ADB Announces Winners of Trade Finance Awards
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The Asian Development Bank (ADB) recognized leading partner banks at its fourth annual Trade Finance Program (TFP) Awards and Partners Dinner held on 4 September in Singapore. Over 200 guests from banks and other financial institutions around the world attended the event.
The TFP Awards recognized 23 leading partner banks from 15 countries. One award recognizes efforts to boost women in banking. A new award category�the Momentum Award�was launched to recognize partner banks that displayed the highest growth in transactions with TFP from 2017 to 2018. Award categories included: Trade Deal of the Year, Best SME Trade Deal, Most Progressive Bank on Gender Strategy, and Supply Chain Finance Partner of the Year.
We've had amazing growth over the past 12 months, said ADB's Head of Trade and Supply Chain Finance Mr. Steven Beck. We couldn't have done this without our partner banks, which have helped us to close over $4 billion a year in trade finance market gaps. These awards are a great opportunity to recognize and thank them for their work to provide finance to companies, which helps create growth and jobs.
The TFP Awards and Partners Dinner was held on the first day of the Global Trade Review's annual conference in Singapore�GTR Asia Trade and Treasury Week 2018�one of Asia's leading trade finance conferences. At the GTR event, ADB launched its inaugural Trade Finance Scorecard � Regulation and Market Feedback, a new tool to address small business and developing country financing gaps caused by compliance challenges around efforts to prevent criminals and terrorists from exploiting the global financial system.
TFP provides guarantees and loans to banks to support trade. Backed by ADB's AAA credit rating, the program works with over 200 partner banks to provide companies with the financial support they need to engage in import and export activities. ?Since 2009, ADB's TFP has supported more than 12,000 small and medium-sized businesses across developing Asia�through over 16,600 transactions valued at over $30 billion�in sectors ranging from commodities and capital goods to medical supplies and consumer goods.
TFP is complemented by ADB's Supply Chain Finance Program (SCFP), which was re-launched this year to help small and medium-sized enterprises in developing countries gain access to finance in support of their domestic and global open account trade. ADB plans to scale this business in partnership with local, regional, and global banks, as well as SCF platform providers and industry experts to build capacity throughout the region.
For more information on both the TFP and SCFP, please visit the TFP website: http://www.adb.org/tfp
The full list of winners:
1. Leading Partner Bank in Armenia - Ameriabank CJSC
2. Leading Partner Bank in Bangladesh - Dutch-Bangla Bank Limited
3. Leading Partner Bank in Cambodia - ACLEDA Bank PLC
4. Leading Partner Bank in Georgia - TBC Bank
5. Leading Partner Bank in Kazakhstan - Tsesnabank JSC
6. Leading Partner Bank in Mongolia - Khan Bank
7. Leading Partner Bank in Myanmar - Yoma Bank Limited
8. Leading Partner Bank in Nepal - Nabil Bank Limited
9. Leading Partner Bank in Pakistan - National Bank of Pakistan
10. Leading Partner Bank in Sri Lanka - DFCC Bank PLC
11. Leading Partner Bank in Tajikistan - OJSC Bank Eskhata
12. Leading Partner Bank in Uzbekistan - OJSC "Uzpromstroybank"
13. Leading Partner Bank in Viet Nam - JSC Bank for Investment and Development of Vietnam
14. Leading Confirming Bank - JPMorgan Chase Bank, N.A.
15. Leading SME Trade Bank - Vietnam International Commercial Joint Stock Bank
16. Trade Deal of the Year (Issuing Bank) - Bank of Georgia
17. Trade Deal of the Year (Confirming Bank) - Citibank N.A.
18. Best SME Deal (Confirming Bank) - Tien Phong Commercial Joint Stock Bank
19. Best SME Deal (Issuing Bank) - Prime Bank Limited
20. Supply Chain Finance Partner of the Year - Standard Chartered Bank
21. Gender Champion Award - Mutual Trust Bank Limited
22. TFP Momentum Award (Issuing Bank) - Bank for Industry, Construction and Investment Closed Joint-Stock Company (Ardshinbank CJSC)
23. TFP Momentum Award (Confirming Bank) - Credit Agricole Corporate and Investment Bank
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 67 members�48 from the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.
Source: Asian Development Bank