Bank and financial institutes should consider digital business identification (DBID) as equivalent to trade licence for issuing loans to e-commerce companies, urged the industry stakeholders.
For the growth of the sector, the government should adopt supporting policies like—lowering prices of internet and digital devices, they further demanded at the first of a series of e-Commerce Policy Dialogues held on Thursday.
"Since RJSC is the authority to issue DBID, an e-commerce Business having a DBID should be proof of a valid business and banks should be comfortable in giving SME loan to them," ajkerdeal CEO Fahim Mashroo said at the dialogue, jointly organised by the Ministry of Commerce and USAID in association with a2i (Aspire to Innovate, the Cabinet Division wing).
The first Dialogue Session was chaired by Tapan Kanti Ghosh, senior secretary at Ministry of Commerce while NM Zeaul Alam, senior secretary of ICT Division spoke as the guest of honour.
Rezwanul Haque Jami, Head of e-Commerce at a2i made the Keynote presentation where he said that cottage, micro, small and medium enterprises (CMSME) currently has approximately 50% growth every year. They could grow faster if allowed an easier legal incorporation and a tech-enabled e-Commerce platform.
"Digital ID is going to help ease this puzzle and make it easier for banks as well regulators to have a credibility check," he said.
Tapan Kanti Ghosh mentioned there are many challenges, but the Government is keen to work towards solutions far more than ever before. One of the key solutions to Trade Licences and Digital IDs lie in replacing or consolidating old legal requirements.
"This needs a coordinated effort," he said.
Zeaul Alam said the Government is already working on interoperability for payments. Once launched, this facility will enable automated payments to multiple stakeholders in real-time. He also encouraged banks to utilise finances for CMSME.
Among others, in-charge of Digital Cell at Ministry of Commerce Hafizur Rahman, Director General of Directorate of National Consumers' Right Protection A.H.M. Shafiquzzaman and Registrar of RJSC Sheikh Shoebul Alam spoke at the event.
Stakeholders from ICT Division, SME Foundation, Banks, trade bodies and e-Commerce industry joined this dialogue, highlighting the scope of bringing further modification to the existing policy.