Syed Mahbubur Rahman
MD & CEO, Mutual Trust Bank

The Daily Star (TDS): How are you collaborating with MFS providers to integrate mobile financial services within your banking operations, and how does this enhance the delivery of your services?

Syed Mahbubur Rahman (SMR): Our collaboration with MFS providers helps us expand service delivery and simplify customer interactions. MFS integration allows customers to open accounts, access microloans, and invest directly from their phones, reducing the need for branch visits. By providing 24/7 access to services and reducing transaction costs, this collaboration speeds up processes and enhances convenience. Moreover, the widespread availability of MFS helps us extend our reach, ensuring that we deliver tailored solutions that empower our customers and align with our goal of fostering a more digitally inclusive financial system.

TDS: What products are you offering through MFS?

SMR: Significant savings offered through MFS:

Savings Products (DPS):

•  bKash: We offer DPS services to bKash users, allowing them to save systematically through their mobile wallets.

•  TAP: Similarly, TAP customers can avail themselves of tailored DPS solutions that align with their financial goals.

•  UPAY: The PoC has been completed successfully. We will go for the full launch soon.

TDS: What technological innovations are shaping mobile financial services, and how is your bank incorporating these advancements?

SMR: In Bangladesh, MFS is rapidly evolving, driven by fintech and technological innovations. MTB is adopting several key innovations, such as interoperable platforms that allow users to transfer money between different MFS operators and banks, as well as QR code-based payments for instant retail transactions. The bank also leverages AI-driven credit scoring to offer microloans based on transaction history and alternative data sources. MTB is collaborating with fintech firms to offer microcredit and has integrated biometric systems for account registration. Additionally, MTB is experimenting with blockchain for cross-border payments, expanding agent banking in rural areas, and embracing Open Banking to foster fintech collaboration.

TDS: What steps is your bank taking to safeguard customer privacy and protect sensitive information?

SMR: To ensure customer privacy and protect sensitive information, our bank has implemented a range of robust measures. Data is encrypted both in transit and at rest using advanced cryptographic algorithms, such as AES-256, and secure communication is ensured via SSL/TLS protocols. We require multi-factor authentication (MFA) for account access, and conduct regular internal and third-party security audits to identify vulnerabilities. Firewalls, intrusion detection systems (IDS/IPS), and role-based access control (RBAC) safeguard networks and limit data access to authorised personnel only. Our IT security team actively monitors suspicious activities, while we provide educational materials to raise customer awareness about cybersecurity threats. Compliance with regulations such as GDPR and PCI-DSS ensures the security of financial transactions. Additionally, our incident response plan and secure coding practices help address and prevent security issues effectively.

TDS: What is your vision for the integration of MFS into traditional banking services?

SMR: We envision leveraging MFS to enhance financial inclusion, especially in remote areas, and simplify customer onboarding through digital channels. By integrating mobile wallets with banking applications, we aim to provide a seamless experience for transactions, bill payments, and savings, while utilising data insights to design more personalised products. This integration supports our vision of building a more inclusive and digitally empowered financial ecosystem.