Monitoring and coordination of regulatory bodies as well law amendment is crucial, says the think tank
In the midst of the current scenario of the e-commerce sector, experts suggest that amendments in existing law and the efficient coordination between regulatory bodies are crucial to overcoming the current crisis, rather than introducing a new regulatory body.
A virtual dialogue on “Challenges in the e-commerce sector,” was organized by the Centre for Policy Dialogue (CPD).
CPD’s Executive Director, Dr Fahmida Khatun moderated the session alongside, e-commerce experts, researchers, development practitioners, academics, business leaders, international development partners, and journalists who were present at the dialogue.
CPD’s Chairman, Professor Rehman Sobhan addressing the event said that scams happened due to the lack of proper governance.
Speakers also said: “More than a thousand crores worth of consumers’ money has been scammed by several e-commerce platforms along with the confidence of the general mass being hit. However, e-commerce has a huge potential for job creation and economic growth and needs to be monitored.”
According to the experts, the institutional capacity of the regulatory bodies- Ministry of Commerce, Bangladesh Bank, Directorate of National Consumers' Right Protection, Financial Intelligence Unit, and Competition Commission- should be enhanced through sufficient and skilled human resources and adoption of technology, which would also help to sustain the growing sector.
Speaking to Dhaka Tribune, the e-Commerce Association of Bangladesh (e-CAB) officials explained that several regulatory bodies and agencies have to be involved to ensure consumer protection through a framework that still needs to be defined for the e-commerce sector.
The relevant agencies include the Bangladesh Competition Commission, ICT Division, a2i, Directorate of National Consumer Rights Protection, the Bangladesh Bank, as well as the Commerce Ministry.
Despite the Digital Commerce Policy introduced in 2018, much of the framework that has been advised still lacks execution, according to industry insiders.
Waseem Alim, founder, and chief executive officer of Chaldal.com debated the need for a new regulatory body and the current framework would be sufficient if just monitored properly citing additional regulations will discourage new businesses.
AKM Fahim Mashroor, chief executive officer of Bdjobs.com Limited also agreed with Alim and suggested strengthening regulatory bodies such as the central bank.