Local-Business
Daraz Express celebrates 3rd anniversary
E-commerce platform Daraz celebrated the third anniversary of its digitalised logistics arm Daraz Express (DEX) this month.
DEX was launched in 2018 with a vision of providing speedy deliveries across the country.
Since its launch, DEX saw rapid growth by delivering close to 3 lakh packages daily, according to a media statement.
Now DEX supports over two-thirds of the deliveries purchased on Daraz's platform and employs close to 5,000 DEX Heroes.
Daraz founder and CEO Bjarke Mikkelsen said, "DEX was launched to provide a more seamless and integrated service for both sellers and customers and open up commerce across the region."
"This is an important milestone for our business, and DEX has been a huge success. It has grown significantly over the past three years with more than 240 logistics facilities across South Asia, enabling us to deliver over six million packages each month."
BYLC Ventures opens applications for fourth cohort
After completing three cohorts, BYLC Ventures started taking applications for its fourth cohort from November 1.
The start-up accelerator programme, which aims to provide support beyond funding to aspiring start-up founders, is looking for young entrepreneurs with dynamic ideas who can add value to the economy of Bangladesh.
The winning teams of Cohort 4 of BYLC Ventures will receive seed funding of Tk8 lakh with the option of a further Tk15 lakh in additional investment.
The teams will also have access to a co-working space, mentoring, and a rigorous accelerator curriculum for six months.
With a vision to help passionate young founders with their big ideas, BYLC Ventures was launched in 2019.
The business accelerator training's goal is to fund Bangladesh's most promising founders, and support their leadership capabilities, business acumen, and help validate their big ideas.
It provides a set of acceleration support, including commercial space to work from, customised business training led by successful CEO-turned-mentors, and a suite of professional support such as legal, accounting, and corporate governance.
Sixteen start-ups have graduated under the BYLC Ventures programme and have created employment opportunities for over 250 people, and generated combined revenue of more than Tk2 crore.
"Financial and legal compliance are big hiccups for any start-ups in Bangladesh," said Barisha Rabbe, manager of BYLC Ventures. "BYLC Ventures provides aspiring entrepreneurs the mentorship needed to get past these hurdles and to grow and scale into sustainable ventures."
The application window for the fourth cohort is open until November 25.
Islami Bank holds webinar on fintech
Islami Bank Bangladesh Limited organised a webinar on "FinTech: Shari'ah Perspective" Saturday.
Professor Md Nazmul Hassan, chairman of the bank, addressed the programme as chief guest.
Mohammed Monirul Moula, managing director and CEO, presided over the webinar. Dr Md Manzur-e-Elahi, a member of the Shari'ah Supervisory Committee, presented a paper on the topic.
Dr Tanveer Ahmad, director, Professor Mohammad Gias Uddin Talukder, chairman, Professor Mohammad Abdus Samad, member secretary, of Shari'ah Supervisory Committee; IBBL additional managing directors Muhammad Qaisar Ali and Md Omar Faruk Khan, and Deputy Managing Director Taher Ahmad Chowdhury discussed the topic as panel discussants.
Professor Dr Md Salim Uddin, chairman of the executive committee, Mohammad Solaiman, chairman of the audit committee, Major General (retd) Abdul Matin, chairman of the risk management committee; IBBL directors Md Joynal Abedin, Professor Qazi Shahidul Alam, Syed Abu Asad, Professor Mohammad Saleh Jahur, Professor Md Fashiul Alam, Khurshid-Ul-Alam and Mohammed Nasir Uddin spoke at the event.
Mufti Sayeed Ahmad, vice-chairman, Dr Md Ruhul Amin Rabbani, member additional secretary, the Shari'ah Supervisory Committee members Dr Hasan Mohammad Moinuddin, Professor Mozahidul Islam Chowdhury, Dr Muhammad Saifullah, Mufti Mohammad Muhibbullahil Baqee and Mohammad Harunar Rashid also addressed the webinar.
SMEs, women-led enterprises need access to stimulus loans
Speakers in a workshop on Sunday emphasized the need for extending the stimulus loan repayment schedule and relaxing the existing conditions to accelerate the disbursement of loans in the SME sector.
They also laid emphasis on a transparent policy ensuring inclusiveness and transparent policy response so that SMEs and women-led enterprises can tackle the Covid-induced challenges.
Read: Stimulus loan for CMSMEs: Disbursement may miss Dec deadline
They said the pandemic shock is still there in the business, and the price hike of raw materials has created a problem for the small enterprises to grow as the product price at the consumer level is not increasing.
The workshop, held at a city hotel, focused on 'Covid-induced stimulus packages for SME's and women-led enterprises exploring research policy interlaces.
Local Government, Rural Development and Cooperatives Minister Tazul Islam said the government always appreciates research work and innovations for financial inclusion.
The government is implementing various stimulus packages with a special focus on the CMSME sector so that it can rebound soon, he said.
Read: 50 years of Bangladesh: FICCI to unveil 3 growth drivers on FDI
CPD research director Dr Khondaker Golam Moazzem presented the keynote paper on the topic.
Swedish Ambassador to Bangladesh Alexandra Berg Von Linde said Bangladesh women entrepreneurs are doing well and their country will continue to support them.
Kazi Nabil Ahmed, member of the parliamentary standing committee on Finance Ministry, was present at the programme moderated by CPD Executive Director Dr Fahmida Khatun.
Rainbow Paints launches 'Service Month'
RFL Group's paint brand Rainbow has launched "Service Month" for the third time for its customers.
RN Paul, managing director of RFL Group, inaugurated the service month in the capital recently.
During the service month, customers will enjoy discounts up to 25 per cent on paint products and a five per cent discount on hardware products and painting services.
All paint-related solutions, including the selection of paints for houses, will be available for customers during the service month.
Also, the consumers will have the chance to win attractive prizes, including refrigerator, TV, microwave oven, bicycle, dinner set, through raffle draw by purchasing products during the campaign. The top purchaser will get the opportunity to travel to Nepal.
Kamrul Hasan, chief operating officer of Rainbow Paints, said: "The main attraction of the service month is the opportunity to purchase products in instalments. There is an opportunity to verify the quality of paints and select colour through free sampling."
"Also, mechanised painting service will be provided through the Insta paintings tool."
There are 35 paints in decorative, floor coating, marine, car, powder coating, industrial, wood coating categories.
Customers, across the country, can purchase Rainbow Paints from 250 outlets and authorised dealers, according to a media statement.
IBBL inaugurates Maheshpur branch in Jhenaidah
Islami Bank Bangladesh Limited (IBBL) inaugurated its 377th branch at Jhenaidah's Maheshpur Wednesday.
Mohammed Monirul Moula, managing director and CEO of the bank, inaugurated the branch as chief guest.
Abu Reza Md Yeahia, deputy managing director of the bank, presided over the programme while Maheshpur Municipality Mayor Md Abdur Rashid Khan addressed it as a special guest.
Read: IBBL board of directors' meeting held
Md Maksudur Rahman, head of Jashore Zone of the bank, delivered the welcome speech, Nazrul Islam, vice-president, and Imrul Huq, manager of Maheshpur branch, addressed the programme.
Md Fashiar Rahman, president of Maheshpur Bazar Banik Samiti, ATM Khairul Anam, head teacher of Maheshpur Poura Lab School, and Jesmin Khatun, a women entrepreneur, talked on behalf of clients.
Read: IBBL Bogura holds clients' get-together
IBBL is serving its clients through 377 branches, 196 sub-branches, 2,600 agent banking outlets and more than 2000 ATMs and CRM Booths, according to a media statement.
BFIU seeks bank account details of 23 e-commerce platforms
The Bangladesh Financial Intelligence Unit (BFIU), a concern of Bangladesh Bank, has sought account details of 23 online platforms, including Daraz and Priyo Shops.
It also sought similar information of 29 executives working in the firms.
The financial intelligence issued the directive early this week and suggested banks provide information of the firms and companies.
Read: E-commerce fraud: Adyan Mart CEO, 2 others remanded
Eelier this week, the commerce ministry confirmed that 49 e-commerce platforms were blacklisted and CID and other agencies are investigating their financial transactions and money laundering issues.
The move comes at a time when the government is taking various steps to discipline the e-commerce sector amid allegations of non-delivery of products against advance payments of customers by a number of e-commerce platforms namely Evaly and E-orange.
Top executives of Evaly and E-orange are behind bars now.
Read: E-commerce Scams: Ways to Protect Your Investment from Online Frauds
After several regulatory measures, the government formed a new committee to bring all e-commerce firms in Bangladesh under one umbrella and safeguard the interests of the consumers and merchants who were deceived.
Daraz brings more special offers ahead of biggest one-day sale 11.11
Daraz Bangladesh set to host Eleven Eleven (11.11), its biggest one-day sale
campaign, is also offering exciting teasing offers for customers starting from November 1 to 11.
One of the attractive offer is “Make a Wish” contest under which customers can share any of their wishes on Facebook with a #dWish and #daraz1111.
Daraz will choose a total of eleven winners among the participants and fulfill their most socially acceptable wishes.
Another such offer is the “Add to Cart Giveaway”, where a winner will be chosen every day from customers who add the highest number of items to their carts.
READ: realme becomes top selling brand in Daraz 7th Anniversary Sale
Winners will get rewards like realme smartphones, freezers, washing machines, microwaves, and air conditioners.
There is also the “I Love Voucher” offer for the shoppers, which can be obtained to buy products
with discounts ranging from BDT 50 to BDT 7500 every day, from 12 PM to 9 PM.
Be4sides, with the “Shake Shake” offer, consumers can also try to win by simply shaking their phones between 5 PM to 6 PM every day, and win prizes like washing machine, geyser, smartwatch, laptop, realme smartphone or brand double taka vouchers.
Under the “Category of the Day” segment, products from specific categories will be available at a discounted rate of up to 10% each day.
READ: Daraz relaunches dMart for customers from Sept 21-27
New users who sign up on the Daraz app shall receive a 50% discount on their first purchase and the new customer who has the highest number of product-browsing records shall receive a realme C11 smartphone.
In addition to all these amazing offers, customers can enjoy the “11.11 show” from November
01 where top celebrities of Bangladesh will be talking about the leading e-commerce platform
and its campaigns.
49 e-commerce platforms are blacklisted, refund of customers’ money in process: Commerce Ministry
The authorities have blacklisted 49 e-commerce platforms and legal action will be taken against them as per recommendation of the commerce ministry, an official said on Monday.
AHM Shafiquzzaman, additional secretary to the commerce ministry and chief of Digital Commerce Cell (DCC), said this at a press briefing after a meeting of the DCC with the senior officials of different ministries, departments and agencies of the government at the commerce ministry office in Dhaka on Monday.
Shafiquzzaman, also the head of 15-member Cabinet committee on e-commerce, said that a report on the issue will be submitted to the Cabinet Division before November 11.
Also Read:Registration is a must for E-commerce firms: Committee
Regarding the Tk214 crore stuck in payment gateways since the introduction of an escrow service, the official said, "Criminal Investigation Department (CID) has blocked the money. We will write to the home ministry to defreeze it. Customers will get refund afterwards."
"We are hopeful that the CID will defreeze the accounts soon so that we can pay back the money of the affected consumers and merchants in the shortest possible time," Shafiquzzaman said.
Some 1 per cent or 2 per cent service charges may be applied on the consumers and merchants while disbursing the money stuck up in the escrow payment gateway, the chief of the DCC also said.
A large number of customers have been deceived by various e-commerce companies, including Evaly, e-Orange, Dhamaka even after paying money in advance.
Also Read: E-orange owner Sonia, 2 others remanded again
To curb such fraud and protect the interests of consumers, the government issued guidelines for the management of digital commerce, which calls for the use of escrow services.
Later, the Cabinet formed a committee to restore discipline in the industry and protect customers and merchants from further losses.
IBBL provides 2 lakh blankets to PM's Relief and Welfare Fund
Islami Bank Bangladesh Limited (IBBL) provided 2 lakh blankets to the Prime Minister's Relief and Welfare Fund for the cold-stricken people Thursday.
On behalf of Prime Minister Sheikh Hasina, her principal secretary Dr Ahmad Kaikaus received the blankets from Professor Md Nazmul Hassan, chairman of IBBL, and Mohammed Monirul Moula, managing director and CEO of the bank.
Read: IBBL board of directors' meeting held
Sheikh Hasina joined the programme on a virtual platform.
Md Nazrul Islam Mazumder, chairman of the Bangladesh Association of Banks, was also present, said a media statement.
Read: IBBL Bogura holds clients' get-together