IsDB Partners with BanQu | November 10, 2021
BanQu + Islamic Development Bank
Back in March 2020, when the world was fast slipping into a full blown Covid-19 disaster, not seen in over 100 years, the leadership team of the Islamic Development Bank (IsDB) was hunkered down determined to ensure that the most vulnerable people in their member countries were taken care of. They envisioned an approach that would do something that no Multilateral Development Bank (MDBs) had ever done before. Think past the pandemic. Counter intuitive, especially in March 2020, but filled with courage, agility and compassion. They called it the R3 Strategy – Respond, Recover and Restore. Given the global nature of the crisis and basic human needs in jeopardy they needed to coordinate across their member countries with accuracy, transparency and urgency. They wanted to ensure that donor funding was leveraged appropriately and transparently for the intended Covid-19 products and services.
They did that and a lot more.
IsDB launched the Global Coordination Platform (GCP) using the popular BanQu non-crypto blockchain SaaS application. BanQu, known for its global success in supply chain transparency/traceability and records management auditing embarked on an unprecedented partnership with IsDB that has today transformed how MDBs and their partners respond to crisis and create long term stability and economic growth in vulnerable communities. The GCP is at the core of how IsDB has ensured a traceable, transparent and auditable value chain for funding Covid-19 response and helping member countries access much needed resources and get past the devastating pandemic. GCP has become a widely used coalition portal running on blockchain for nations, NGOs, private sectors partners and financial institutions that use it every day to connect with each other on fund allocation visibility, goods/services sourcing, supplier certification, proof of delivery and real-time impact reporting (aka M&E).
BanQu was recently awarded the 2021 Product Innovation of the Year by IFC and Social Impact Award by Reuters. IsDB is one of the largest MDBs in the world and continues to be a AAA rated financial institution.
The Global Coordination Platform in use since April 2020 is today deployed across 33 member countries and become a global standard for how to respond to future calamities. Over the past 18 months this partnership has enabled millions of underserved communities to get critical resources from basic food supplies to much needed PPE. Over 180 million items have been distributed from Yemen to Senegal and from Ghana to Uzbekistan using the BanQu GCP platform. Over $2B have been deployed via 200+ providers that include all major UN agencies, IFRC, ITFC, IRCRC, Institut Pasteur de Dakar and private enterprises – all aligned on a common cause to help vulnerable communities and rebuild for a better future.
As the world slowly limps back to normalcy, the GCP is now delivering on long term initiatives such as vaccine deployment, small businesses value chain financing and restarting/funding key infrastructure projects in its member countries.
“We are absolutely blessed to be in this incredible partnership with IsDB and continue to be aligned with the strategic vision and goals set by the IsDB leadership team for an equitable world.” – Ashish Gadnis, CEO, BanQu Inc.