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IPDC wins ADFIAP Award for Supply Chain Finance
IPDC Finance Ltd, the first private-sector financial institution of Bangladesh since 1981, was awarded Outstanding Development Project Award by Philippines-based Association of Development Financing Institutions in Asia and the Pacific (ADFIAP).
IPDC was adorned with the accolade by the ADFIAP Awards Board in Category 5 (Technology Development) for its Supply Chain Finance project. The awarding committee handed over the reward to the winner during the 43rd ADFIAP Virtual Annual Meeting held online on October 29, 2020.
Since 1997, ADFIAP honors member banks or non-banking financial institutions that undertake or assist projects that have created a development impact in their respective countries. Last year, Managing Director and CEO of IPDC Finance, Mominul Islam, was awarded the award for Outstanding CEO by ADFIAP.
On 5 December 2019, IPDC launched ORJON, the first-ever blockchain-based digital Supply Chain Finance platform in South East Asia, with support from DFID and technology partner IBM. It was designed and implemented by IPDC to promote financial inclusion of Micro, Small & Medium Enterprises (MSMEs) by providing easy access to low-cost Supply Chain Finance in collaboration with corporate bodies, creating an ecosystem for the end-to-end supply chain management.
Since its launch, ORJON has been receiving admiration from industry experts, corporate entities, and customers. Different local and international media have also highlighted the initiative for its uniqueness, convenience, safety, and capacity to support large scale transactions.
Mominul Islam, Managing Director and CEO of IPDC stated, “ADFIAP Award does not only hold immense prestige, but also recognises our goal to create a holistic supply chain financing eco-system which is the first of its kind in Bangladesh. I am confident that better business environment, market expansion and more than 200,000 new jobs will be created in the next five years with greater financial progress than ever before. Eventually, we aim to open the platform to the entire banking industry in the near future.”