🇧🇩 ICT Industry in Bangladesh (1 Viewer)

[Saif]

Nagad signs deal with Huawei

Nagad and Huawei Technologies will work together to transform people’s digital transaction experience.....

www.newagebd.net

Nagad signs deal with Huawei
Staff Correspondent 09 July, 2024, 13:52

Nagad founder and CEO Tanvir A Mishuk and president of Huawei South Asia Region and CEO of Huawei Bangladesh Pan Junfeng shake hands after signing an agreement between Nagad Ltd and Huawei Technologies in presence of Bangladesh prime minister Sheikh Hasina as she attends 'Summit on Trade, Business and Investment Opportunities Between Bangladesh and China' as part of her China visit alongside several ministers and senior officials of Bangladesh and China at the Shangri-La Hotel in Beijing on Tuesday. | Focus Bangla photo

Nagad and Huawei Technologies will work together to transform people's digital transaction experience.

To this end, the two parties have signed an agreement, which will provide world-class smart transaction experiences to the country's people through Nagad, said a press release.

In the presence of Bangladesh prime minister Sheikh Hasina, the agreement between Nagad Ltd and Huawei Technologies was signed at the Shangri-La Hotel in Beijing on Tuesday.

Following this agreement, Nagad Digital Bank and Nagad's existing mobile financial services will be integrated with cutting-edge global technologies. As a result, customers of the country's first digital bank will enjoy international-standard transaction services anytime, anywhere.

On behalf of Nagad, its founder and CEO Tanvir A Mishuk signed the agreement. The event was also attended by finance minister Abul Hassan Mahmood Ali, foreign minister Hasan Mahmud, PM's private industry and investment adviser Salman F Rahman, state minister for posts, telecommunications, and information technology Zunaid Ahmed Palak and chairman of Nagad Digital Bank Muhammad Farid Khan.

Pan Junfeng, president of Huawei South Asia Region and CEO of Huawei Bangladesh, signed the agreement on behalf of Huawei Technologies.

Several ministers and senior officials of the Chinese government were also present at the event.

At this time, Li Fei, vice-minister of commerce of the People's Republic of China, highly praised Nagad's remarkable contribution to Bangladesh's economic growth and financial inclusion.

Speaking about the agreement, Farid Khan, chairman of Nagad Digital Bank, said, 'Nagad MFS has brought about a major revolution in Bangladesh's financial sector over the past five years. Now is the time to take it to a global standard. Nagad and Huawei will jointly work to achieve this for Bangladesh. Nagad Digital Bank will play a unique role in this, which will significantly contribute to building a smart Bangladesh.'

'To ensure the technological development required for a 100 per cent cashless society, we have signed this agreement with the world-renowned company Huawei Technologies. Through this, our MFS and digital bank customers in Bangladesh will enjoy world-class services causing digital transactions to become more comfortable and affordable,' he also said.

Marking the golden jubilee of diplomatic relations between Bangladesh and China next year, prime minister Sheikh Hasina began her China visit on 8 July.

During this visit, several notable agreements and memorandums of understanding are being signed between the two countries.

Eight years ago, when Chinese President Xi Jinping visited Dhaka, Bangladesh and China elevated their bilateral relations to a strategic partnership from trade and economic cooperation.

Later, during prime minister Sheikh Hasina's visit to China in 2019, China was termed as a comprehensive strategic cooperative partner in Bangladesh's development.

In the continuity of cooperation between the two countries, this agreement between Nagad and Huawei is significant even in the global context of digital transactions. As a result of this agreement, new financial services and products will be introduced for customers in Bangladesh, which will play a role in transforming the trend of the country's digital transactions in the future.

Inaugurated by prime minister Sheikh Hasina five years ago, Nagad has recently obtained the license for the country's first digital bank.

Within a short time, it has become the country's largest MFS operator with 9 crore customers and its daily transactions hit BDT 1,800 crore. Besides, Nagad has been recognised as the fastest unicorn by the government.​

 

[Saif]

Trade digitalisation is the way forward

At a recently organised roundtable by the International Chamber of Commerce (ICC) Bangladesh, titled 'Digitalising International Trade in Bangladesh' speakers came up with arguments why Bangladesh should be moving towards digitising its trade operations to seriously boost exports. The event brought

thefinancialexpress.com.bd

Trade digitalisation is the way forward
SYED MANSUR HASHIM
Published :
Jul 09, 2024 21:37
Updated :
Jul 09, 2024 21:37

At a recently organised roundtable by the International Chamber of Commerce (ICC) Bangladesh, titled 'Digitalising International Trade in Bangladesh' speakers came up with arguments why Bangladesh should be moving towards digitising its trade operations to seriously boost exports. The event brought together policymakers, business leaders, UN representatives and experts who agreed that eliminating the various (and tedious) process of paperwork could dramatically help expedite trade.

A significant portion of outbound trade is based on shipping. Roughly, 40 per cent of the containerised trade is still based on 'bill of lading' process that is a cause of much delay. According to a UN expert, "Bangladesh could earn $0.6 billion more annually, as the electronic bills of lading could unlock $30-40 billion in global trade volume if these processes went digital."

From what has been shared in the event, it is understood that digitising laborious manual processes can help reduce trade costs significantly, to the tune of 11-23 per cent and also help increase exports by around $600 million per annum.

Digitalisation has been a major stated policy thrust of the present government over the last few terms. However, there has been and continue to be push-back by various agencies which fear a loss of control and the streamlining of these processes (through adoption of new technology) would possibly impede the illicit earning of certain quarters. There is no nice way of saying this, but that is a fact of life in our country, especially given the spate of high-profile graft cases that have been made public over the last few months. But then, it also everything to do with ushering in greater trade efficiency and sustainability. The business community has for years been clamouring for change that not only would help ease up on the cost of doing business in this country, but help expedite lead times leading to more trade.

As pointed out by ICCB president, the Digital Standards Initiative (DSI), which is a part of a global effort in Singapore that is supported by trade and financial entities, including the Asian Development Bank (ADB) and the World Trade Organisation (WTO), remains a prime example of a system that works for the betterment of trade. According to Mr. Rahman, the introduction of bills of lading result in swift transactions, cost efficiency and reduce risks of fraud. Indeed, the advantages of using electronic form of bill of lading has been supported by internationally recognised studies and it is time for Bangladesh to enter into this regime.

As stated before, digitalisation of services remains a top policy priority. Since cost of doing business in the country has not fared well in various international indices, it is high time the government started taking serious steps towards a cashless and digital system. Naturally these call for serious reforms. However, before leaping on to the slated 'digital bandwagon', a host of issues need to be addressed, particularly, cybersecurity. Despite serious efforts to develop ICT resources in-country, the issue of cybersecurity remains a soft underbelly in the country. State entities including those storing sensitive repositories of data have seen their fair share of hacking and security breaches. These are loopholes in the system that need to be plugged.

The first step has been taken and now the hard task begins. Enacting laws, amending rules, addressing reforms highlighted in the national logistics policy, etc. all have to be taken into cognizance and these processes need to be expedited. The good thing is that international bilateral agencies and foreign governments are willing to work with their counterparts in Bangladesh - at the business and state level. One can only hope that the momentum for change is sustained because the country needs to move beyond recent debacles and boost trade as a matter of national priority.​

 

[Saif]

Digital trade: Bangladesh could earn $0.6b more in exports

Imagine you are a cargo owner in 1450. You hand over your goods to a ship and receive a bill of lading -- a paper document detailing your shipment. Fast forward to 2024: despite a dramatically changed world, the bill of lading process remains reliant on physical paperwork, used in roughly 40 per c

thefinancialexpress.com.bd

Digital trade: Bangladesh could earn $0.6b more in exports
Says UN expert at ICC Bangladesh roundtable
FE REPORT
Published :
Jul 08, 2024 10:31
Updated :
Jul 08, 2024 10:42

Salman Fazlur Rahman, MP (centre), Private Industry and Investment Adviser to the Prime Minister, participated as the chief guest in the ICC Roundtable on 'Digitalizing International Trade in Bangladesh' held in Dhaka on Sunday. Also seen in the picture, among others, are ICC Bangladesh President Mahbubur Rahman, Vice Presidents A K Azad, MP, and Naser Ezaz Bijoy; ADB Country Director Edimon Ginting; UN-ESCAP Director Dr. Rupa Chanda; ITFC Regional Head Iftekhar Alam; ICC-DSI MD Pamela Mar; ICCB Executive Board Member Kutubuddin Ahmed; Banking Commission Chair Muhammad A. (Rumee) Ali and Secretary General Ataur Rahman
Salman Fazlur Rahman, MP (centre), Private Industry and Investment Adviser to the Prime Minister, participated as the chief guest in the ICC Roundtable on 'Digitalizing International Trade in Bangladesh' held in Dhaka on Sunday. Also seen in the picture, among others, are ICC Bangladesh President Mahbubur Rahman, Vice Presidents A K Azad, MP, and Naser Ezaz Bijoy; ADB Country Director Edimon Ginting; UN-ESCAP Director Dr. Rupa Chanda; ITFC Regional Head Iftekhar Alam; ICC-DSI MD Pamela Mar; ICCB Executive Board Member Kutubuddin Ahmed; Banking Commission Chair Muhammad A. (Rumee) Ali and Secretary General Ataur Rahman

Imagine you are a cargo owner in 1450. You hand over your goods to a ship and receive a bill of lading -- a paper document detailing your shipment.

Fast forward to 2024: despite a dramatically changed world, the bill of lading process remains reliant on physical paperwork, used in roughly 40 per cent of containerised trade.

According to a UN expert, Bangladesh could earn $0.6 billion more annually, as the electronic bills of lading could unlock $30-40 billion in global trade volume if these processes went digital.

"Digital trade is crucial not only for Bangladesh but also for global trade efficiency and sustainability," said Rupa Chanda, director at UNESCAP. "The country could reduce trade costs by 11-12 per cent and gain an additional $0.6 billion in exports by embracing digital trade processes."

She made the remarks at a programme on 'Digitalizing International Trade in Bangladesh', organised by the International Chambers of Commerce (ICC) Bangladesh in Dhaka on Sunday.

ICC Bangladesh President Mahbubur Rahman chaired the programme. He said that digitalisation enhances efficiency, reduces costs and broadens market access.

At the roundtable, Mr Rahman introduced the Digital Standards Initiative (DSI) -- a global effort based in Singapore supported by trade and finance entities including the Asian Development Bank and the World Trade Organization.

He said every year, ocean carriers issue about 45 million bills of lading. Many international shipping documents still need to be standardised and mostly paper-based, needing physical exchanges.

In contrast, electronic bills of lading offer swift transactions, cost efficiency and carry less risks of fraud.

Citing a McKinsey study, the ICCB president said that 100 per cent adoption of electronic bills of lading could unlock $30-$40 billion in global trade by reducing trade friction.

He said this shift could also save 28,000 trees annually and cut carbon emissions.

Bangladesh ratified the UNESCAP Framework Agreement on Facilitation of Cross-Border Paperless Trade in 2020.

The roundtable on Sunday marked the first step in introducing the Digital Standards Initiative (DSI), with plans to draft rules and regulations aligned with global digitalization trends by 2027.

At the programme, Adviser to the Prime Minister on Private Industry and Investment Salman Fazlur Rahman said one of the most important components of digitalisation is interoperability.

Highlighting Bangladesh's success in creating an enabling atmosphere for digitalisation, the adviser said Bangladesh is making rapid progress in establishing a digital and cashless Bangladesh.

However successful international digital trade depends on other countries too, he added.

"International trade is not only dependent on Bangladesh but also dependent on the counterparts who also have to make various reforms," he said, adding that there are also some challenges arising from developed countries.

"Now we are seeing more and more protectionism, especially from the United States, even we are seeing that in Europe," he said.

Mr Rahman added that with the rise of technologies, there are growing concerns with cyber defence.

He said artificial intelligence is now evolving faster with exponential growth in its IQ level.

Regarding the export data mismatch among the National Board of Revenue (NBR), the Bangladesh Bank (BB) and the Export Promotion Bureau (EPB), he said the EPB has double-counted the value of merchandise sent abroad from the export processing zones (EPZs).

"The mistake which EPB made was double-counting the export from the export processing zones," he said.

Edimon Ginting, country director, Bangladesh Resident Mission, Asian Development Bank said effective digitalisation of trade will increase growth and create jobs by expanding access to global trade networks for developing economies.

He said there are two key impediments that we need to jointly work on and address. Those include a need for common standards and protocols that will enable effective interoperability among the players in supply chains, from exporters to logistics, customs, warehousing/logistics, finance, etc and the need to enhance legislation supporting the use and enforceability of key documents in trade.

To tackle these two important challenges, ADB, the Government of Singapore, and the International Chamber of Commerce founded the Digital Standards Initiative, he said.

DSI is working on addressing these challenges and helping promote a globally harmonised digital trade environment.

In order to address the lack of recognition of electronic versions of key trade documents such as bills of lading, the United Nations Commission on International Trade Law (UNCITRAL) developed The Model Law on Electronic Transferable Records (MLETR), he informed.

He also said the adoption of MLETR would serve the purpose of further improving domestic legal frameworks and facilitating cross-border trade.

While presenting the keynote, Pamela Mar, managing director, Digital Standard Initiative (DSI), International Chamber of Commerce (ICC) said this is a pivotal moment for Bangladesh as it graduates LDC, expands its international trade profile, and sets targets to become a digital economy.

Digital trade builds on Bangladesh's export manufacturing success while preparing it to compete in the future of trade, she said.

The DSI and our entire network including ICC Bangladesh, stand ready to support the country to make the digital trade transition successful, she added.

Iftekhar Alam, Regional Head for South & South East Asia at the International Islamic Trade Finance Corporation (ITFC), spoke about the ongoing efforts to streamline trade, particularly for major cotton-importing countries like Bangladesh.

Muhammad A (Rumee) Ali, Chairman of ICC Bangladesh Banking Commission, delivered the welcome address, emphasising the critical role of digitalisation in modernising trade infrastructure.

Lawmaker A K Azad, also the vice president of ICC Bangladesh, concluded the event by emphasising the importance of digitalisation for reducing operational costs and enhancing trade efficiency as Bangladesh aims to become a middle-income country by 2026.

Zaidi Sattar, chairman, Policy Research Institute, Mohammad Navid Safiullah, additional decretary, Ministry of Commerce, Mursheda Zaman, joint secretary, Ministry of Commerce, Md Sarwar Hossain, director (Foreign Exchange Policy Department) of Bangladesh Bank, Raich Uddin Khan, first secretary (Customs Automation) National Board of Revenue, Kutubuddin Ahmed, member, ICC Bangladesh Executive Board, Naser Ezaz Bijoy, vice-president, ICC Bangladesh and chief executive officer, Standard Chartered Bank, Md Saiful Islam, former president, MCCI, Muhammad Zahangir Alam, CFO, Square Pharmaceuticals Ltd also spoke, among others.​

 

[Saif]

Consider human emotions while developing cybersecurity measures

Excessive worry about cyber threats can lead to "security fatigue."

www.thedailystar.net

Consider human emotions while developing cybersecurity measures

VISUAL: FREEPIK

In the increasingly digital world, cybersecurity has become a critical concern for individuals, businesses, and governments alike. While much of the focus is often on technological solutions—there is another crucial aspect that often goes underappreciated: the human emotions involved in cybersecurity.

Fear and anxiety significantly impact cybersecurity. The fear of data breaches, identity theft, and cyberattacks can drive individuals and organisations to adopt more stringent security measures. For instance, after the high-profile Equifax data breach, which exposed the personal information of over 147 million people, there was a significant increase in the number of people signing up for credit monitoring services and identity theft protection. This breach highlighted the vulnerability of even large organisations and instilled fear among consumers about the safety of their personal information.

However, fear and anxiety can also have negative effects. Excessive worry about cyber threats can lead to "security fatigue," where individuals become overwhelmed and desensitised to the constant barrage of warnings and advisories. A study by the National Institute of Standards and Technology (NIST) found that people experiencing security fatigue may neglect basic security practices, such as updating passwords or installing software patches, thereby increasing vulnerability to attacks.

Trust is another pivotal emotion in the cybersecurity landscape. Users must trust that their systems are secure, that the websites they visit are safe, and that their personal information is protected. Unfortunately, trust can be easily exploited by cybercriminals through social engineering tactics such as phishing attacks. During the Covid pandemic, there was a significant increase in phishing attacks where cybercriminals posed as health organisations. These attacks exploited the public's trust in these institutions, tricking individuals into revealing sensitive information or downloading malicious software.
The 2013 Target data breach, where hackers gained access to the retailer's network by exploiting the trust placed in a third-party contractor, underscores how trust in third-party vendors can become a vulnerability if not properly managed.

The stress associated with maintaining cybersecurity can also influence behaviour. Professionals working in cybersecurity roles often face high levels of stress due to the constant threat of attacks and the pressure to protect sensitive information. For instance, the cybersecurity teams at hospitals during ransomware attacks, such as the one on Universal Health Services, experienced immense stress as they worked to secure patient data and restore critical systems while under attack. This stress can lead to burnout, reducing the effectiveness of cybersecurity teams and increasing the likelihood of human error.

For end-users, stress from dealing with complex security protocols and the ever-evolving nature of cyber threats can result in poor security habits. A common example is users resorting to simple, easy-to-remember passwords across multiple accounts, despite knowing the risks, to reduce the cognitive load associated with managing complex security requirements. This behaviour was evident in the aftermath of the Yahoo data breach, where many users admitted to reusing passwords across different sites to simplify their online security management.

Complex security measures often lead to frustration and anger. Managing passwords, dealing with frequent updates, and navigating authentication requirements can be exasperating. The Yahoo data breach underscores the importance of robust security practices, but user frustration can lead to non-compliance, undermining cybersecurity efforts. A survey by the University of California, Berkeley found that many users are frustrated by the complexity and frequency of password changes required by their employers, leading to shortcuts such as writing down passwords or using easily guessable passwords.

Confusion and helplessness often accompany cyber incidents. The rapid evolution of cyber threats and the complexity of security technologies can leave us feeling overwhelmed and powerless. In times of crisis, such as a ransomware attack or data breach, individuals and organisations may struggle to understand what steps to take. Developing clear response plans, conducting regular drills, and seeking assistance from cybersecurity experts can help alleviate confusion and empower us to respond effectively to cyber incidents.

Relief and satisfaction follow successful cybersecurity measures. Implementing robust security protocols, thwarting cyber threats, and safeguarding digital assets bring a sense of accomplishment and peace of mind. Knowing that our sensitive information is protected against malicious actors provides a sense of relief.

However, success in thwarting cyber threats can breed overconfidence and complacency. Believing that we are immune to cyberattacks can lead to lax security practices and vulnerability to future threats. Similarly, organisations may become complacent after implementing security measures, failing to adapt to evolving cyber threats. By staying informed about emerging cyber threats, conducting regular security assessments, and updating security protocols, we can guard against overconfidence and complacency.

Another issue that surfaces after cybersecurity breaches aspect is guilt and shame. Individuals may blame themselves for falling victim to phishing scams or neglecting security best practices. Organisations may feel ashamed of security lapses that compromise customer data or tarnish their reputation. Instead of dwelling on mistakes, they should focus on lessons learned, steps for improvement, open communication and collaboration to foster a culture of shared responsibility in cybersecurity.

To enhance cybersecurity by addressing emotional factors, individuals should be empowered with user-friendly cybersecurity education and practical knowledge. Building of trust by fostering transparency and reliability in digital services, prioritsing employee well-being and stress management to enhance cybersecurity resilience are also crucial along with simplifying security measures to reduce frustration and encouraging compliance.

In Bangladesh's digital journey, understanding and addressing cybersecurity emotions are paramount. By recognising the fears, frustrations, and triumphs inherent in digital defence, we can develop more effective strategies for safeguarding our digital assets. Through education, empathy, and collaboration, we can navigate the complexities of the digital landscape with resilience and confidence.

BM Zahid ul Haque is an experienced CISO and cyber digital transformation strategist.​

 

[Saif]

Smart Bangladesh, unsmart cybersecurity measures

In the recent case, the entire profile of an individual could be obtained from the Telegram channel by just providing two inputs: the NID number and the date of birth.

www.thedailystar.net

Smart Bangladesh, unsmart cybersecurity measures

For Smart Bangladesh, we need smart cybersecurity measures. VISUAL: STAR

With consistently poor data security and the resultant surge in cyberattacks in recent years, Bangladesh faces major cybersecurity challenges. The latest case of cybersecurity vulnerability was the leakage of sensitive personal data of individuals who have the smart National Identity (NID) cards on a Telegram channel. While the NID database contains personal information of more than 12 crore voters, 5.5 crore of them have Smart NID cards. The custodian of the NID system, the Election Commission (EC), has tried to wash its hands off the issue saying that the data breach occurred through one or some of the 174 institutions and organisations that have access to the NID server. But the fact remains that the EC is sharing sensitive personal data of citizens with various bodies that are not capable of ensuring their web security and integrity, resulting in this leakage.

Earlier in June this year, US-based online publisher of start-up and technology industry news TechCrunch revealed that the personal data of more than five crore Bangladeshi citizens had been exfiltrated and exposed from the website of the Office of the Registrar General, Birth and Death Registration (BDRIS). The exposed data included full names of the victims, their phone numbers, email addresses and NID numbers.

In the recent case, the entire profile of an individual could be obtained from the Telegram channel by just providing two inputs: the NID number and the date of birth.

The Telegram channel leakage raises questions about the integrity of the EC, which provides sensitive personal data of individuals to organisations with little ability to keep them secure. The BDRIS issue should have been a good enough red flag for the NID data custodian to limit access to information for high-risk organisations, like they have done after the Telegram issue surfaced.

What is even more concerning is that, despite identifying BDRIS as a source of data pilferage, no punishable action has yet been recommended against them by the investigating body, and the ICT Division closed the loop saying, "It is not acceptable that personal information of five million people was open to all. However, we cannot deny the claim either."

In other countries, such cases are not treated lightly, and responsible organisations are at least made accountable for their failure with penalties. For instance, the Integrated Health Information System of Singapore, in 2019, was fined $750,000 (around Tk 8 crore) for the incident of pilferage of personal data of its patients. Penalising organisations for such a breach is not about playing the blame game; rather, it is a negative reinforcement, holding them accountable for their negligence and making sure that they are more careful in the future. A simple slap on the wrist – as in the case of BDRIS – only goes to show how lightly this issue is being treated by the authorities here.

The problem with these data breaches means sensitive personal data of the citizens are now exposed – once data is leaked, even if it is taken down from public domain later, it is likely to remain with those nefarious bodies that have downloaded them – and this makes them even more vulnerable to crimes such as identity theft. Personal data could easily be manipulated by criminal groups to carry out fraudulent and criminal activities. What guarantee is there that your and my complete personal profiles are not lying at the disposal of some criminal gang – may be even in a far away, obscure location – for them to exploit and use at their will? And with the general election almost knocking at the door, what guarantee is there that criminals would not leverage these leaked data to manipulate the election results via identity theft?

We are moving towards Vision 2041 at a fast pace to become "Smart Bangladesh." As we move towards this grand vision, launch digital banking to bring the masses under the formal financial umbrella, increasingly leverage Internet of Things (IoT) for easier data exchange and to make life better, bridge the digital divide through digital innovation and sustainable solutions, and embrace 4IR, we are no longer in a position where we can wash our hands off responsibility by pointing fingers at others.

In the Telegram case, it was the EC's responsibility to make sure that only organisations with high security measures could access the personal data of citizens at its disposal, especially in the aftermath of the BDRIS incident. Leakage and exfiltration essentially pose a threat to national security, especially as we are digitalising more and more critical and sensitive services.

The Bangladesh Government's Computer Incident Response Team (BGD e-GOV CIRT), along with the cybercrime investigation team under the police's Counter-Terrorism and Transnational Crime (CTTC) unit and other agencies involved with combating cyberthreats, should be empowered with enhanced knowledge and adequate tools so that they are better capable of averting such risks and threats going forward. Since we are prioritising a smart future, we must also put in place adequate digital infrastructure to keep us safe in the smart world.

Tasneem Tayeb is a columnist for The Daily Star.​