People involved in the e-commerce business opined that new laws to regulate the sector, as well as the development of a separate regulatory organization to bring discipline to the sector are unnecessary.
These were the views of entrepreneurs and lawyers at a virtual dialogue hosted by the Centre for Policy Dialogue (CPD) on Saturday.
Instead of enacting a new legislation or founding a regulatory agency, they argue that the government should implement current laws and cooperate among its authorities.
Moderated by CPD executive director Fahmida Khatun, the event was addressed by CPD chairman Rehman Sobhan, lawyer Tanjib-ul-Alam, Brac Bank managing director Selim RF Hussain, Bdjobs founder Fahim Mashroor, Chaldal.com founder and chief executive officer Waseem Alim, ShopUp chief of staff Ziaul Haque, Asix Bangladesh managing director Afsana Asif and e-Commerce Association Bangladesh (eCAB) general secretary Abdul Wahed, among others.
CPD chairman Rehman Sobhan said there is a severe lack of good governance in the country. That is why customers' money has been plundered and the e-commerce sector was not the first where such incidents have taken place. Previously, there were many similar occurrences but no action was taken, he added.
Bdjobs founder Fahim Mashroor said, "We don't want a new regulatory agency for e-commerce in the country. The Directorate of National Consumers' Right Protection (DNCRP) will have to be strengthened more to bring discipline in e-commerce. It has become mandatory to hold the DNCRP accountable. If necessary, the DNCRP will have to be strengthened more." He further said that the central bank had a big role in controlling e-commerce but they failed. These events took place under Bangladesh Bank's nose. Their negligence was clear here and the role of banks also remains under question, he added.
"Unemployment is a big problem in the country. A large number of youth is unemployed and they have invested in e-commerce. Since there are no jobs, they will, of course, come to e-commerce. Banks give low interest. Capital markets are not stable. So, where will this youth go? It is not right to think that everything will be solved overnight once a regulatory body is set up," Fahim added further.
Questioning the role of banks, ShopUp chief of staff Ziaul Haque said transaction of huge amount of money was conducted in banking channels. If e-commerce is monitored, no new law will be necessary.
Chaldal.com founder and chief executive officer Waseem Alim said, "Even the country like the US does not have any separate regulatory agency for e-commerce. We have heard that the government will set up a separate regulatory body. It will make e-commerce more difficult. If the government strengthens monitoring through the existing agencies, it will be more effective."
E-Commerce Association Bangladesh (eCAB) general secretary Abdul Wahed said, "We informed the government three years ago that such a situation might arise. Transparency was not maintained in e-commerce. The business model of Evaly and others had lots of inconsistencies. But, no step was taken at that time." There is a huge lack of coordination among the stakeholders concerned including DNCRP, commerce ministry and Bangladesh Bank, he added.
