The Open Network for Digital Commerce (ONDC) will bring a new revolution in e-commerce business, according to T Koshi, chief executive officer of ONDC India.

"ONDC is not a new platform, it is a network or a system through which all the stakeholders in digital commerce communicate with each other through a common protocol. The biggest benefit from this approach or network will be small or micro online merchants," he added.

One of the main objectives of setting up the ONDC network is to ensure that large domestic and foreign online platforms do not monopolise the e-commerce sector and deprive small entrepreneurs, Koshi said.

He was speaking at the discussion session "ONDC (Open Network for Digital Commerce) – New Future of Digital Commerce" Saturday in Dhaka.

BASIS President Russell T Ahmed said the private sector should work with the government to implement this new network in Bangladesh. "BASIS is ready to provide all kinds of technical assistance to all, including the Ministry of Commerce and Bangladesh Bank."

General Manager of the Payment Division of Bangladesh Bank Mezbaul Haque said in the recent past, the fraud of two e-commerce companies created a lack of confidence in the entire sector. The Bangladesh Bank is working to get rid of it.

Mohammad Hafizur Rahman, additional secretary at the Ministry of Commerce and head of the E-Commerce Cell, said the ONDC network can act as a safeguard against large foreign platforms to drive away small traders from the market.

"The Ministry of Commerce will use the experience of other countries in this regard and will soon start the work of creating an open network policy suitable for digital commerce in Bangladesh. This policy will be developed with the opinion of others including BASIS," he added.