US software maker finds local market lucrative
The United States based software giant SAS considers Bangladesh as a thriving market for financial crimes regulatory software as the country is trying to increase its global competitiveness.
The company officials at a conference in the city yesterday projected that fiscal management of the vibrant economy here especially the banking, telecom, capital market and some public sectors need more attention through introducing sophisticated software.
Indian subsidiary of SAS along with its local partner organised the conference on Protecting Market Economy from Financial Crimes at Bangabandhu International Conference Centre in the evening.
Sudipta K Sen, CEO of SAS India, said key pillars of emerging economy are robust banking, transparent capital market, governance, tax collection, fraud prevention, citizen health, education and security.
As an emerging economy Bangladesh needs to be compliant with world standard of regulations and data analysis. But there remain two major challenges – technology and the quality of data, Sen said.
Speaking as the chief guest Finance Minister AMA Muhith said in these days of information technology knowledge and analytics have become very powerful because of a change in life style.
He said the government has set up 4,500 community information centres across the country in line with its electoral pledges to build a Digital Bangladesh by 2021.
“We had no idea that we could do it so first despite some limitations,” Muhith said.
“There are adversities and possibilities where analytics could be helpful,” he said stressing on innovative software need for financial stability.
Lawmaker Hasanul Huq Inu said the government had pledged for a information society but there is no clear “roadmap” for it.
“The government has pledged to digitise Bangladesh, but where is the roadmap?,” he questioned.
Business intelligence is very important to improve country’s competitiveness. But skilled workforce is needed for that.
“We are teaching ICT without the knowledge of data analysis,” he repented, adding that the government should look into the whole education system to maximise profit and reduce losses.
He said ICT should be involved in reducing poverty and climate change issues because those are the critical issues for vulnerable countries like Bangladesh.
About the fiscal management status of the telecom industry, he said the “hide and seek” game between the telecom companies and their regulator should be over.
Former Indian Chief Justice AM Ahmadi said market economy, globalisation or privatisation were pushed by western nations i.e. capitalists society and the process is on to “re-legitimise” it though it has been proved harmful.