Mobile Financial Services (MFS) generally refers to electronic money services provided against a particular mobile or cell phone number of a client (termed as mobile account), where the record of funds is stored on the electronic general ledger. MFS and related Fintech companies are regulated by the Mobile Financial Services (MFS) Regulations of 2022 formulated by the Bangladesh Bank. In India, on the other hand, the industrial ordinances are relatively scattered, and are regulated and managed by a plethora of Reserve Bank of India (RBI) ordinances.