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China's top co to help develop BD's financial market base

Babul Barman, back from Shenzhen, China | Published: November 12, 2019 10:04:16 | Updated: November 12, 2019 18:01:31


FE file photo used for representation

Kingdom Technology, a leading financial technology provider in China, showed keen interest to develop Bangladesh's financial market infrastructures in collaboration with local firms.

"We like to enter Bangladesh very soon for providing technological support for financial sectors like capital market and banks," Xu Minbo, founder and executive director of the Kingdom Technology, told a group of Bangladeshi journalists on Friday in Shenzhen.

Kingdom Technology is a financial technology provider listed on Shenzhen and Shanghai Stock Exchanges. With over 8000 employees, the company has provided the digital trading platform to 50 per cent brokers in China as well as helping build the technology infrastructure for Shenzhen and Shanghai Stock Exchanges and China's central bank.

Kingdom Technology intends to be a long-term partner in leveraging technology for Bangladesh's financial sector and economic development, he said.

Mr Xu spoke in the concluding session of 'The 3rd China-Bangladesh Capital Market Cooperation Seminar', hosted by SZSE, with V-Next, Asian Tiger Capital Partners, and Kingdom Technology as co-organisers.

Mr Xu said Bangladesh has a good future and needs to develop its financial infrastructures with best practices and Kingdom is ready to provide technological support.

He said Shenzhen Stock Exchange is the 8th largest stock market globally with a combined market value of $ 3.3 trillion embarked on a thriving digital platform.

He informed that more than 95 per cent beneficiary accounts are opened using mobile apps here and they execute trade through mobile phone also.

Bangladesh capital market, no doubt will also be benefitted by using digital technology, he noted.

The Kingdom provides solutions like Basic HR System, Multi-Currency HRMS for Asia, Advanced Payroll System for MNC, Accounting and ERP System and Mobile Apps Development.

Ifty Islam, Chairman of Asian Tiger Capital Partners, presented a keynote speech on China's Fintech revolution and lessons for Bangladesh.

Mr Islam also focused on emerging sectors such as information technology and digital economy, featured in-depth discussions on China-Bangladesh financial market cooperation and investment opportunities in Bangladesh.

A joint venture between Kingdom Technology and Asian Tiger Capital Partners is aiming to develop financial markets infrastructures in Bangladesh.

DSE Chairman Prof. Dr Abul Hashem, said the Bangladesh government has endorsed development of IT sector with the strong impetus through "Digital Bangladesh" movement and ICT Policy.

"Digital Bangladesh", being an integral part of the government's Vision 2021, envisions nation-wide IT usage for economic and social development purposes," he said.

Mr Hashem said Shenzhen and Shanghai Stock Exchanges have taken up several business development and technology collaboration plans to the growing needs of Bangladesh economy and establishing DSE as a leading regional exchange.

Currently, as China is deeply integrated with Bangladesh's Digital Bangladesh Vision 2021, bilateral cooperation in technological and business-model innovation is developing rapidly with a number of new growth cooperation areas.

Since joining DSE as a strategic investor in September 2018, the SZSE-led Chinese consortium, made up of Shenzhen and Shanghai stock exchanges, has been enhancing sustainable business and technology cooperation, adding new channels to advance China-Bangladesh capital formation, and exploring new models for the economic development of China and Bangladesh.

The seminar also promoted the experience exchange of the Chinese consortium and DSE, explore beneficial methods for China-Bangladesh financial technology cooperation, provide more convenient channels for the bilateral exchange of capital market information, and fulfill the needs for mutual business cooperation.

The SZSE and DSE jointly launched the Bangladesh Window on the V-Next platform in October this year. It is an online space that matches investors with investment-seekers and their SME platform.

The Bangladesh Window will facilitate Bangladeshi listed companies to explore strategic partnership, seek business collaboration, and diversify business and technology channels in China.

Minhaz Mannan Emon, one of the directors of the DSE, said the cooperation is expected to enhance DSE's market cultivation service, and provide an orderly, transparent and convenient channel for industry and capital connectivity and resource integration between China and Bangladesh.

Joint contribution and shared benefits, SZSE will continue to work with Chinese and Bangladeshi capital market participants to fully leverage one another's strengths and make every effort to foster the cross-border capital service mechanism, he said.

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