DHAKA, July 23, 2023 (BSS) - Three institutions have been awarded for innovative ideas to develop women-friendly solutions to increase institutional participation of women in the country's financial transactions and to protect micro, small, cottage and medium (CMSME) entrepreneurs.

FinLab BD, a joint venture of a2i, the United Nations Capital Development Fund (UNCDF) and MicroSave Consulting (MSC), gave the award on Monday evening at a function at the auditorium of the Bangabandhu Military Museum in the city, said a press release here today.

The awardees are Dana Fintech, Mutual Trust Bank (MTB) and Apon Wellbeing. These three institutions have been awarded as the winners of the 'Women's Financial Inclusion Challenge 2022' and the 'CMSME Innovation Challenge 2022'.

Cheque for Taka 75 lakh was awarded to Dana Fintech while Taka 50.75-lakh cheque was given to MTB and Taka 50-lakh cheque to Apon Wellbeing for innovative ideas, which will be evaluated and implemented under the supervision of the Bangladesh Bank.

Bangladesh Bank Executive Director and Spokesperson Md Mezbaul Haque was present at the prize giving ceremony as the chief guest and handed over the cheques to the winners.
 
Chief Executive Officer of MetLife Bangladesh Ala Uddin Ahmed and Managing Director of BRAC Bank Limited Selim RF Hussain were present as special guests.

Project Director (Joint Secretary) of a2i Md. Mamunur Rashid Bhuiyan presided over the function.

As per the ideas developed by the three institutions, the Dana Fintech will make a credit scoring system through their innovation that will create financial accessibility for small and medium enterprises to get loans digitally.
 
Besides, Mutual Trust Bank, through its innovative idea of 'Daylight Loan', will create a financial loan model through which small businessmen will get the opportunity to take loans every day. They can take a loan in the morning and repay it before sunset. As a result, small and medium traders can expand their businesses.
 
The Apon Wellbeing, however, will create an omnichannel platform through which garment workers, especially women, will come under financial inclusion. They would be able to purchase and store daily products through this platform in their garment factories. At the same time, they will have the facility of saving and taking loans through it.

Speaking on the occasion, Bangladesh Bank Executive Director and Spokesperson Md Mezbaul Haque said in order to accelerate financial inclusion, it is very important to take innovative initiatives in the financial services sector and develop new fintech products.

The a2i projects always have a culture of innovation and aim at providing opportunities for young entrepreneurs to take up innovative ventures, he said, adding that innovation needs to be linked to the country's ecosystem for financial inclusion.

"If we can make the payment system cashless, it will be possible to take citizen services to a more marginal level and bring financial inclusion. If these are implemented, it is possible to attain the goal of building Smart Bangladesh," Mezbaul Haque said, adding that Bangladesh Bank is committed to building a non-discriminatory society with the cooperation of all".

The a2i, the United Nations Capital Development Fund (UNCDF) and the Microsave Consulting (MSC) jointly launched the FinLab BD platform in 2021 to support startups and entrepreneurs in creating sustainable business models to contribute to the achievement of SDG targets in Bangladesh.

Currently, FinLab BD is operating with the support from the Bangladesh government, the Bill & Melinda Gates Foundation, and the MetLife Foundation.