Niaz Morshed Elite is one of the most talked about young entrepreneurs of the country. Built a privately held startup company. He is also leading from the front in several businesses. Multiple times President of Junior Chamber International or JCI Bangladesh.

But he is more focused on information and technology sector. Niaz Morshed Elite is the executive director of Naqd, the country's fastest growing startup company. He has played a role in making Naqd a ten thousand crore rupees company. As an entrepreneur in the information technology sector, he is going to be a candidate in the Bangladesh Association of Software and Information Services (BASIS) elections.

In an exclusive interview to Kal Kantha, he spoke about information technology sector, software industry and BASIS.

Entrepreneur News: As an entrepreneur you are always found in important roles – what ventures would you like to take forward?

Niaz Morshed Elite: So far I have been associated with several initiatives in various ways. In many of these I have led from the front. More than 200 employees work in Baratakia Group founded by me. After the establishment of cash, I have been instrumental in taking it forward. Apart from this, I have learned a lot while working at various levels of the Junior Chamber. But among all, I will definitely put cash first. Basically the role that cash has played in market competition in the last five years is what attracts me the most. In addition to increasing financial inclusion, Cash's achievements in the fintech sector have left many years old companies behind. About four hundred native software engineers work here. What fascinates me the most is the way cash has worked for people as opposed to billions of dollars of foreign investment. Cash's contribution to breaking the monopoly of this sector also fascinates me. In all these I will keep my cash section ahead.

Entrepreneur News: Why?

Niaz Morshed Elite: All my businesses have successfully contributed to the country's economy. Cash in particular has brought a huge change to the fintech sector in Bangladesh. Cash has worked to break the monopoly in the mobile financial services sector and take the service to everyone. Cash has created a huge response in the market by introducing the first electronic KYC in the country's financial sector. And because of that, the organization has easily brought financial inclusion to more than nine crore people. Apart from this, the success of being the fastest unicorn of Bangladesh has brought Naqd international fame. I dream that a few more unicorn companies will be created in the information technology sector of Bangladesh in a short period of time. It is now the demand of time.

Entrepreneur News: You are on a panel in this year's Basis elections. Why are you choosing?

Niaz Morshed Elite: We had to take this decision while facing a long challenge. We have developed cash together with all domestic entrepreneurs. About four hundred software engineers work with us. But we have to work depending on foreign engineers. There are also many obstacles. We thought that there are hundreds of entrepreneurs in the information technology sector in our country. There are millions of information technology graduates. But the problems of those of us who work here are not being solved. Because I am interested in encouraging more timely software and information technology service related organizations for this sector and working a little more with government policy support for this sector.

Entrepreneur News: Do you think BASIS has played a significant role in government IT policy making in recent times?

Niaz Morshed Elit: I cannot answer this question easily. It is actually a matter of extensive evaluation. However, I have felt at times that Basis has not been able to perform its duties properly. I am hearing many such things now even in the polling field. They may have done their best but a lot more has been overlooked that needs to be done as a trade body. I want to contribute to fill this gap. Want to work more closely with the government. I want to play a role in creating an environment where millions of unemployed people with information technology degrees will not roam around, and companies will look for qualified workers but if they don't find them, they will have to bring workers from abroad. We want to change this situation. We always hear - we will export so many billion dollars, we will export so many billion dollars; I don't want to hear such cheeky bully anymore. Rather, we want to support the local institutions in becoming competent and efficient enough to meet the needs of the market that has been created within our country.

Entrepreneur News: What would be your top priorities if elected to become a member of the board of directors? And if you can't be elected or stay with the base?

Niaz Morshed Elite: I am very optimistic about winning the election. I may be the first time to vote in Basis myself but I don't think there is any reason for the loss in the interest I see among the voters. Even then, if the voters don't accept me, I will accept their verdict. I also promise, no matter what we win or lose, we will work together for the information technology sector of the country. Whoever the Basis members choose, we would like to give them maximum support. Even if we win, we want to treat everyone equally. And if the winner is one, two, three in terms of work priority. Instead of making a list, I will work on what is most needed based on the opinion of the members. But I think, first of all, we need to work on the situation of IT sector going on tax holiday in 2024. Win the election or not - I want to play a role here. In this case, the government needs to be convinced, is our information technology and services sector qualified enough to go beyond the tax holiday and move forward at a normal pace. At the same time, if a sector always runs only on tax holidays, then it will not happen. It will never be able to stand on its own feet. So it needs a balance.

Entrepreneur News: It is always said that the information technology sector of Bangladesh will be bigger than the garment industry? Do you agree with this optimism?

Niaz Morshed Elite: I do not disagree with those who have such dreams. But at the same time, we have to create a mentality to compete with the global market by meeting the needs of the domestic market. Vietnam, with whom we verbally compare ourselves, also has companies whose annual export revenue is not equal to the total revenue of the entire industry. As a result, dreams should be mixed with reality. Let us not just dream – not strive to make dreams come true.

Entrepreneur News: How can BASIS play a role in building a smart Bangladesh?

Niaz Morshed Elite: We have built digital Bangladesh with the whole world in mind. The government has led here from the front. And young private entrepreneurs like us have taken the path of achieving the slogan of 'Digital Bangladesh' by building institutions like Naqd. BASIS had an important role to play in this regard. Members will assess how well the base has done overall. But I think - to build a developed and smart country, we have to choose smart leadership.

Entrepreneur News: Where do you want to see Bangladesh in terms of information technology in 2041?

Niaz Morshed Elite: What I want here is to fulfill the goals set by the Prime Minister. To establish Bangladesh as a smart and advanced Bangladesh on the world map. Before this, at least 75 percent of transactions should be made cashless by 2027, and other areas should also be improved with the same consistency. I see a dream where any service can be found on a digital platform. There will be no transaction of printed money. And our children will get the benefits of the developed world right at home.