Development of a Government-Compliant Cross-Border Payment Prototype for Bangladesh: Enhancing Economic Access for Students, SMEs, and Freelancers
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This thesis proposes the development and demonstration of a government-approved cross-border payment application to solve the financial problems of Bangladeshi students abroad, small enterprises, and freelancers. While it is now possible to transfer money abroad from Bangladesh, the process is encumbered with manual processes, high documentation, and delays, resulting in user inconvenience. The prototype of the proposed application will be demonstrated to carry out a streamlined, regulation-compliant method of processing out-bound financial payments with digital means, in alignment with the vision of Digital Bangladesh. Such a demonstration reflects the economic benefits, including enhanced facilitation of remittances, external market access for business by the small and medium enterprises, and competition for the freelancers. Overall, the project is an attempt at examining the role of technology in strengthening financial inclusion and making Bangladesh more integrated into the world economy.