E-CAB: Implement SOP, Escrow to Reign in Financial Cheating

Anas Khwaja Ahmed, 2 years ago 0 2 min read 67

In a meeting at the Ministry of Commerce on Thursday, the E-commerce Association of Bangladesh (E-CAB) called for the immediate implementation of Standard Operating Procedures and escrow services on digital commerce.

E-CAB: Implement SOP, escrow to rein in financial cheating

President of E-CAB Shami Kaiser and General Secretary Mohammad Abdul Waheed Tamal mentioned the sweeping reforms based on a report of the Bangladesh Bank on the advance collection of goods by E-commerce companies, as well as the imbalance of liabilities and assets of those same companies. The meeting also proposed to introduce fast digital commerce guidelines or SOP and escrow services as per the proposal of E-CAB.

In addition, according to the proposal of the central bank, instructions will be sent to the banks that E-commerce companies will receive a payment after the product is delivered to the buyer, paying using the payment system. E-CAB President Shami Kaiser stated,

“ We have been demanding for a long time to introduce E-commerce law and escrow services so that E-commerce companies can be brought under legal obligation and the financial transactions of buyers can be secured.”

E-CAB has reviewed the draft Digital Commerce Guideline 2021 or SOP of the Ministry of Commerce and submitted the views of entrepreneurs, experts, and members of E-CAB to the Ministry of Commerce. E-CAB has proposed to amend 20 laws and add 25 more new laws including marketplace product display, delivery, complaints, refunds, etc. It has also been suggested to create a separate SOP on the cross border. Shami Kaiser also added,

“In the meeting, we raised the issue again. Hopefully, the SOP will be announced soon as the first step in the legal process and the Bangladesh Bank will add escrow service as soon as possible,” she added.

There were also other solutions that were discussed during the meeting. Hafizur Rahman, Deputy Secretary, Ministry of Commerce, Director General, WTO Cell, raised the issue of the formation of stakeholder consultation and investigation committee at the meeting. Bablu Kumar Saha, Director General of the Consumer Rights Protection Council, brought up the many aspects of consumer rights supervision. Md Mejbaul Haque, General Manager, Payment System Division, Bangladesh Bank, wanted more legislation on monitoring the matter through the banking system.