NEWS AND INSIGHTS

IPDC Finance Limited, the first private financial institution of Bangladesh established in 1981, has launched 'Orjon', the first digital supply chain finance platform in Bangladesh. 'Orjon' started its journey with a grand event on Thursday, December 5, at the Radisson Blu Water Garden Dhaka Hotel.

Junaid Ahmed Palak, State Minister for Information and Communications was present as the Chief Guest at the inauguration ceremony of 'Orjon' alongside Shah Alam, Executive Director, Bangladesh Bank; Judith Herbertson, Country Representative of DFID in Bangladesh; Paul Buren Hutchison, VP Blockchain GIU, Asia Pacific, IBM Global Business Services; and Syed Almas Kabir, President of BASIS (Bangladesh Association of Software and Information Services) as special guests. Tina Jabeen, Investment Advisor Startup Bangladesh ICT Division Ministry of Post, Telecommunications and Information Technology; Salahuddin Mahmud, Nominated Director of IPDC, GOB & Additional Secretary of Ministry of Industries; Mominul Islam, MD and CEO of IPDC Finance Limited; Rizwan Dawood Shams, Deputy Managing Director and Head of Business Finance and many others senior IPDC officials were present.

As 'Bangladesh's first blockchain-based digital supply chain finance platform '"Orjon" is a comprehensive supply chain financing solution that provides financial facilities to corporate organizations, micro and small enterprises (MSEs) in one single chain through factoring, reverse factoring, work order, and distributor financing. Easy, Fast & Collateral Free are the three pillars of Orjon. Under the 'Orjon' blockchain technology, the development of the digital supply chain platform will provide lending facilities to small enterprises in the country easily and at a low cost. The goal of 'Orjon' is to create a holistic supply chain financing eco-system in the country and this is the first of its kind in Bangladesh.

Speaking as the chief guest, Junaid Ahmed Palak said, "It's a historic day for digital Bangladesh. I warmly thank IPDC for taking excellent and co-operative initiatives and utilizing block chain technology in business activities to reach the goal of building Digital Bangladesh. Person to person financial services can be ensured by block chain technology like Orjon. I would like to welcome companies like IBM to collaborate more with platforms like Orjon".

Mominul Islam, MD, and CEO of IPDC Finance Limited said, “Today is a historical day for the Supply Chain Finance sector of Bangladesh. IPDC has launched the first ever digital supply chain platform ‘Orjon’ to boost digital transformation of NBFI sector to achieve the Vision 2021 of digital Bangladesh.  The platform will provide easy and low-cost credit facilities and support to develop over 25,000 small enterprises and businesses over the next five years for the improved supply chain management. As a result, I am confident that better business environment, market expansion and more than 200,000 new jobs will be created with greater financial progress than ever before. ”

Shah Alam, Executive Director of Bangladesh Bank said, ‘’It is commendable that IPDC has successfully launched the first ever Blockchain based digital supply chain platform in Bangladesh. Bangladesh Bank welcomes such initiative and wish Orjon to be more functional in coming days”