangladesh Bank.

Sources reported that the system’s User Acceptance Test has already been completed. Pilot operations began on Tuesday, and the formal inauguration was conducted in the afternoon by NBR Chairman Md. Abdur Rahman Khan.

Previously, certified commercial invoices from banks had to be submitted in hard copy to the customs authorities. With the new integration, invoice data will now automatically transfer in real-time from FXTMS to the Asycuda World system, eliminating the need for separate paper submissions at customs offices.

Commenting on the initiative, the NBR Chairman said that the commercial invoice verification process will now be fully online and real-time. Paper usage will be significantly reduced, revenue evasion will be more effectively prevented, and revenue risks will decrease. The clearance process for import-export goods will become faster, smoother, and more hassle-free. Additionally, the system will help curb trade-based money laundering.

The NBR added that this system will create a reliable database for product valuation. Once the pilot is successfully completed, phased implementation will mandate the inclusion of commercial invoices in Bills of Entry.

According to sources, the joint initiative by NBR and Bangladesh Bank marks a significant milestone toward a paperless customs system. The integration is expected to streamline the country’s import-export trade and accelerate the modernization of customs operations.

DBTech/SA/MUM/OR