International Trade Finance Company (ITFC) (www.ITFC-idb.org) was announced as the winner of the ‘Outstanding Use of Technology – Paperless Initiative’ category at the 2022 MEA Innovation Awards which was held virtually on March 31, 2022. The award recognizes ITFC’s commitment to digitizing and promoting innovation and paperless transactions in the banking and financial sector.
ITFC conducted a ‘Cash Against Documents’ transaction between SOFITEX and the Louis Dreyfus Company (LDC), using an electronic bill of lading issued by the CMA CGM Group, a world leader in shipping and logistics. The transaction, the first to be processed through Bolero’s digital trade finance platform, includes a shipment of cotton originating from Burkina Faso and shipped by CMA CGM Group from the Port of Lomé in Togo.
ITFC is committed to being a catalyst for the development of trade among Member States of the Organization of Islamic Cooperation (OIC) and is a recognized leader in the use of technology to make international trade transactions paperless and more efficient. By adopting an innovative approach to trade transactions, the Corporation will continue to increase the socioeconomic impact of its trade finance operations.
Receiving the award on behalf of ITFC, Mr. Alhasan Basalamah, Senior Manager, Business Development said: “It is an honor to receive the MEA Innovation Award, and We would like to thank and recognize our partners in this deal: Sofitex, Bolero, LDC & CMA CGM, and we look forward to improving its implementation. We reaffirm our commitment to advancing trade in our member countries through digitization.”
Distributed by APO Group on behalf of the International Islamic Trade Finance Corporation (ITFC).
LinkedIn: International Islamic Trade Finance Corporation (ITFC) (https://bit.ly/3Mx88E3)
Tel: +966 12 646 8337
Fax: +966 12 637 1064
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About International Trade Finance Company (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Banks Group (IsDB). It was established with the main aim of promoting trade among OIC member countries, which will ultimately contribute to the overarching goal of improving the socioeconomic conditions of people around the world. Commencing operations in January 2008, ITFC has provided US$55 billion in financing to OIC member countries, making it a leading provider of trade solutions to the needs of these member countries. With a mission to be a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which will enable them to succeed. compete in the global market.
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ITFC Wins Innovation Award for ‘Outstanding Use of Technology – Paperless Initiative’
Source link ITFC Wins Innovation Award for ‘Outstanding Use of Technology – Paperless Initiative’