British trade finance company PrimaDollar will set up a Factory Social Score system on the Merchant Bay portal. Merchant Bay develops business intelligence solutions, smart factory management tools, and multi-sided platform services to digitalize the readymade garment (RMG) sector. And it has over 700 factories now onboard its principal marketplace for RMG factories.
The Factory Social Score system is a global solution to monitor the social and governance performance of workplaces — part of the global ingenuity to improve Environmental, Social, and Governance (ESG) metrics.
The ‘Real-time ESG’ data designed in Bangladesh and London – is a new class of data, which is driving a new trend of initiatives to bring environmental, social, and governance change across global markets.
Abrar Hossain Sayem, CEO of Merchant Bay said to the media, “Adding Factory Social Scores is a great value-addition for us. Factories will be able to demonstrate their social and governance credentials via PrimaDollar’s technology, delivering real-time ESG data directly to the factory profile in our system.”
Sayem added that buyers are very focused on ESG issues right now and this further establishes Merchant Bay’s credentials as the go-to platform for the Bangladeshi garment industry.
“We get hundreds of buyers visiting our platform and through this score, we can help them decide on considering new factories to start working with,” Sayem further added.
Tim Nicolle, the group CEO of PrimaDollar, said to media from London that they are delighted to be working with the Merchant Bay team.
Nicolle added, “They have built an impressive and useful system which is growing very quickly. Our Factory Social Score is being rolled out by major international brands and retailers across their international supply chains. The willingness of Bangladeshi factory owners to take the lead in this area demonstrates significant confidence in their ESG credentials.”
Munawar Uddin, Country Manager of the PrimaDollar Liaison office in Dhaka said to media, “The Merchant Bay team has been very focused on ESG and has been quick to drive discussions forward.”
“This will be an important initiative for Bangladesh and we are looking forward to the long and close working relationship,” Uddin added.
Uddin highlighted, “Our worker app pulls real-time data on worker conditions to generate active social scores on workplaces including factories: continuously, anonymously, and in real-time. Real-time social scores improve, lower the cost of supply chain and trade finance. We are really happy to have Merchant Bay with us in our journey.”
PrimaDollar provides easy access both to key financial markets and to the expertise required for working in the specialized world of international trade. PrimaDollar is registered with the Financial Conduct Authority, the principal UK financial regulator.