A webinar on digital transformation of the Bangladesh capital market was held on Saturday to formulate a roadmap on setting up infrastructure necessary for the digitalisation.
"Our capital market will be digitally transformed by 2021," said the Chairman of Bangladesh Securities and Exchange Commission (BSEC), Professor Shibli Rubayat-Ul-Islam at the webinar.
He added, "The commission will finalise a to-do list for a completely digital capital market infrastructure within the coming six months while the entire project is scheduled to be completed by the end of 2021."
BSEC, last week, published a request for expressions of interest from qualified and interested candidates for the post of Digital Strategy and Transformation Consultant.
The consultant must have 25 years of IT experience, of which at least 20 years must be in the financial sector.
The contractual job will be for 18 months from the signing date of contract. Candidates must submit applications by 2.00 pm, September 28, 2020.
The consultant's assignment will be to advise and consult BSEC's top management to create a long-term strategic plan and roadmaps for technology innovation; plus prepare BSEC and all the market participants with modern infrastructure and appropriate protection against digital disruption.
Covid-19 has been an eye-opener for Bangladesh's partially automated capital market as the bourses had to remain closed for more than two months during the nationwide general holidays, primarily due to the shortcomings of existing online trading platforms.
Trading is already automated at the Dhaka and Chattogram bourses, but the participants are not yet allowed to work from a remote location.
Cumbersome paperwork and document submission is another negative side of the existing regulatory practices that the BSEC's new leadership is trying to minimise.
The securities regulator is already pushing the exchanges to remove digitalisation deadlocks as soon as possible.
Currently, Capital Market Development Program 3, funded by the Asian Development Bank, is helping the regulator to pursue its goals for digital transformation. Furthermore, BSEC is in talks with the World Bank for next-level development partnership.
Alongside state-of-the-art digital trading facilities, BSEC is looking to modernise its IT infrastructure so that all the stakeholders can benefit from it.