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Fintech: Transforming the Future of Financial Systems

“Ignoring technological change in a financial system based upon technology is like a mouse starving to death because someone moved their cheese” – Chris Skinner
Technology is transforming the way we think, the way we live, and the way we do things. The ultimate goal of technology is the advancement of our lives and works. Like any other field, technological innovations have a great impact on financial activities. In this 21st century, it’s impossible to ignore the implications of technology on financial services and it shouldn’t be. The integration of technology with financial activities & services can be inconceivable. As a result, today we have Fintech, a fabulous cocktail of finance and technology.

What is Fintech?

Generated from Financial Technology, the term Fintech is used to refer to better and advanced processing of financial activities & services driven by technologies and innovations. Thus, it is the combination of financial systems and technology that aims to improve financial services by transforming traditional financial methods to a new and advanced phase. Rather than a certain technique, Fintech is a process of doing and delivering financial activities & services in technological and innovative ways.
Again, it is also referred to as a ‘financial industry’ which implies technology-friendly improved financial services. In other words, it ensures advanced applications and processes for products and services in the financial services industry. It enables businesses and financial institutions to use specialized software and algorithms for automating their financial activities and providing efficient services.

Financial Technologies around us!

Fintech has been evolving for a long period of time. Actually, the usage of technology in financial systems is not a new story. In fact, technology has always played a significant role in developing financial services. From credit cards to ATMs, electronic trading floors to high-frequency trading, financial systems have witnessed many technological innovations over the decades. In present times, we can easily transfer money using just a mobile phone, pay bills, check bank statements, and much more. There are a variety of personal finance apps as well as business financial apps for doing things more quickly. Using those apps, you can easily monitor your business finances from any digital devices, make online payments, or generate automated invoicing. Thus, technology and innovation have always been a bigshot for financial activities & services.

How is Fintech evolving?

Comprehensive usage of the Internet, an increasing number of IoT devices, widespread communications have made businesses, banking, insurance, and investment organizations rethink their traditional financial systems. People nowadays no longer want to stand in long lines or waste more time. They want faster, secure, and safe transactions and payments for financial activities. As well as transparency and availability for the financial services they get. For businesses, better and advanced financial activities help to reduce costs and ensure quality service providing. Thus, it’s no longer optional for companies especially banking and other financial institutions to adopt modern technologies for boosting their financial services.

Fintech is mainly dedicated to improve and automate banking services, insurance, investments, risk management, and trading. At its core, it gives innovative, faster, safer, and more efficient solutions for the overall financial systems of businesses and consumers. The solutions or services may vary from project to project or may have empirical differences, it may generate from different existing companies or a
new one dedicated entirely to this particular industry. At present, many reputed organizations like Apple, Goldman Sachs, PWC, JP Morgan, Amazon, Paypal, etc. are involved in developing various applications of Fintech. Moreover, a number of Fintech-based startups have evolved in the industry. Many other companies and institutions are collaborating with these startups to grab the benefits of fintech and to provide the services their customers want.

Every year till 2018, the worldwide investment in Fintech has doubled compared to the previous year. According to KPMG, the global investment in Fintech hit US $135.7 billion across 2,693 deals in 2019. According to CB Insights, 66 VC-backed Fintech unicorns worth a combined US $248 billion as of the first quarter of 2020. A study from FinancesOnline suggests that 60% of credit unions and 49% of banks in the U.S. accept that fintech collaboration is important. Another study from PWC in 2017 revealed that82% of banks, insurance, investment firms accept to partner with Fintech companies and 88% of them are concerned about losing revenue to Fintech inventors.

Remarkable Technologies behind Fintech

Several technology trends are playing a crucial role behind the guts of Fintech.

AI and Machine Learning — Artificial Intelligence (AI) and Machine Learning play one of the most vital roles in the Fintech industry. In fact, these techs are considered as game-changers in the automation of financial systems. Also, AI-based algorithms are very useful in market predictions. Other financial segments like risk management, credit scoring, security analysis, fraud detection, wealth management, and regulatory compliance are mostly benefited by AI & Machine Learning.

Big Data Analytics — Big data is invaluable for today’s business, so as for the Fintech industry. BigData Analytics opens up a vast scope for getting real-time insights of markets and customers. Thus, it is helpful for Fintech companies to make more informed investment and other financial decisions, analyzing market and understanding customer preferences.

Blockchain — Blockchain, a distributed and decentralized digital ledger technology is what inventors need to take the online transaction methods to the next level. Cryptocurrency, one of the most supportive applications for Fintech is mainly based on this tech. It has the ability to become a more secure, transparent and cost-effective alternative to traditional transaction methods. Also, it will speed up the financial operations and make them more efficient and faster. Robotic Process Automation (RPA) — Robotic Process Automation (RPA) is an AI-based technology used to automate certain manual and repetitive tasks. Automating these kinds of processes can
be very helpful for increasing the productivity of Fintech applications. Also, it can ensure fast, efficient and more accurate financial data processing.

Applications & Benefits of Fintech

The area of the Fintech industry is quite big and it’s expanding day by day. And the benefits are more bigger

Digital Payments and Mobile Banking
Digital Payments and Mobile Banking hold a large portion of the Fintech industry. The demand and usage of these services are increasing rapidly. E-commerce is one of the largest growth drivers of these services. Mobile Banking has made banking easy, giving customers digital access to their bank accounts. Mobile Payments, a subset of digital payments, is currently one of the most popular methods for money transactions. Mobile payment services like PayPal, Venmo, Xoom, Apple Pay, Google Pay, Zelle, Alipayare now a big part of the Fintech industry. The size of the global mobile payment market was US $1.8trillion in 2019 and is projected to hit the US $8.94 trillion by 2027.

Crowdfunding Platforms
An excellent and certainly one of the most benefiting outcomes of Fintech is Crowdfunding Platforms. These platforms allow raising funds for businesses, charities, voluntary works, or particular individuals from a variety of sources. Entrepreneurs and small businesses can easily get financial support from these platforms without going to any bank or conventional investors. Kickstarter, Patreon andGoFundMe are some of the most popular crowdfunding platforms.

Insurtech
Evolved from the comprehensive application of Fintech, Insurtech will probably be a distinct face of the insurance industry. It ensures the applications of innovative technologies for insurance services and provides online policy management, claims filing, data protection, and tailored insurances. Thus, it will streamline the insurance processes in a very effective way for the clients. Insurtech startups like Lazarus,
Oscar Health, Relay, PolicyGenius, etc. have been able to capture market attention in a very short time.

Robo-Advisors
Robo-Advisors are the automated financial advisers that are programmed to provide investment decisions, asset and portfolio management support. This algorithm-based Fintech application can be a good alternative to human advisers for investment and financial industry. Besides, it will ensure cost-friendly digital financial supervising in a reliable way.

Regtech
Regulatory Technology, simply known as Regtech, is a subset of Fintech which aims at automating the compliance processes for financial systems of any organization. It ensures faster and secure management of huge amounts of financial data like transaction records, compliance documents or legal policies in lower costs. It also helps the financial industry by reducing the chances of money laundering and preventing some other frauds.

Cryptocurrency or Digital Currency
Cryptocurrencies contemporary to Fintech are evolved by Blockchain technology and considered to be very supportive for Fintech companies. Again, digital currencies can be a great alternative to traditional transaction methods. The popularity of Bitcoin, Ethereum, and some other cryptocurrency is a good example of that. Fintech companies are very focused on digital currency and are trying to increase their availability to provide hassle-free services to customers.

Fintech will reshape the face of future financial systems. Though in many developing countries, it is evolving at a slow pace, but Mobile payments and banking are very popular in these regions. Hopefully, other Fintech applications will be available there in the near future.

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Business Stories

Future of IT in Bangladesh

Information Technology ( IT ) has changed the world in modern days. IT is the special use of computers to store, extract, transmit and manipulate data or information. IT is considered as a subset of Information And Communication Technology. Humans have been storing, extracting, transmitting and manipulating data or information as a written format since Mesopotamia. Modern day technologies have upgraded the system and made unlimited storage. 

Over the last 7 years, the offshore IT market of Bangladesh has grown at a good rate. In fact Bangladesh has already become one of the best places for IT players in recent years. With the ability to operate at least 20-30% lower cost than any other countries of South Asia, Bangladesh gives a large entry-level workforce. 

The IT industry in Bangladesh helps the national economy a lot. This industry not only helps the national economy but also creates a prestigious position in the global market. The domestic market size was US$ 0.9-1.1 billion in 2017. But in 2020 the size is US$ 2.3-2.6 billion and the income is increasing. As a result the government of Bangladesh has given their interest in this sector already. Bangladesh has a large population and they are really interested to work in this sector. On the other hand, the cost of working in Bangladesh is really less than other Asian countries like India, Philippines, Pakistan etc. So the present state of IT industry in Bangladesh is really good. 

An IT based company wants a lot of things and Bangladesh is completing those wants. Supply of electricity is the first basic wants of a company. Bangladesh is producing as much as electricity. So there will be no load shedding in future. Then Bangladesh is connected with SEA-ME-WE 6 fibre cable. So the internet speed is good enough and increasing day by day. An IT company  needs that type of internet speed. 

Bangladesh is a country where anyone can build a business and carry on that. People easily get attached with those products. An IT company produces software, cloud computers, databases etc and people of Bangladesh always accept them properly. So the foreign investors are finding interest in investing in the IT sectors of Bangladesh. As we can see, the future is really bright for the IT sector. 

Moreover the government will make 100% corporate tax exemption till 2024 and 80% VAT exemption on rentals and utilities. The Bangladesh government is setting up 25 high-tech parks and software parks across the country.  The decision ‘50% personal income tax reduction for foreign employees for 3 years’ has given a wide range for the foreigners to work with this country’s people. 

Every year a lot of students are completing their graduation, post-graduation degree and trying their best to get a job. Unfortunately there are not enough job opportunities in Bangladesh. In this case the IT sector  is creating a big space. In an IT company an employer doesn’t need to be physically present. So he/she can work from a long distance. 

Bangladesh is mainly focused in the USA and the UK based IT sectors. Now the situation is changing and other rich European countries are also beneficial for the future of Bangladesh. So Bangladeshi IT companies are searching for the future market for Bangladesh in those countries.  

Bangladesh has limited liabilities but if the people utilizes these properly, the situation will improve. Bangladesh has the potential to play multiple roles in the service delivery portfolios of global companies. Bangladesh can be called a hub for the regional market. As the domestic market is poised  with remarkable growth, the government as well as private sectors will invest a lot in the IT industry in future. So the future of this industry is really on top of the mark. 

Bangladesh offers a compelling blend of quality talent at a lower cost with a risk profile much lower than commonly perceived. The proposition is further accentuated with sensible government support to boost foreign investments. Bangladesh has positioned herself as a strong contender for companies appraising locations for the next wave of cost arbitrage.  There are certain challenges regarding infrastructure, talent adjustability and data protection. However the government and industry have adopted bold measures to assuage their impact and create a harmonious ecosystem for the growth of the IT sector. It is important for companies to consider  Bangladesh to understand the nature of risks that exist and how they compare with other peer emerging locations in order to make an informed decision based on the ability to manage or mitigate such risks.    

Written By

Md. Istiak Ahmed
Faculty Of Business Studies 10th Batch
Department Of Management
Session: 2019-2020
Mawlana Bhashani Science And Technology University, Santosh, Tangail.

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Top 10 Global

Top 10 Tiles And Ceramics Companies in Bangladesh

top 10 tiles and ceremics companies in bangladesh

In Bangladesh, people use tiles and ceramics to decorate their houses, gardens, and office premises, and to add an extra layer of beauty to the buildings. Tiles and Ceramics Companies are silently booming in Bangladesh and there are a number of tiles and ceramics companies who are doing great over the years in Bangladesh. Under a trade body named Bangladesh Ceramic, Manufacture & Export Association (BCMEA), Bangladesh has international standard export-oriented companies of tiles and ceramics too. The tiles and ceramics of these companies are really good. All of these companies are showing their abilities to beat the competitive market. We have gathered here 10 Tiles and Ceramics Companies in Bangladesh.

Source: The Daily Star

List of Top 10 Tiles and Ceramics Company In Bangladesh

1. DBL Ceramics Limited

DBL Ceramics Limited is one of the leading ceramics tiles manufacturers in Bangladesh. At the end of 2016, DBL started its operations and in this short period of time using creativity and unique design, this company has come a long way. This company is passionate about continuously learning, growing, and serving and they always care for its customers, associations, stockholders. The products of this company are Polish, Porcelain, Wall Tiles, Technical Porcelain, Decor Tiles in various designs as well as shades.

Address: 2nd Floor, House 10, Road 04, Gulshan-1, Dhaka 1212, Bangladesh  | Phone: +880-2-9127574

2. PORCELANOSA Tiles Bangladesh

Porcelanosa Grupo is a Spanish brand. In association with Nupami Bangladesh Ltd. Porcelanosa had launched its product in Bangladesh. This Spanish multinational brand offers a large range of products to the customers and their products are really world-class. The main products of this company Floor Tiles ( ceramic stone, ceramic parquet, porcelain tiles, anti-slip flooring ), Wall tiles, Kitchens( kitchen furniture, kitchen taps), Bathroom Equipment Solutions ( rain shower, shower rings, bathroom taps, bathroom accessories) 

Address: Nupami BD Ltd. 40/7 North Avenue, Gulshan-2, Dhaka-1212. Bangladesh. | Phone: +88 01793 5677404 | Website: bd.nupami.com

3. BRAVAT Bangladesh

BRAVAT is a German multinational company and committed to building an elegant style with premium quality. This company always keeps its eye on their customers to know the customer’s tastes so that they can make the best product. This sanitary ware manufacturer company which produces luxurious, stylish, charming, brightening products like an electronic faucet, magic cube, square round, countertop basin, semi-recessed basin, under counter basin, intelligent toilet, bathtub, bath furniture, shower enclosure, etc are favorite to their customer.

Address: Dahmashi Trading Company Limited, House 34 (First Floor), Road 19/A, Block E, Banani, Dhaka 1213, Bangladesh | Phone: +880 2 9840545, 9820909 | Website: www.bravat.com.bd

4. MIR Ceramic Ltd

Mir Ceramic Ltd is a Bangladeshi company. This company is one of the leading ceramic and porcelain tiles manufacturer companies in Bangladesh. This company was established in 2001. In 2002, this company started commercial production. Italian brand SCAMPI has provided all the machinery for this company. This company produces porcelain tiles, ceramic wall tiles, granite floor tiles, homogenous stair tiles, industry tiles. Another special product of this company is Mir polished tiles.

Address: House # 13, Road # 12, Dhanmondi R/A, Dhaka – 1209, Bangladesh. | Phone: +88 02 8110131

5. Great Wall Ceramic Industries Ltd

Great wall ceramic ltd is the largest tiles and ceramic manufacturer of Bangladesh. The world-renowned Thai brand name COTTO in association with Bangladeshi brand CHARU used to run this company. This company is enriched with various designs and technologies. This company serves the desire of the customers. Quality products and best service to the customers, employees working environment is good, profitable, and responsible growth are the vision of this company. Different sized ceramic wall tiles, rustic wall tiles, homogenous, homogeneous & porcellanato print, décor, and border are the product of this company.

Address: 28, Navana Zohura Square, Kazi Nazrul Islam Avenue, Bangla Motor, Dhaka – 1000, Bangladesh. | Phone: +88 02-55168031| Factory Address: Gilarchala Sreepur, Gazipur, Bangladesh.

6. China-Bangla Ceramic Industries Ltd

China-Bangla Ceramic Industries Ltd also known as CBC Tiles is one of the top ceramic manufacturing companies. It was founded in 2001. It is a joint venture in private between Bangladesh and China. This company has sophisticated technology which helps them to produce quality products. This company is successfully producing a wide range of ceramic wall tiles, floor tiles, decor tiles, glazed porcelain tiles, border tiles, homogeneous tiles.

Address: National Plaza (4th & 5th floor), 109, Bir Uttam C. R. Dutta Road, Dhaka-1205, Bangladesh. | Phone: +88-02-9668278-9 | Factory Address: Tarabo, Rupgonj, Narayanganj, Bangladesh. | Phone: +88-02-7453908 | Showroom Address: Noorjahan Bhaban (1st floor), 23, Poribag, Hatirpool, Dhaka-1205, Bangladesh. | Phone : +88-02-9612986

7. Akij Ceramics Limited

Akij Ceramics Ltd is a Bangladeshi company. It was established in 2012. Since the establishment, with hard work, innovation and patronage from the customer, this company is getting stronger. Nowadays, this company has become one of the strongest players in the tiles industry of Bangladesh. This company uses international standard machines to make products best from all. Wall tiles, homogenous floor tiles, ceramic floor tiles, porcelain printed floor tiles are the main product of this company. This company also produces a premium bathroom and kitchen tiles called VANITA.

Address: 4th floor, Akij House, 198, Bir Uttam Mir Shawkat Sarak, Gulshan Tejgaon Link Road, Tejgaon, Dhaka-1208, Bangladesh. | Phone: +880 1755621492-3 | Factory Address: Trishal, Mymensingh

8. RAK Ceramics (BD) Ltd

RAK Ceramics is a multinational ceramics tiles manufacturer. This company is situated in the UAE. In 1998, UAE-Bangladesh joint venture project named RAK Ceramics (BD) Ltd started running under the rules of a private limited company act 1994. This company is one of the leading ceramic solution lifestyle providers. Using the experience, the product range of this company has enlarged a lot. Ceramic wall and floor tiles, décor and borders, junior tiles collection, rustic glazed tile, industrial tiles, grease porcelain tiles, sanitary ware are the main product of this company. Different types of accessories like paper holder, urinal bowl, towel rail, shelf, bidet, soap case are also made by this company. 

Address: RAK Tower, Plot#1/A, Jashimuddin Avenue, Sector # 3, Uttara Model Town, Dhaka – 1230, Bangladesh. | Phone: +88 02 8917393

9. Star Ceramics Bangladesh Limited

Star Ceramics Bangladesh Limited was founded in 2012. This is a Lebanese Bangladeshi joint venture ceramic tiles and sanitary ware manufacturing company. This company always keeps its focus on the quality of the products, customer satisfaction, and various innovative designs. This company makes world-class products by understanding the customers’ needs and requirements. Enriched with the latest technology and modern equipment, this company makes tiles and sanitary wares.

Address: Star Ceramics Limited. House # 44, Road # 10, Sector # 11, Uttara, Dhaka–1230, Bangladesh. | Phone: +88 02 8950384

10. X Ceramics Ltd

X Monica is The Italian Brand Tiles. Established in 2008 in Bangladesh, this company has become one of the leading tiles manufacturers in Bangladesh. A large amount of research, customer interaction, and a good production line has helped this company to establish in Bangladesh. The main fact is that this company adopted cutting edge technology which helped this to overcome a large distance in the market. Wall tiles, floor tiles are the main product of this company.

Address: Index Point, Road 12, Plot 34, Baridhara Diplomatic Zone, Dhaka – 1212, Bangladesh. | Phone: +88 01755-555133

Sources: Wikipedia, Bangladesh Business Directory

Contributor: Md. Istiak Ahmed | From Mawlana Bhashani Science and Technology University

Note: These are not Official Ranking From Any Established Authority. Business Haunt Picked Them Randomly and Placed on the Base of Popularity and Internet Source.

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