Startup Bangladesh Limited, the country’s first venture capital fund by the Government of Bangladesh and Visa, the global leader in digital payments, signed a Memorandum of Understanding (MoU) to develop an effective and innovative financial inclusion and digital eco-system in Bangladesh. The MoU was inked at a signing ceremony on 7 February 2023. Mr. Sami Ahmed, Managing Director of Startup Bangladesh Limited, Mr. Soumya Basu, Country Manager, Bangladesh, Nepal and Bhutan, Visa, and senior officials from the respective organizations attended the program.
It is expected that this endeavour would provide an important platform for the startup ecosystem of Bangladesh and contribute to the Government’s Smart Bangladesh initiative. Under this MoU both parties will collaborate with each other in bringing Visa’s Fintech Fast Track Program to Bangladesh and engaging growth stage fintechs, and the Visa Ready certification program to enable fintechs and start-ups to launch innovative payment solutions in the market. It will also provide technical assistance and access to different workshops by Visa subject matter experts, access to Visa Development Platform APIs and the Visa Developer Sandbox that allows fintechs and start-ups to experiment and create new payment solutions. This program with Visa will further explore partnerships and collaboration opportunities for mutually beneficial fintech and start-up initiatives and events in Bangladesh.
Startup Bangladesh and Visa will further strengthen cooperation through knowledge partnership including research and knowledge sharing in the areas of common interest.
Startup Bangladesh is the flagship venture capital company of ICT Division. Under the visionary guidance of Honorable Prime Minister Sheikh Hasina, Startup Bangladesh – the first and only venture capital fund sponsored by the government of the People’s Republic of Bangladesh started its journey in March 2020 with an allocated capital of BDT 500 crore. In this effort to enable the nation to innovate faster, Startup Bangladesh has decided to partner with Visa, a world leader in digital payments and innovation present across more than 200 countries and territories in the world, to build a world class startup ecosystem in Bangladesh.
In the mission to build a “Smart Bangladesh” by 2041, startups will be crucial in identifying and developing solutions that meet the market’s needs. Fintech companies will be particularly instrumental in achieving the government’s objective of a cashless society. By combining the expertise of both organizations, I believe that the partnership between Startup Bangladesh and Visa will make a remarkable impact in building a digital economy,” said Honorable State Minister Zunaid Ahmed Palak, MP, ICT Division on the occasion.
“Our country’s transformation will continue with the help of a strong startup ecosystem and we may eventually realize our shared vision of a Smart Bangladesh. Startup Bangladesh is devotedly working to develop a venture capital ecosystem in the nation by giving early-stage and growth-stage entrepreneurs mentorship. We align with VISA, who likewise wants to give this development all the support it needs to continue.”, said Sami Ahmed, Managing Director, Startup Bangladesh Limited.
Soumya Basu, Country Manager, Bangladesh, Bhutan and Nepal, Visa said “We are delighted to partner with Startup Bangladesh and bring the best of Visa programs, initiatives and expertise to the startups and fintechs in Bangladesh. Digital payments are expected to bring in $6.2 billion to the economy and we are confident that fintechs will be at the helm of this growth. We remain committed to enhancing the payments ecosystem and working with our partners to strengthen and build the potential of fintechs in the country.”
