BB to control e-commerce transactions

Staff Correspondent

25 June, 2021 12:00 AM printer

The proposal to bring e-commerce platforms within a Bangladesh Bank system to ensure transparency in their transactions with consumers is now at the commerce ministry for its approval.

The proposal was made at a meeting at commerce ministry on Thursday after several banks cancelled online transactions with 10 e-commerce platforms.

On Wednesday, Bank Asia and Dhaka Bank unlinked the online transitions with selected e-commerce platforms two days after the BRAC Bank did so.

The e-commerce platforms include Evaly, Alesha Mart, Dhamaka Shopping, E-ornage, Siranjgaonj Shop, Aladiner Prodip, Qcoom, Boom Boom, Adyen Mart and Needs.

Industry insiders said the banks took these actions as part of Bangladesh Bank’s initiative to introduce “Escrow” system. The system refers to a third party that holds money or an asset on behalf of the other two parties in a transaction.

Meanwhile, City Bank and United Commercial Bank (UCB) also issued cautionary message to their customers amid growing allegations of money laundering to couple of ecommerce platforms in name of online trading, the sources concerned confirmed daily sun on Thursday.

Regarding the issue, Bangladesh Bank executive director Serajul Islam said “The central bank is yet to notify the issue formally.”

“We learnt about the anomalies in e-commerce platforms. Then we investigated on Evaly and other platforms. We forwarded the findings to commerce ministry. They will take further move,” Serajul Islam told the daily sun.