Bangladesh Bank has paved the way for transactions through foreign online payment platforms such as PayPal and Payoneer by introducing a new bank-mediated cross-border digital payment framework.
The new system will allow all banks in the country to partner with international digital payment providers and roll out the services.
The central bank issued a circular on Wednesday, sending the Bank-Intermediated Cross-Border Digital Payment Framework to chief executives of all banks.
It said the initiative aims to facilitate international trade in services, expand digital financial inclusion and modernise Bangladesh's payment ecosystem.
Under the framework, banks may help customers open Digital Value Accounts (DVAs), or stored-value digital wallets, with cross-border payment providers. However, customers will not operate these accounts independently.
