Bangladesh Bank has given initial approval to five proposed digital banks, issuing letters of intent (LoIs) to Kori, DK, bKash, Boost-Robi and Nova.
The decision was taken at a meeting of the central bank’s board of directors on Thursday (September 24).
The meeting was chaired by Bangladesh Bank Governor Md Mostaqur Rahman.
The five proposed digital banks are Kori Digital Bank, Digital Banking of Bhutan-DK, bKash Digital Bank, Boost Digital Bank backed by Robi, and Nova Digital Bank backed by Banglalink and Square.
The LoI represents preliminary approval and is not the final licence to operate as a digital bank. Applicants must meet the conditions set by Bangladesh Bank before commencing operations.
Bangladesh Bank’s current policy requires each digital bank to have at least Tk300 crore in paid-up capital. Digital banks are designed to provide banking services entirely through digital platforms without conventional branches.
