Business
Payment gateway Walletmix’s license cancelled for illegal transactions
Bangladesh Bank has cancelled the license of the payment gateway company Walletmix Limited for engaging in illegal transactions.
The Payment Systems Department of Bangladesh Bank on Monday (November 20) issued an instruction regarding the cancellation.
The Bangladesh Bank Executive Director and spokesperson Mezbaul Haque told UNB that Walletmix had made illegal transactions that were not authorized and because of this their license has been canceled.
As a result, from now on, no institution, including banks and financial institutions, will be able to transact with Walletmix.
The central bank has sent the license cancellation directive to the managing directors and chief executives of all scheduled banks, mobile financial services providers, payment system operators, and payment service providers in the country.
The payment system operator license of Walletmix has been canceled to protect customer interests under the authority of Bangladesh Payment Systems Regulations and in accordance with the terms of the license granted to Walletmix Limited, said a Bangladesh Bank notification.
Chinese company to invest $28 million in Uttara EPZ
Chinese company United Spinning and Dyeing Limited is going to invest USD 28.20 million to set up a Dyed Textile Yarn manufacturing facility in the Uttara EPZ.
Bangladesh Export Processing Zones Authority (BEPZA) signed an agreement with the company to this effect in Dhaka today (Wednesday).
Ali Reza Mazid, Member (Investment Promotion) of BEPZA, and Yu Min, Managing Director of United Spinning and Dyeing signed an agreement on behalf of their respective organizations.
The Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman, NDC, psc witnessed the signing ceremony.
Executive Chairman thanked United Spinning and Dyeing for choosing Uttara EPZ for investment. Mentioning upcoming Jashore and Patuakhali EPZ, he requested to make a plan to invest there in diversified products.
Yu Min said that it is their first project in EPZ and they have a plan to invest more. He hoped that the company would come into production within the next October.
United Spinning and Dyeing Limited will create employment opportunities for 1816 Bangladeshi nationals and produce annually 12,000 metric ton of dyed textile yarn.
Businesses want updated risk management systems to ease trade
Business leaders at a seminar organised by apex trade body FBCCI on Sunday urged the adoption of updated risk management systems in customs and ports operation systems to reduce the time and cost of export-import trading.
They emphasized a major reform in the next ‘Import Policy Order’ and lifted the 100 percent inspection requirement for importing agricultural and food products.
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The businesses said this in a seminar on international trade ‘Issues of Cross-border Trade: Importance of Risk Management System in Supply Chain of Agro Products’ organized by FBCCI.
The Bangladesh Trade Facilitation (BTF) project organized this seminar jointly with FBCCI, funded by USDA (United States Department of Agriculture), held at the FBCCI Auditorium, in Motijheel on Sunday.
Agriculture Minister Dr. Mohammad Abdur Razzaque was present on the occasion as the chief guest. He highlighted the country's self-sufficiency in food grains and the government's efforts to modernize and commercialize the agriculture sector.
He announced plans to allocate space near the capital for testing agricultural products, aiming to streamline the clearance process and minimize time and cost for traders.
Dr Mohammad Abdur Razzaque also indicated that the Government is willing to take any reform to enhance the quality of exports of the country. Implementing risk management can impact Bangladesh’s branding as a trusted agro-trading partner and can be beneficial in the post-LDC graduation context.
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Earlier in his speech, FBCCI President Mahbubul Alam said, "There has been a revolution in agriculture in the past year. The government is working to reduce the issues related to cross-border trade. We will soon discuss with the government to facilitate trade.”
Risk Management is a new concept in Bangladesh and BTF is here to support the government and private sector to understand and introduce it systematically with all legal and institutional backup, mentioned Michael J Parr, Project Director, USDA-funded Bangladesh Trade Facilitation Project (BTF).
The keynote paper presented at the program highlighted the physical inspection and testing requirement of 100% of agro and food products, without analyzing and assessing associated risks is unscientific and impractical. Risk management is a widely used international best practice that creates a balance between facilitation and control by expediting the release of low-risk products and imposing stringent interventions on high-risk ones.
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FBCCI Senior Vice President Md. Amin Helaly, Vice President Md. Khairul Huda Chopol, Anwar Sadat Sarker, Dr. Joshoda Jibon Deb Nath, Shomi Kaiser, Md. Munir Hossain, FBCCI Panel Advisors, Directors, former Directors, and other Business Dignitaries were present at the program.
DSE launches new data center for uninterrupted transactions on stock market
Dhaka Stock Exchange (DSE), the main stock market of Bangladesh on Sunday launched a new data center to ensure automated and uninterrupted transactions.
The DSE authorities have claimed it is a state-of-the-art data center with 106 racks, a press release said.
Stock exchanges should allow more access for vetting IPOs, said DSE Managing Director
The data center has already achieved ANSI/TIA-942, Rated-3 (Design and Construction) international standard certification, DSE said.
Rated-3 data centers have multiple paths to keep power, cooling, and other systems updated and running without taking them offline. As a result, equipment/devices can be removed/replaced/maintained on a planned basis without disrupting application operations, said the DSE.
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On November 12, the DSE announced that trading activities have been launched from the new data center at DSE Tower in Nikunja. It further stated that trading activities are being conducted successfully through the new data center since its commissioning.
According to DSE, the new data center has been equipped with state-of-the-art servers, network components, storage, and electrical equipment. By launching this state-of-the-art data center, DSE has ensured a highly reliable and modern trading platform for the benefit of investors and all stakeholders.
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DSE Chairman Professor Dr. Hafiz Muhammad Hasan Babu, Director Rubaba Daula, Managing Director Dr. ATM Tariquzzaman, Chief Operating Officer M. Saifur Rahman Majumder, Acting Chief Technology Officer Tariqul Islam, among others, were present in the opening transaction ceremony.
HBL, Bank of China sign MoU to enhance regional trade
HBL and the Bank of China (BOC) signed a Memorandum of Understanding (MoU) for strategic cooperation at the BOC headquarters in Beijing, China.
Liu Jin, vice chairman and president of Bank of China, Sultan Ali Allana, chairman of HBL, and Muhammad Aurangzeb, president and CEO of HBL represented their respective institutions.
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The signing of the strategic cooperation memorandum signifies HBL and BOC’s commitment to drive economic empowerment and regional connectivity, said a press release.
The collaboration between HBL and BOC will facilitate Bangladeshi businesses with seamless trade opportunities, enhance their international business network, and help grow their operations locally and overseas.
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HBL and BOC will further benefit businesses operating in South Asia, Middle East, Central Asia, and Africa. Both the organisations will work to deepen strategic cooperation in the areas of Environmental, Social & Governance (ESG), technology, and training, reads the release.
Bank of China is a premier bank in China with presence in over 60 markets around the world while HBL serves over 15 global markets with dedicated China desks and branches in Beijing and Urumqi.
Walton launches two new full HD frameless monitors with IPS Panel
Walton, Bangladesh leading tech product manufacturer, has launched two new models of slim monitors equipped with IPS panels in the market.
The full HD backlight LED monitors have frameless designs in three sides. The attractively designed monitors with no bezel will provide premium feel to users, said a press release issued on Sunday.
Launched under the CiNEd brand name, the WD215I09 and WD215I10 model monitors feature
21.45-inch display, priced at Tk10,550 and Tk 9,750 both monitors have up to 3-year service warranty.
Customers can purchase the products from all Walton showrooms across the country through Walton E-Plaza (eplaza.waltonbd.com) and Digi-Tech (waltondigitech.com) websites.
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Both monitors feature 1920×1080 pixels screen resolutions with 16:9 aspect ratio and 178° wide
viewing angle for which users will get high-quality pictures from critical angles.
1000:1 contrast ratio with 249.3X241 pixel pitch and Typ.300 cd/m2 brightness have been maintained on the device for the convenience of accurate color reproduction with 83% NTSC color quality.
Users will have a pleasant experience while playing popular games due to 75 Hz refresh rate.
The new monitors have HDMI, VGA, DP, USB-C input ports so they can be easily used on all
types of modern or old computer devices.
Both monitors have two 2-watt built-in speakers for which users can enjoy the necessary audio facilities without the connection of a separate audio device.
The monitors also provide an audio out port.
Another attractive feature of the monitors is Vesa mounting option for which they can be placed
any surface including a desk or table. This feature will be helpful of official work, presentation,
meeting, gaming or studying.
Speaking on the occasion, Touhidur Rahman Rad, Chief Business Officer of Walton
Computer Products, said “We are providing our customers advanced technology products
at affordable prices and ensuring best services for them. I am confident that like our other
products, the newly launched monitors will also get excellent feedback from customers.”
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There are currently 5 models of 21.45 inch to 27-inch Walton monitors in the market which are
priced between Tk 9,550 to Tk 38,750. Besides, special discounts are being given on
specific models of monitors on online purchase from Walton official website.
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Mentionable, Walton is producing and marketing various models of laptops, desktops, all-in-one
PCs, android and windows TAB, projector, interactive display, printer, tonner, UPS, CCTV,
access control, keyboard, mouse, pen-drive, wi-fi router, network switch, USB hub, card reader,
webcam, speaker, earphone, headphone, SSD, external SSD, RAM, cooler, power supply,
PCBA, memory card, power bank, smart watch, smart fitness scale, digital writing pad, USB,
type-C, HDMI cables, converter, electric bike etc.
DCCI urges speedy reform of Companies Act to increase business confidence
The Dhaka Chamber of Commerce and Industry (DCCI) has urged for reform of the existing Companies Act followed by implementation as soon as possible to increase the confidence of the business community and attract foreign investment.
Barrister Sameer Sattar, DCCI president, said this at a seminar on possible reforms to the Companies Act-1994 at the DCCI auditorium on Saturday.
Tapan Kanti Ghosh, Senior Secretary, Ministry of Commerce, was present as the chief guest in the seminar.
“Company Act can play an important role in ensuring accountability in the corporate sector besides developing a business-friendly environment and attracting foreign investment in the country,” the DCCI president said.
Barrister Sameer said that this existing old Company Act is not enough to deal with the rapidly changing global situation and increase the capacity of the private sector.
To this end, it is necessary to implement automation activities through the full use of information technology, increase the use of alternative dispute resolution systems, and increase the use of intellectual property laws, he said.
Tapan Kanti Ghosh said that the Ministry of Law has given several guidelines on the draft company Act, which the Ministry of Commerce has worked on and initiatives will be taken to implement it soon.
He said that the Companies Act should not be over-enforced and punitive, as this would lead to disruption of business operations. Several initiatives have been taken to bring more automation to the Registrar of Joint Stock Companies (RJSC) operations.
“It is expected to be implemented by December this year. Once the automation program is completed, there will be no need to set up new branch offices of RJSC in different regions of the country to provide services,” he said.
Bangladesh Supreme Court Advocate Barrister Rashna Imam presented a keynote paper at the seminar.
She highlighted reform proposals like the need for a robust legal framework for mergers and acquisitions to fill the legislative vacuum.
Currently winding up procedures for a company is a lengthy and expensive process, and she recommended making it much easier.
Barrister Rashna also pleaded for mandatory provision of alternative dispute resolution (ADR) or mediation to be inserted in the new Companies Act.
FICCI set to mark 60 Years with Grand Celebration
Foreign Investors’ Chamber of Commerce & Industry (FICCI) is poised to host the FICCI 60 Years Celebration & Investment Expo 2023 on Sunday at Radisson Blu Dhaka Water Garden.
The event will celebrate the 60-year journey of the organization, and the impactful contributions made by its members to Bangladesh's economic and social landscape.
The two-day event will kick off with an inauguration ceremony that will be graced by Chief Guest Honorable Prime Minister Sheikh Hasina. The day's program will include the inauguration of the expo and the launch of a Research Book “Catalyzing greater FDI for vision 2041: Priorities for building a conducive Tax system in Bangladesh” & ESG Publication "ESG Strategies and Impacts from the Members of FICCI."
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Naser Ezaz Bijoy, President of FICI, expressed anticipation for the upcoming milestone, stating, "As we stand on the eve of celebrating 60 years of FICCI's remarkable journey, the event is poised to serve as a platform to showcase the reflections of Bangladesh's economic growth.”
Following the inauguration, a plenary session on "Green Value Chain" will take place, featuring Chief Guest Abul Kalam Azad, Co-Chair Smart Bangladesh Network and Former Principal Secretary, Former Principal Coordinator (SDGs), Prime Minister’s Office and Keynote Speaker Professor Imran Rahman, Vice Chancellor, University of Liberal Arts Bangladesh.
The session, moderated by Zaved Akhtar, Director & Chair ESG Committee FICCI, will include panel speakers Barrister Nihad Kabir, Chairperson, BUILD, and former president of Metropolitan Chamber of Commerce, Mohsina Yasmin, Executive Member-3 (International Investment Promotion), Bangladesh Investment Development Authority (BIDA), Barrister Md. Sameer Sattar, President, Dhaka Chamber of Commerce & Industry (DCCI), Stefan Liller, UNDP Resident Representative and Yasir Azman, CEO, Grameenphone.
The second day of the event will see a plenary session on "Investment Climate: Current Landscape & Mission 2041". Md Tofazzel Hossain Miah, Principal Secretary to HPM, will serve as the Chief Guest, with Keynote Speaker Dr. M. Masrur Reaz. The session, moderated by Rupali Haque Chowdhury, Managing Director, Berger Paints Bangladesh, Former President of FICCI, will feature panelists Tapan Kanti Ghosh, Senior secretary, Ministry of Commerce; Saiful Islam, President, MCCI; Yuji Ando, Country Representative, JETRO Dhaka and Samsoo Kim, Trade Representative (Director General), Commercial Section Embassy of the Republic of Korea, Dhaka Korea Trade Center.
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The Investment Expo 2023 on November 19 will host 40 stalls with exhibitors from FICCI members and government stakeholders, targeting both local and foreign investors. The Investment Expo will continue on November 20, which will be open for all.
BIDA and the Commerce Ministry are the Strategic Partner of FICCI 60 Years Celebration & Investment Expo 2023.
Sylhet Chamber organises workshop on online tax returns by TAXdo software
The Sylhet Chamber of Commerce & Industry (SCCI) on Thursday organised a workshop on 'Fundamentals of Personal Income Tax and Returns Filing through TAXdo' online.
Experts at the workshop explained the process of filling out individual income tax returns online by ‘TAXdo’ application.
The SCCI organised the programme in association with the Sylhet District Tax Bar Association and SMAC IT Limited, which has developed TAXdo.
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SCCI President Tamim Ahmed presided over the programme. Syed Zakir Hossain, Commissioner of Sylhet Tax Zone, was present as the guest of honour.
Snehasish Barua FCA, the Director of SMAC IT Ltd, explained the app's transformative capabilities and impact.
Regarding 'TAXdo', he said that through this software, anyone can fill out income tax returns online within a few minutes at home. It is a fully automated system, which allows anyone to easily prepare income tax returns as per rules based on inputs.
“TAXdo automatically calculates income tax when users simply input their income from various sources into the software,” he said.
President of SCCI Tamim Ahmed said that Sylhet region is populated by expatriates, the flow of remittances is high and people have money in their hands. Therefore, the possibility of tax collection is also high. But due to the lack of tax awareness and the complexity of the existing tax payment process, many people do not pay taxes.
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He called the NBR to make the process of personal tax payment easier and to increase tax awareness to encourage common people to pay taxes to increase revenue.
SCCI’s Senior Vice President Falah Uddin Ali Ahmed and Chamber VAT, Tax and Tariff Committee Co-Chairman Mohammad Tofazzal Hossain FCA, Sylhet District Tax Bar Association President M. EM Iqbalur Rahman and Vice President Advocate Abdul Alim Pathan, Vice President of SCCI Atiq Hossain, among others, spoke in the function.
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BEF-ILO hold workshop on strengthening apprenticeship system
Bangladesh Employers’ Federation (BEF) on Wednesday organised a workshop on "Strengthening the Apprenticeship System in Bangladesh" in collaboration with the ProGRESS Project of the International Labour Organization's country (Bangladesh) office.
The workshop was held at BEF's Gulshan office.
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Topics that came up for discussion during the workshop included the overall strengthening of the apprenticeship programme in Bangladesh, a move towards private-sector-led apprenticeship programmes instead of the existing donor-based ones, and the need to clarify the differences between apprenticeships and internships.
Representatives from the ILO, BEF, and various sectors took part in the discussion.
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Participants pointed out that a few apprenticeship programmes were regularly being held by companies.
A common forum for existing institutions (BTEB, BMET, NSDA, etc.) to prioritise quality apprenticeships with a yearly follow-up and strategic alignment may encourage other companies to take initiatives for new apprenticeship programmes, they said.
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They also proposed a dual financing model for quality apprenticeships, where the government will be responsible for 70 percent of the investment and the industry the remaining 30 percent.