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Bangladesh to face 4IR

Internet has opened a new horizon which was basically a seedbed of multiple revolution. We keep challenging our limitations and enhancing our productivity. Technology based capacity maximization brought ourselves to embrace a revelation whether we are ready or not. At the beginning of technological advancement, we started using internet as a tool of for completion of task, facilitating productivity, automation of difficult and time-consuming works. Walking ahead on this path, we seem to have adopted technology in a way that, it has become an industry and eventually an indicator for social and economic development in national or global level.


A financial organization adopting technology for boosting efficiency and accuracy. Products and Services being sold digitally through platforms. Paper and Plastic money losing their preference over electronic money. Company like Alibaba use to sell goods through internet, they stepped in the money market with Alipay. Being a tech company, Amazon sells almost anything needed to run your family. Business is changing its nature rapidly. It's difficult to determine whether tech companies are involving them in every possible sector and making an ecosystem or it’s the big companies with a vision to build ecosystem becoming tech companies. The driving forces are undoubtedly strong in both the demand and supply sector resulting revolution. The main underlying objective or expected outcome of any revolution is to have economic proficiency and welfare of the society.


In this gigantic wave of Fourth Industrial Revolution (4IR), where does Bangladesh stands with its vision of shaping the economy digitally and calling it “Digital Bangladesh”! Whether the word “Digital Bangladesh” is becoming a cliché or the policy maker are really on the right track with proper vision. The economy should be ready to utilize the revolution to get the best out of it. Otherwise it just might fall behind for lack of preparation.


According to Oxford Internet Institute, Bangladesh is the second largest online labor supplier. Urban life in Bangladesh is much more advanced in terms of transportation, banking, telecommunication, digital payments, e-commerce etc. Fintech industries are rising, private sectors are adopting technology faster than expected. Telecommunication has made it easier to access internet, and Bangladeshi youth are very positive in experiencing new things. It was just a wait for the people to get something good to turn it into productivity. People started using cybercafé, post-paid internet, prepaid internet, mobile internet etc. They made it from desktop to smart phone, and eventually social media for finding new scope of business. In every sector of technological development, our youths broke their own record. Government had or even having a tough time to accommodate these talents. Mobile Financial Services (MFS) is one of the mentionable sectors has grown miraculously. Domestic money transfer has been channelized and deployed in remote areas of the country through MFS. Faster movement of money is vital for a growing economy to boost its movement upward. Platform based global players like Uber, Daraz (Alibaba), Bproperty (Emerging Markets Property Group) are already doing good in Bangladesh, Amazon and Walmart are on their way to enter the market. All the banks are changing the way of banking with eKYC and digital banking apps.

Peoples involvement in IT-ITES are not imposed by regulatory bodies neither a result of holistic development. Rather it’s the adoptive nature of this nation and facilities extended by Government.  The wise eyes of tech innovators along with investors are also acted as a catalyst. Business organizations used to adopt technology as an alternative channel. By the course of time, technology has become the main operational tool for managing business.

Now it’s time for the Government to connect the dots along with building environment and infrastructure for full-fledged evolution of the ICT sector. People are already walking towards 4IR. Government is to pave it well and get the best out of this evolving industry. Three most important element namely Education, Investment and Projects in ICT can help the nation to march forward. Education and Investment in ICT sector is already showing a positive economic growth in the industry. Youths educating themselves about ICT, therefore, using ICT as medium of Education. IT-ITES industries are being invested publicly and privately. Many Government ICT projects has seen the day light and there are more major ongoing projects.

Policymakers are visionaries with power. They are exercising and implementing the power for the betterment of the economy. Mission of the ICT Division of the Government of Bangladesh to support attainment of overall socio economic development of the country by establishing universal access to ICT for all through research, development successful utilization and digital management of ICT. An alignment of mindset between people and policymaker would only help us to attain economic proficiency and welfare of the society, to walk along side with 4IR and call it Digital Bangladesh

 

  

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Shah Arafat Hossain
Blog group founder

Shah Arafat Hossain

Senior Executive Officer

The Premier Bank Ltd.

Member since

21 Jul

Location

Dhaka

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3

This post is from a series of posts in the group:

Mobile Financial Services (MFS)

Discussion about the present and future contribution of Mobile Financial Service in the economy.


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