IPDC wins ADFIAP award for supply chain finance

IPDC Finance Ltd has won the Outstanding Development Project award awarded by the Philippines-based Association of Development Financing Institutions in Asia and the Pacific (ADFIAP).

According to a press release issued by the company on Monday, IPDC received the award in Category 5 (technology development) for its supply chain finance project.

The awarding committee handed over the award to the winner during the 43rd ADFIAP virtual Annual Meeting held online on 29 October, added the press release.

On 5 December, 2019, IPDC launched ORJON, the first-ever blockchain-based digital supply chain finance platform in Southeast Asia – with support from the Department for International Development and technology partner IBM. It provides easy access to low-cost supply chain finance to micro, small and medium enterprises by collaborating with corporate bodies.

Regarding the award, Mominul Islam, managing director and CEO of IPDC said, "The 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 a 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 are aiming to open the platform to the entire banking industry in the near future," he added.

Since 1997, ADFIAP honours member banks or non-banking financial institutions that undertake or assist projects which have created a development impact in their respective countries. Last year, Mominul Islam was awarded the award for Outstanding CEO by ADFIAP.