JEDDAH, Kingdom of Saudi Arabia, April 19, 2022/ — The International Trade Finance Corporation (ITFC) was announced as the winner of the ‘Outstanding Use of Technology – Paperless Initiative’ category at the MEA Innovation Awards 2022 held virtually on March 31, 2022.
The award recognized ITFC’s commitment to digitization and the promotion of innovation and paperless transactions in the banking and finance sectors.
ITFC executed a ‘Cash Against Documents’ transaction between SOFITEX and 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, which was the first transaction processed through Bolero’s digital trade finance platform, covered a cotton shipment 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 trade development among the Organization of Islamic Cooperation (OIC) Member Countries and is a recognized leader in the use of technology to make international trade dealings paperless and more efficient. By applying an innovative approach to trade transactions, the Corporation will continue to increase the socioeconomic impact of 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 scaling up the implementation. We reaffirm our commitment to advancing trade in our member countries through digitalization.”
About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world.
Commencing operations in January 2008, ITFC has provided US$55 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs.
With a mission to become 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 would enable them to successfully compete in the global market.
