eGeneration to develop blockchain solution for UK fintech TEEK TAKA

eGeneration, one of the largest IT and tech investment groups in Bangladesh has signed an agreement with UK based fintech TEEK TAKA - an ethical trade finance platform that seeks to improve labour practices in global supply chains. With an initial focus on the Bangladesh RMG sector, TEEK TAKA incentivises factories to adopt ethical and sustainable behaviours by rewarding them with access to faster and cheaper financing.

Winner of last year’s Islamic Development Bank’s Fintech Challenge and a current participant of the UK’s Finance Innovation Lab, TEEK TAKA entered the contract with eGeneration based on its solid knowledge and expertise of working with emerging technologies. The software firm is also the first in the industry to have filed application for IPO in Bangladesh.

Both companies signed the agreement for a project titled “Improving labour practices in the global supply chain through blockchain.”

Under the agreement, eGeneration will develop and pilot a cloud-based solution that combines the power of blockchain technology and invoice financing to transform global supply chain practices.

Emran Abdullah, Head of Business Development of eGenerationLtdandThaslima Begum, Founder and CEO of TEEK TAKA signed the agreement on behalf of their respective companies at eGeneration’s head office in the capital.

S M Ashraful Islam, Executive Vice Chairman of eGeneration andKashfiaFarhin, Advisor to TEEK TAKA were also present at the ceremony.

Shameem Ahsan, Chairman of eGeneration said, "eGeneration has been working diligently with an aim to make Bangladesh a global brand in providing leading innovative solutions and moving beyond being a low-cost IT solutions provider. To achieve that, we have developed in-house expertise in cutting-edge technologies such as artificial intelligence, data analysis, blockchain and cyber security. We are happy that eGeneration has once again gained the trust of an international client with its world class technology and business expertise.”

Thaslima Begum, Founder & CEO of TEEK TAKA said, “Today, businesses have an opportunity to shift how they are implementing corporate social responsibility commitments in their supply chains. Standards often come at a cost that is not always rewarded with tangible benefits. At the same time, suppliers in Bangladesh continue to face financial challenges and are often in need of working capital to bridge payment gaps.”

“Instead of enforcing compliance, TEEK TAKA incentivises suppliers to adopt better working conditions by helping them access better financing terms and shining a light on their standards and practices. There's a lot of work to be done but we are confident in eGeneration’s ability to develop a platform that will bring us closer to a more transparent and responsible global supply chain.”

SM Ashraful Islam, Executive Vice Chairman of eGeneration Group said, “eGeneration has successfully developed technology solutions and implemented ICT projects in Denmark, Japan, USA, Canada, Saudi Arabia, Russia, Uganda and the Philippines. With this agreement, another exciting and innovative UK based company has been added to our client portfolio.”

-rmc//