INNOVATION IN FINANCIAL SERVICES: THE CASE OF BANGLADESH
DOI:
https://doi.org/10.12775/CJFA.2020.002Keywords
financial innovation, financial technology (fintech), mobile financial services, financial inclusion, digital financial servicesAbstract
The financial services industry of Bangladesh has achieved phenomenal success and advancing day by day for the growth of technology. Bangladesh has long been considered a role model for financial inclusion, first with the emergence of proliferation and prominence of microfinance institutions, especially in rural areas. This paper examines the financial services innovation in Bangladesh by presenting the changes in the industry over the years. The paper also analyses the comparative picture of Bangladesh’s financial inclusion and world financial inclusion. This study is a descriptive study where quantitative data has been collected from secondary sources. The study reflects a very positive picture of financial innovation in Bangladesh. We expect that the study can be used by concerned business people in decision making for the better implication of financial innovation.References
Ahmed, J.U., & Ahmed, A. (2018). Agrani Doer Banking: Agent Banking Business in Bangladesh. Business Perspectives and Research, 6(2), https://dx.doi.org/10.11 77/2278533718765532.
Al Janabi, M.A. (2006). On the inception of sound derivative products in emerging markets: Real-world observations and viable solutions. Journal of Financial Regulation and Compliance, 14(2), 151-164. https://dx.doi.org/10.1108/13581980610659468.
Armendáriz, B., & Morduch, J. (2005). The economics of microfinances. London: MIT Press Direct.
Bangladesh Bank (2018). Bangladesh Mobile Financial Services (MFS) Regulations, 2018, https://www.bb.org.bd/mediaroom/circulars/psd/jul302018psdl04e.pdf (accessed: 12.03.2020).
Bangladesh Bank (2020). Mobile Financial Services (MFS) comparative summary statement of February, 2020 and March, 2020, https://www.bb.org.bd/fnansys/paymentsys/ mfsdata.php (accessed: 15.03.2020).
Buckley, R.P., Arner, D.W., & Panton, M. (2013). Financial Innovation in East Asia. Seattle University Law Review, 37, 307-351.
Consultative Group to Assist the Poor (CGAP) 2006. Mobile phone banking and lowincome customers: evidence from South Africa, https://www.globalproblemsglobalsolutions (accessed: 16.02.2020).
Draghi, M. (2008). How to restore financial stability. Bundesbank Lecture Series: BIS Review, 112, 1-14.
Frame, W.S., & White, L.J. (2004). Empirical studies of financial innovation: lots of talk, little action? Journal of Economic Literature, 42(1), 116-144.
InterResearch (2017). Financial market and agent banking: Bangladesh context (InterResearch Working Paper). Dhaka: InterResearch.
Khalil, M.I., Ahmad, I., & Khan, M.D.H. (2017). Internet Banking: Development and Prospects in Bangladesh. CiteSeerX, 1-18.
Khan, R. (2014). Mobile Banking: An Innovative Way to Improve Banking Performance. International Journal of Scientific & Engineering Research, 5(12), 2229-5518.
Levich, R.M. (1985). A view from the international capital markets. In I. Walter (Ed.). Deregulating Wall Street. New York: John Wiley.
Lyman, T.R., Ivatury, G., & Staschen, S. (2006). Use of agents in branchless banking for the poor: rewards, risks, and regulation. CGAP Focus Note, 38, 1-16.
Miller, M.H. (1992). Financial innovation: achievements and prospects. Journal of Applied Corporate Finance, 4(2), 4-11. https://dx.doi.org/10.111/j.1745-6622.1992.
tb00213.x.
Nabi, M.G., Sarder, M.M.R., Moula, M.G., & Sarder, M.W. (2017). Do Mobile Financial Services Promote Ethical Banking in Bangladesh? Bangladesh Economic Association, 1-17.
Pietrzak, B., Polański, Z., & Woźniak, B. (2008). System finansowy w Polsce. Vol 1. Warszawa: PWN.
Rose, P.S., & Marquis, M.H. (2009). Money Market and Capital Market, Financial Institutions and Instruments in a Global Marketplace. New York: McGraw Hill.
Sadiku, M.N.O., Tembely, M., Musa, S.M., & Momoh, O.D. (2017). Mobile Banking. International Journals of Advanced Research in Computer Science and Software Engineering, 7(6), 75-76. https://dx.doi.org/10.23956/ijarcsse/V7I6/01615.
Siddik, M.N.A., Sun, G., Yanjuan, C.U.I., & Kabiraj, S. (2014). Financial inclusion through mobile banking: a case of Bangladesh. Journal of Applied Finance and Banking, 4(6), 109-136.
Smith Jr, C.W., Smithson, C.W., & Wilford, D.S. (1989). Managing financial risk. Journal of Applied Corporate Finance, 1(4), 27-48.
Sultana, B., & Khan, M.R. (2017). Are mobile financial services promoting financial inclusion in Bangladesh? An assessment study (No. id: 11914).
Sultana, R. (2014). Mobile Financial Services (MFS) Business and Regulations: Evolution in South Asian Markets. https://dx.doi.org/10.2139/ssrn.2524220.
The World Bank (2017). Global Financial Development Database, https://www.worldbank.org/en/publication/gfdr/data/global-financial-development-database (accessed: 22.03.2020).
The World Bank (2017). The Global Findex Database 2017, https://globalfindex.worldbank.org/ (20.03.2020).
Tufano, P. (1989). Financial innovation and first-mover advantages. Journal of Financial Economics, 25(2), 213-240. https://dx.doi.org/10.1016/0304-405X(89)90082-2.
Tufano, P. (2003). Financial innovation. In G.M. Constantinides, M. Harris, R.M. Stulz (Eds.). Handbook of the Economics of Finance. Amsterdam: Elsevier. https://dx.doi.org/10.1016/S1574-0102(03)01010-0.
Verghese, S.K. (1990). Financial innovation and lessons for India. Economic and Political weekly, 25(5), 265-272.
Downloads
Published
How to Cite
Issue
Section
Stats
Number of views and downloads: 1492
Number of citations: 0
