eGeneration to develop blockchain solution for UK fintech

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, said a statement.

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.

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.

S M Ashraful Islam, Executive Vice Chairman of eGeneration and Thaslima Begum, Founder and CEO of TEEK TAKA signed the agreement on behalf of their respective companies at eGeneration's head office in the capital.

Kashfia Farhin, Advisor to TEEK TAKA and Emran Abdullah, Head of Business Development at eGeneration 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."