PayPal Shows Policy-Level Interest in Entering Bangladesh, but Process Will Take Time

International digital payment service provider PayPal has expressed policy-level interest in entering the Bangladeshi market, though the process will be lengthy and gradual, said Lutfey Siddiqi, Special Envoy to the Chief Adviser.

He made the remarks on Tuesday at a press briefing held at the Foreign Service Academy on Bailey Road in the capital.

Lutfey Siddiqi said discussions with PayPal have been ongoing for many years, but due to various reasons the company had not been keen to engage actively with Bangladesh. After several months of requests, PayPal sent a senior-level delegation to Bangladesh for the first time around December 1 last year.

According to him, the delegation included PayPal’s Asia-Pacific regional president (based in Singapore), the head of South Asia (based in Delhi), and several other senior officials. They stayed in Bangladesh for four to five days and held extensive discussions with local entrepreneurs, private sector representatives, and key stakeholders. The delegation also met with the Governor of Bangladesh Bank and officials related to the ICT sector.

“This is the first time I have met them at such a high level,” Siddiqi said. “In principle, they are interested in coming to Bangladesh. But I want to be very cautious—there should be no misleading headlines. PayPal does not want the perception that they are coming immediately.”

He explained that for a global company like PayPal, entering a new country requires a lengthy internal process, including internal debates and board-level discussions. “They are now preparing to initiate that entire process,” he added.

Sharing his personal assessment, Siddiqi said, “My impression is that they are fully convinced. Bangladesh’s demographic potential was always there and still is. This time, however, they were most confident about our governance.”

He noted that after discussions with the central bank governor and managing directors of private sector banks, PayPal officials observed significant improvements in the banking sector compared to the past.

At the press briefing, Siddiqi also mentioned that PayPal is now preparing to formally initiate its internal procedures for potential entry into Bangladesh.