Twelve entities have applied for licences to operate digital banks in Bangladesh, according to a Bangladesh Bank document.
The applicants for proposed digital banks include mobile financial service provider bKash, mobile phone operator Robi, another mobile phone operator Banglalink's parent company Veon, microfinance institutions, and Akij.
The names of the proposed digital banks are: British Bangla Digital Bank PLC, Digital Banking of Bhutan, Amar Digital Bank, 36 Digital Bank PLC, Boost, AMAR Bank, App Bank, Nova Digital Bank, Moitri Digital Bank PLC, Upokari Digital Bank, Munafa Islami Digital Bank, and bKash Digital Bank.
The BB had earlier extended the deadline for submissions to November 2, following requests from interested parties.
The central bank approved the guidelines on digital banks in 2023.
According to the guideline, a branchless, end-to-end virtual banking system will help extend financial services to the last mile of the country.
Sponsors of the proposed digital banks must provide the minimum paid-up capital, and the bank must launch an initial public offering (IPO) within five years from the date of licence issuance by BB. The IPO amount cannot be less than the sponsors' initial paid-up capital.
Under the guidelines, preliminary approval was granted to Nagad Digital Bank and Kori Digital Bank.
However, the initiative was suspended following the fall of the Awami League government in August 2024.
Earlier in August this year, BB increased the paid-up capital requirement for digital banks from Tk 125 crore to Tk 300 crore