ADB announces winners of Trade Finance Awards

Thursday, 6 September 2018 00:36 - - {{hitsCtrl.values.hits}}

The Asian Development Bank (ADB) recognised 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 recognised 23 leading partner banks from 15 countries. One award recognises efforts to boost women in banking. A new award category – the Momentum Award – was launched to recognise 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 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 recognise 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.

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 totalled $32.2 billion, including $11.9 billion in co-financing.