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Startup Bangladesh invests in SWAP

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SWAP, Bangladesh’s first re-commerce platform raises 5 crore BDT in Pre-Series

Startup Bangladesh Limited, the flagship venture capital company of the ICT Division,
decided to invest in SWAP, the first ever re-commerce platform in Bangladesh. Swap
works by offering customers both convenience and safety when selling a product
along with ensuring an environment-friendly way to discard e-waste. The platform
enables many low-income households to purchase, sell and exchange products –
increasing economic participation and access-to-technology in an emerging market
such as Bangladesh.
An agreement was signed recently between the organizations in Dhaka to invest 5
crore BDT in Pre-Series A round.
The agreement was signed in the presence of Khandker Anwarul Islam, Cabinet
Secretary, Cabinet Division. Startup Bangladesh Chairman & Senior secretary of ICT
division Mr. N M Zeaul Alam PAA, Managing Director Sami Ahmed, Head of Portfolio
Investment Hasan A. Arif and Parvez Hossain, CEO and Tonmoy Shaha, COO of SWAP
and other stakeholders were present on the occasion.
Since starting in 2020, SWAP has generated more than USD $43M in Gross
Merchandise Value (GMV), with a current monthly GMV of over USD $2.5M. SWAP has
served over 80,000 customers till date and has also helped to reduce 3650 Metric ton
of carbon emission and saved more than 386 metric ton of e-waste as part of the
commitment to reduce carbon footprint and contribute to an environmentally
sustainable ecommerce industry in emerging markets.
Startup Bangladesh Limited is the flagship venture capital fund of ICT Division. Under
the visionary guidance of Honorable Prime Minister Sheikh Hasina, Startup Bangladesh the first and only venture capital fund sponsored by the government of the people’s
republic of Bangladesh started its journey on March 2020 with an allocated capital of
BDT 500 crore. In this effort to enable the nation to innovate faster, Startup Bangladesh has decided to invest 5 crore BDT in SWAP after recognizing the potential of this re-
commerce pioneer.

    On the occasion Mr. Zunaid Ahmed Palak, State Minister for ICT Division said,
    “Bangladesh has become a fertile land for startups and innovation, which is
    transforming the startup ecosystem. The Government is a strong believer of innovation

    and technology, and we believe Startups are the change-makers and Impact creators
    in society. To support these innovative Startups, Government has established Startup
    Bangladesh venture Capital company. Startup Bangladesh’s role in supporting startup
    ecosystem through investments in technology startups is vital towards building Smart
    Bangladesh. I hope Swap will make remarkable impact in the industry with this
    investment.”
    “The work that SWAP is doing in the re-commerce industry is highly commendable
    and the investment from Startup Bangladesh Ltd on SWAP will help it to be the leader
    of the industry. I hope that they will be able to make a deep impact in Smart
    Bangladesh implementation as a Startup. The ICT Division is working diligently in
    changing policies that assist the emerging and growing startups in many aspects,
    whether it is policy level, training, development etc.” mentioned NM Zeaul Alam PAA,
    Senior Secretary, ICT Division and Chairman Startup Bangladesh Ltd.
    “Startup Bangladesh aims to support homegrown startups to grow and reach heights
    that generate higher standards for more Foreign Investment. The local startup
    ecosystem is greatly influenced by prospective ventures like SWAP, With the right
    strategy and focus, SWAP will be able to make remarkable example as successful and
    sustainable startup in the ecosystem”, said Sami Ahmed, Managing Director, Startup
    Bangladesh Limited.
    “We believe that SWAP provides a solution that the Bangladesh market greatly needs.
    By building an ecosystem for pre-owned goods, we are providing our country’s low
    and middle income households access to technology at an affordable price while
    encouraging the circular economy mandate. By reusing and increasing the lifespan of
    electronics devices & light vehicles, we can also ease the pressure on import of such
    goods, easing the stress on our dollar reserve.” said SWAP CEO and Co-founder, Parvez
    Hossain.
    Startup Bangladesh in its effort to build a vibrant startup ecosystem that nurtures
    digitalization, has been investing in most promising and impactful startups in
    Bangladesh and has continued that tradition by investing in SWAP. With the
    investment in SWAP Startup Bangladesh has invested in 18 companies with more than
    50 crore BDT to date.

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    Divine IT Conducts Training on Bangladesh Energy Regulatory Commission’s Uniform System of Accounts for Standardized Gas Sector Accounting in Bangladesh

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    Divine IT Limited recently conducted a comprehensive training session on the Uniform System of Account of the Bangladesh Energy Regulatory Commission.

    The event featured distinguished attendees including the Chairman of BERC, Md. Nurul Amin, and Divine IT’s MD and CEO, Iqbal Ahmed Fakhrul Hasan. Additionally, the Director of Gas of BERC, Md. Fazle Alam, Mohammad Kamruzzaman (Deputy Director (Tariff)), Divine IT’s COO, Md Kamrul Hassan, and Mahfijur Rahman Jewel (V.P. PrismGRP) were also present.

    This training aimed to enhance understanding and implementation of standardized accounting practices across the gas sector in Bangladesh, promoting transparency and regulatory compliance.
    The Bangladesh Energy Regulatory Commission’s Uniform System of Accounts standardizes accounting practices across all licensed gas sector entities in Bangladesh, including Petrobangla and its subsidiaries, ensuring consistency and transparency. It facilitates consolidated financial reporting, aids in regulatory compliance, and supports fair tariff determination.

    By implementing BERC’s Uniform System of Accounts, gas sector entities can achieve greater transparency in management and operation, protect consumer interests, streamline the collection and management of energy statistics, and provide a clear framework for dispute settlement. These enhancements promote a competitive market and attract private investment, fostering a well-regulated energy sector.

    DivineIT’s expertise positions them to significantly aid gas sector companies in Bangladesh, potentially mirroring past successes like with Titas Gas in 2015. With their experience with automation solutions, they developed and implemented a customized software solution that adheres to the BERC Uniform System of Accounts. This system could automate data collection, account management, and reporting processes across all gas sector entities. This would streamline compliance for companies and simplify the consolidation of financial reports for BERC. Additionally, Divine IT provides training and support to ensure a smooth transition for all stakeholders involved. This initiative not only enhances regulatory compliance but also fosters a transparent and well-regulated gas sector in Bangladesh.

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    The training session by Divine IT marks a significant step towards standardized and transparent accounting practices in Bangladesh’s gas sector, paving the way for improved efficiency and regulatory adherence.

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    Bangladeshi Startup Celebrates Success at VivaTech 2024, Unveils Future Plans

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    By Mojahidul Islam

    Europe’s biggest tech event, VivaTech 2024, took place from May 22–25, and this year, Bangladesh embarked on its inaugural participation at VivaTech with 12 renowned startups.

    Through selection by the ICT Division of Bangladesh, these startups got the opportunity to showcase their innovations in AI, automation, quantum computing, cybersecurity, microchip design, and other frontier technologies on the world stage in Paris.

    Bangladeshi exhibitors for the 8th edition of VivaTech included the renowned companies Riseup Labs, Brain Station 23, BJIT Limited, Astha IT, and others. Furthermore, with over 165,000 attendees, this year’s VivaTech broke previous records in terms of attendees, exhibitors, speakers, online viewers, and even the number of business connections made. Following their exhibition, Riseup Labs shared their experience with The Daily Frontline, providing insights into the event’s success and the newfound opportunities for the company. According to their representative:

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    “VivaTech 2024 could open many doors for Bangladeshi tech startups. The event provided a formative ground to network with the international tech startup community and to observe global innovation trends unfold in real time. The huge platform opened doors for strategic partnerships and helped forge innumerable sessions with investors, prospects, and large corporations. Moreover, it provided the perfect stage for showcasing Bangladesh’s strides in tech and innovation to a global audience.”

    Additionally, the company’s representative told us that Riseup Labs was able to secure around 25 new business opportunities through the event. The company looks forward to embarking on its new projects and setting a stronghold on the international scene.

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    WSIS Prizes 2024 recognize the best in tech projects to support sustainable development

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    Winners from around the world honoured for innovative approaches to advance the UN Sustainable Development Goals

    ​​Winners of the WSIS Prizes, recognizing innovative technological approaches to support sustainable development, were announced today at the World Summit on the Information Society (WSIS)+20 Forum High-Level Event 2024 in Geneva, Switzerland.

    Overall, projects from 18 countries were presented with WSIS Prizes top honours, showcasing leading efforts to bridge the digital divide, foster digital inclusion, and drive socio-economic progress on a global scale.

    “This year’s WSIS Prizes demonstrate the innovation and energy that exist to find technological solutions to some of the globe’s biggest challenges,” said ITU Secretary-General Doreen Bogdan-Martin. “These are the creative contributions that the world needs in our effort to advance the UN Sustainable Development Goals.”

    WSIS Prizes 2024 Winners

    Category 1: The role of governments and all stakeholders in the promotion of ICTs for development
    Organization: Saudi Data and AI Authority (SDAIA)
    Project: The National Data Bank (NDB) and Estishraf
    Country: Saudi Arabia
    Description: To revolutionize Saudi Arabia’s governance through data and AI, enhancing sectors like healthcare, education, and transportation while promoting innovation and collaboration.

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    Category 2: Information and communication infrastructure
    Organization: Department of Information and Communications Technology – Region 10
    Project: Empowering Disaster Response in Northern Mindanao through the use of Local Radio Networks
    Country: Philippines
    Description: To establish a resilient radio communication network across Northern Mindanao to enhance disaster response and mitigate the impact of future crises.

    Category 3: Access to information and knowledge
    Organization: Internet Society Tanzania Chapter (ISOC-Tz) & Partner Organization for Digital Africa & ISOC Foundation​
    Project: Tanzania Digital Inclusion Project (TADIP)
    Country: United Republic of Tanzania
    Description: To bridge the digital divide in Tanzania by providing affordable Internet access, digital skills training, and community engagement initiatives, thereby fostering socio-economic development and inclusivity.

    Category 4: Capacity building
    Organization: Perkumpulan Mitra TIK Indonesia (ICT Watch)
    Project: JaWAra Internet Sehat
    Country: Indonesia
    Description: To promote digital literacy and empower communities in Indonesia through grassroots initiatives led by local champions, fostering a conducive internet ecosystem and enhancing digital skills and safety awareness.

    Category 5: Building confidence and security in use of ICTs
    Organization: Bangladesh Computer Council
    Project: NationalConnect: Empowering Governance, Education, and Sustainability through Secure Government Video Conferencing
    Country: Bangladesh
    Description: To provide a homegrown video conference platform developed by the Bangladesh Computer Council (BCC) to ensure seamless government services and educational continuity, particularly during the COVID-19 pandemic, while fostering innovation and cost-saving measures.

    Category 6: Enabling environment
    Organization: Federal Telecommunications Institute (IFT)
    Project: Interactive Tool of Policies, Terms and Conditions Applicable in the use of Digital Platforms
    Country: Mexico
    Description: To provide transparent and accessible information to users about privacy policies and terms of service on various digital platforms, empowering them to make informed decisions and promoting digital literacy.

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    Category 7: ICT applications: benefits in all aspects of life (E-government)
    Organization: Innovation and Digital Development Agency (IDDA)
    Project: “MyGov”
    Country: Azerbaijan
    Description: To create a unified digital service platform that seamlessly integrates citizens and state entities, providing efficient access to government services and fostering collaboration.

    Category 8: ICT applications: benefits in all aspects of life (E-business)
    Organization: Financial Service Authority (FSA)
    Project: Analytical Portal (Bayanat)
    Country: Oman
    Description: To establish an analytical portal (Bayanat) that facilitates the exchange of business information based on the global XBRL standard, providing accessible and reliable financial data to market participants.

    Category 9: ICT applications: benefits in all aspects of life (E-learning)
    Organization: Universitat Autonoma de Barcelona
    Project: Young ArcHers project
    Country: Spain
    Description: To develop efficient training materials and accessible tools to support primary school teachers in promoting European cultural heritage among students, including those with disabilities and from diverse backgrounds.​

    Category 10: ICT applications: benefits in all aspects of life (E-health)
    Organization: Check Me Ltd
    Project: Check Me
    Country: Rwanda
    Description: An AI-powered e-health platform aimed at combating breast cancer in Africa by addressing awareness gaps, accessibility issues, and high healthcare costs through education, self-screening guidance, and connectivity with specialists and survivors.

    Category 11: ICT applications: benefits in all aspects of life (E-employment)
    Organization: Digital Dubai Authority
    Project: Smart Employee
    Country: United Arab Emirates
    Description: To revolutionize staff management in Dubai’s government entities by providing an innovative, user-friendly, and efficient solution for various services, contributing to the city’s digital transformation goals.

    Category 12: ICT applications: benefits in all aspects of life (E-environment)
    Organization: Advanced Info Service Public Company Limited (AIS)
    Project: AIS E-Waste+ Application
    Country: Thailand
    Description: To revolutionize e-waste management in Thailand by providing a comprehensive platform that encourages responsible disposal and recycling through the innovative use of blockchain technology.

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    Category 13: ICT applications: benefits in all aspects of life (E-agriculture)
    Organization: Department of Agriculture
    Project: GeoTanaman
    Country: Malaysia
    Description: To revolutionize Malaysia’s agriculture by providing a comprehensive digital platform for farmers to manage, analyze, and present geospatial information related to food crops, fostering a resilient and self-sufficient agricultural landscape.

    Category 14: ICT applications: benefits in all aspects of life (E-science)
    Organization: China Mobile Communications Group Co., Ltd
    Project: Large-Capacity Wide-Area Data Express for Scientific Computing Breakthroughs
    Country: China
    Description: To address the inefficiency and security risks associated with wide-area transmission of large volumes of data in scientific research by proposing an efficient and economical online data transmission solution based on a computility network and AI intelligent scheduling.

    Category 15: Cultural diversity and identity, linguistic diversity and local content
    Organization: Digitization Association for Technology and Science (DATS)
    Project: Center for Digitization and Documentation of Heritage and Arts Setif
    Country: Algeria
    ​​​Description: To document the heritage and arts of Setif in the virtual world, to digitize them in two- and three-dimensional formats, and to obtain certificates of ownership in the virtual world with tradable crypto assets (NFT’s), enhancing the protection and conservation of the cultural heritage and arts.

    Category 16: Media
    Organization: Upview
    Project: One-stop AI Solution for content creators to go viral – consistently!
    Country: United States of America
    Description: An AI-powered growth platform for video content creators, aiming to automate video strategy, support execution, and drive distribution for content creators using proprietary AI technology.

    Category 17: Ethical dimensions of the Information Society
    Organization: Nokia
    Project: Smartpur
    Country: India
    Description: To empower and support local communities in India through digital technology, focusing on connecting the unconnected and providing access to essential services in health, education, livelihood, financial inclusion, and governance.

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    Category 18: International and regional cooperation
    Organization: South School on Internet Governance
    Project: University Diploma in Internet Governance and Regulations
    Country: Argentina
    Description: To train young students and professionals from various disciplines in understanding the importance of Internet Governance and its impact on developing economies, enhancing representation in global Internet Governance discussions.

    Showcasing technology for impact
    The WSIS Prizes are a global platform aligned with the 2030 Agenda for Sustainable Development.

    The WSIS Prizes 2024 received over 1000 submissions from over 100 countries. Since its inception in 2012, the contest has received more than 5,000 submissions and engaged with millions of stakeholders, including voters, on success stories from around the world that are built around technological solutions to sustainable development challenges.

    At the WSIS Prizes 2024 ceremony, the Swiss Confederation and the United Arab Emirates were recognized for 20 years of implementation of WSIS Action Lines.

    The WSIS+20 Forum High-Level Event 2024 is meeting from 27 to 31 May to address challenges and log achievements in the two decades since the multi-stakeholder WSIS process was established.

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