Local firm offers blockchain solutions to UK fintech

Local tech firm eGeneration is set to develop blockchain solutions for UK-based fintech TEEK TAKA, aiming to improve labour practices in global supply chains by initially focusing on Bangladesh’s readymade garment sector.

A deal was signed at eGeneration’s Dhaka office on Thursday for it to develop and pilot a cloud-based solution combining blockchain technology and invoice financing for the fintech, said a press release yesterday.

It is to incentivise factories to adopt ethical and sustainable behaviours by rewarding them with access to fast and cheaper financing, it reads.

Shameem Ahsan, chairman of eGeneration, said they have been working to make Bangladesh a global brand in providing 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,” he said.

“We are happy that eGeneration has once again gained the trust of an international client with its world class technology and business expertise,” he added.

Emran Abdullah, head of business development of eGeneration, and Thaslima Begum, founder and chief executive officer of the trade finance platform, signed the agreement.

Earlier eGeneration developed technology solutions and implemented ICT projects of Denmark, Japan, the US, Canada, Saudi Arabia, Russia, Uganda and the Philippines whereas TEEK TAKA won last year’s Islamic Development Bank’s Fintech Challenge.