It will be an open national AI platform: Palak

The ICT department has taken the initiative to create an open national AI platform after the ‘Surokkha’ app to enhance its capabilities in the global context. State Minister for Information and Communication Technology Junaid Ahmed Palak has called upon all stakeholders to participate in this work. He made the call at the inaugural ceremony of the Nano Loan Program of City Bank through bKash at a hotel in the capital on Wednesday. "This day will be written as a milestone in the history of the Fintech revolution," he said. In this journey, bKash has played an important role in building a digital Bangladesh. So, bKash has become a name of trust today. Similarly, City Bank too has not kept itself stuck into a problem, rather it has tried to solve the problem. This initiative of City Bank and bKash will take Digital Bangladesh further ahead. Palak said that even after becoming the state minister, using the bKash app, I did not get a loan. I too have a bKash account in my Made in Bangladesh Samsung phone. But I have no such transaction through bKash. Artificial intelligence, however, says I am ineligible for a loan. Because in the last three months, there has been no transaction from my bKash account, as my wife has done the work of moderation and shopping. As per the policy, if the transaction is not done for three months, the loan will not be available. So even as a minister, I was not considered eligible for this loan. That is, how fair, digitally driven and dependent and neutral the digital system is easily conceivable. This is how the digital system is providing a transparent service. In this way, the digital system will help to build a gig economy in the country by ensuring transparency in transactions. Deputy Governor of Bangladesh Bank Abu Farah Md. Naser and Chairman of City Bank Aziz Al Qaiser were also present. City Bank Managing Director and CEO Masroor Arefin and bKash CEO Kamal Qadir, City Bank Digital Financial Services Chief Md. Zafrul Hasan, bKash Chief Commercial Officer Ali Ahmed and other senior officials of both the organizations were present at that time. Deputy Governor of Bangladesh Bank Abu Farah Md. Nasser said that the loan that is being introduced today will develop the economy and increase production. We urge banks to lend to the SME sector. Economic development will happen only if everyone develops. The small things come together and become a huge tree. This nano loan will one day lead the sector. We want every bank to have this kind of micro loan. He further said that Bangladesh Bank is going to publish a policy this year to fully launch digital banking services without branches and agents. Something can be done. The interest rate on the transaction will be around 7%. And everything will be on a fully digital virtual platform. City Bank Chairman Aziz Al Kaiser said, "Our 'Digital Nano Loan' will play a big role in fulfilling the Prime Minister's dream of Digital Bangladesh." Customers will not need to have a bank account to take this loan. They will be able to take and repay this loan through their respective bKash accounts. No collateral is required for this loan. As a result, small businesses will expand. Masroor Arefin, Managing Director and CEO of Citi Bank, said about the commercial launch of digital nano loan service, "As a financial institution, you will open an agent bank to deposit marginalized people's savings, transfer their money and do MFS business, but do not trust them and give them credit." That is not morally correct. The entry of City Bank and bKash in the age of digital nano loans has bridged this huge moral gap in our financial inclusion. In this regard, bKash CEO Kamal Qadir said, “The door has opened up many possibilities for the welfare of inter-transaction services between banks and MFS. Commercial banks can launch creative new services using effective digital platforms like bKash and a huge customer base. This will create an opportunity to reach the customers more easily. This initiative is in recognition of the complementary and trusting relationship between commercial banks and bKash. Digital nano loans will further expand the scope of financial inclusion. He further said that not foreign, but local software engineers are performing all the innovative work of bKash. I have never hired a foreign consultant. At the event, a demo was presented on how to get micro loan facility from bKash app in just a minute.