Bangladesh Banks Embrace Biometric Authentication for Financial Inclusion
Enhancing Financial Empowerment through Innovative Technology
In a significant move towards enhancing financial empowerment, several leading banks in Bangladesh have partnered with biometric technology providers to introduce biometric authentication in their payment systems. This development is expected to contribute significantly to financial inclusion in the country by providing secure and convenient transaction experiences for users.
Leading Banks Partner with Biometric Technology Providers
- Mutual Trust Bank (MTB) has teamed up with Idex Biometrics to roll out fingerprint-based biometric payment cards.
- Syed Mahbubur Rahman, Managing Director and CEO at MTB, believes that the integration of biometric technology will contribute significantly to financial inclusion in Bangladesh.
- Eastern Bank, another leading commercial bank in Bangladesh, has also partnered with Idex Biometrics.
Global Momentum for Biometric Authentication
The adoption of biometric authentication in the finance sector is gaining momentum globally. Major players like Mastercard are exploring its potential and launching biometric cards in collaboration with technology providers.
Recent Developments
- Mastercard has announced plans to launch a pair of biometric cards in Turkey, in collaboration with Idex Biometrics, Fingerprint Cards, and Thales.
- The FT-JCOS BioCARD, developed by Feitian Technologies using Fingerprint Cards’ second-generation T-Shape biometric sensor, has received approval from Mastercard.
Growing Trust in Biometric Payments
The global acceptance of the FT-JCOS BioCARD is a testament to the growing trust in biometric payments and reinforces the commitment to security in the payment industry. The partnership between Fingerprint Cards and Feitian Technologies has been expanded to include the development of biometric payment cards, demonstrating the potential for collaborative efforts in this space.
Conclusion
As Bangladesh continues its journey towards digital financial inclusion, the adoption of biometric authentication is expected to play a crucial role in enhancing the security, convenience, and accessibility of financial services for its citizens.