B Mirror Report: In a major step toward a digital-first trade ecosystem, the National Board of Revenue (NBR) and Bangladesh Bank (BB) have officially launched a real-time digital integration between the Foreign Exchange Transaction Management System (FxTMS) and the Asycuda World system.

The move effectively ends manual verification of commercial invoices, ushering in a more transparent, data-driven, and efficient customs framework in the country.

The inauguration was held at Revenue Bhaban, where Md Abdur Rahman Khan FCMA, Chairman of the NBR and Secretary of the Internal Resources Division, formally unveiled the system, according to a press release.

This initiative, a collaborative effort between NBR, the central bank, and all commercial banks, follows the successful completion of the User Acceptance Test (UAT). The pilot phase began on April 7, 2024, marking a critical step toward full-scale digital integration across the nation’s port operations.

The integration allows real-time digital verification of commercial invoices, replacing paper-based processes, enhancing operational efficiency, securing national revenue, and combating Trade-Based Money Laundering (TBML) by standardizing data directly from commercial banks.

Following the pilot’s success, the NBR plans to make the submission of digital commercial invoices mandatory within the Bill of Entry, signaling a significant stride toward the “Paperless Customs” vision.

Officials say the initiative is expected to transform Bangladesh’s trade environment, improve ease of doing business, and bring the country in line with global customs standards.