The ADB recognised leading partner banks at its fourth annual Trade Finance Programme (TFP) Awards and Partners Dinner held on Tuesday in Singapore. Over 200 guests from banks and other financial institutions around the world attended the event.
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 US$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,” he added.
TFP provides guarantees and loans to banks for supporting trade. Backed by ADB’s AAA credit rating, the programme 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 US$30 billion– in sectors ranging from commodities and capital goods to medical supplies and consumer goods.