Govt to introduce credit scoring system for digital banks: Ali

9.77m employed in 176 countries in 14 years

FE Team | Published: June 07, 2024 00:31:05

Finance Minister A H Mahmood Ali said the government will introduce a credit scoring system utilizing artificial intelligence (AI) and machine learning technology to facilitate loan services from these digital banks.
"A credit scoring system utilizing artificial intelligence and machine learning technology will be introduced to facilitate loan services from these digital banks. As a result, it will be possible to identify fake and anonymous borrowers very easily and the loan processing will be much easier for the genuine borrowers," he said.
The finance minister said this while placing around Taka 7.97 trillion national budget for FY25 at Jatiya Sangsad in the city on Thursday.
In his speech, Ali said as part of the initiative to develop 'Smart Bangladesh,' announced by the Government of Bangladesh, letters of intent were issued on October 25, 2023, for two digital banks- Nagad Digital Bank PLC and Kori Digital Bank PLC.
"These digital banks aim to provide information and technology-based banking services to the people. Plans are underway to increase the number of digital banks in the future," he added.
He told the parliament that from 2009 to 2023, a total of 97,07,250 workers from Bangladesh, including 10,85,117 female workers, had been employed in 176 countries across the world.
He said, "Overseas employment is one of the main sectors of Bangladesh's economy. The remittance sent by expatriate workers is playing a significant role in increasing the foreign exchange reserves and making the country's economy self-reliant by reducing dependence on foreign aid."
He noted that in FY 2009-10, the amount of remittance was $10.99 billion, which doubled to $21.61 billion in FY2022-23.
To maintain the remittance flow through overseas employment and to meet the demand of the global labour market, emphasis has been laid on skill development through various trainings, alongside the importance of learning foreign languages.