Blog Details

home / blog / Details

Fintech: A Prominent Revamp in Bangladesh

— Financial Technology

Fintech is a term that has recently become a buzzword throughout the world. Everyone is now adopting modern financial services to remain at the forefront of today's advanced simulated sphere, from SMEs to large corporations. Innovators with creative mindsets are stepping up to bring innovation to the frontline of the most significant challenge for the company and corporate success. Consumers from peripheral regions aren't trailing behind when it comes to adopting newer MFS (Mobile Financial Service) since they are open to new modifications in deferred fintech systems.

FIN & TECH Talks

Fintech was originally only associated with reformed and well-known institutions and industries. However, because the era was not frozen in any way, the concepts' restraints were going to come to an end as well. Fintech is now expanding its horizons and representing a variety of industries, including education, banking systems, integrated financial services, and so on, as well as harmonizing its business modules through customer-centric approaches.

A fintech is a cutting-edge approach to financial services that integrates technology and science to bridge the gap between traditional payment methods and consumer experience, according to the popular view. It refers to sophisticated software and technology that businesses and organizations use to enhance automated financial services. As a consequence of the adoption of fintech principles in financial operations, financial systems have become quicker, more cost-effective, and less time-consuming, with fewer opportunities for fraudulent cash disposal.

Fintech businesses in Bangladesh are fast-growing in a short period, and some are dominating the sector due to their diverse business models and strategic planning aspects. And some are still emerging themselves bringing innovative business ideas. Fintech has cemented its place in sectors of life that have made everyone's life simpler and more efficient, ranging from users' daily bill payments to mobile top-up, mobile banking, and merchant interactions.

Easy Payment System-EPS: In the Marathon of Digitalization

Among all the fledgling financial technologies in Bangladesh, one of the fintech technologies which is about to emerge to break the ground in terms of mobile financial providers is Easy Payment System (EPS). EPS is an innovative mobile financial service that promises to simplify customers' payment methods and assist them in resolving key technological concerns for new or previous users. This fintech technology has already been approved by Bangladesh Bank and aims to start a new revolution and seeks to usher in a new age by providing a wide range of services such as balance transfers, merchant payments, mobile pop-ups, corporate services, and more. It aspires to be one of Bangladesh's most famous MFS in terms of fintech by combining the most popular features into a single app.

As technology progresses, fintech in Bangladesh is becoming more sustainable. In a short amount of time, fintech is expected to dominate the financial industries In Bangladesh. Fintechs such as EPS are predominantly focused on reducing financial inefficiencies and a lifestyle that boosts customers’ happiness by delivering a hassle-free and fast-paced financial experience.