A Memorandum of Understanding (MoU) was signed between FBCCI, the apex trade body of Bangladesh and Faction, an US-Based Company, for Cooperation in setting the FBCCI Innovation and Research Center on June 18, 2023 at Bengal Commercial Bank head office in the capital.

FBCCI President Mr. Md. Jashim Uddin and Faction Co-Founder Mr. Max Garza III signed on the MoU on behalf of their organisations on June 18, 2023 at Bengal Commercial Bank Head Office in the capital.

Among others, FBCCI Senior Vice President Mr. Mostofa Azad Chowdhury Babu, Vice Presidents Mr. M A Momen, Mr. Md. Amin Helaly, Mr. Md. Habib Ullah Dawn, Secretary General (Acting) Ambassador Mosud Mannan, Chief Executive Officer of the FBCCI Innovation and Research Center Mr. Bikarna Kumar Ghosh were present at the signing ceremony.

FBCCI President said "Bangladesh is moving towards smart and digitization. We must ensure the maximum use of technology to build a developed Bangladesh by 2041 as announced by the Prime Minister. At the same time, country's businessmen must increase capacity to work with the government on the policy level with the problems and possibilities of the private sector. Collaboration between FBCCI and Faction in innovation and research will make two countries benefited.