Green Delta Insurance Company in partnership with Singapore-based InfoCorp Technologies will conduct a pilot project to facilitate livestock insurance in the country.
To this effect, both the companies signed a memorandum of understanding (MoU) at a press meet at the Spectra Convention Centre in the city on Thursday, said a statement.
Farzana Chowdhury, Managing Director and Chief Executive Officer of the Green Delta Insurance, and Roy Lai, founder and CEO of InfoCorp Technologies, a financial technology company, inked the deal on behalf of their respective sides.
As per the MoU, they will carry out a joint pilot programme in the country for registering the identities of livestock farmers along with their cattle, and issuance and storage of livestock insurance policies' information.
A smartphone application 'FarmTrek', developed by the InfoCorp, will be used for the pilot programme.
Besides, NFC technology-based collar-tag attached with the animal's body will help identify and track the cattle.
The initiative is expected to deliver social and economic empowerment to a large number of cattle farmers, who own over 25 million cattle.
Speaking on the occasion, Farzana Chowdhury said the Green Delta Insurance Company is embarking on a high-tech route to enable the issuance of livestock insurance that will bring huge socio-economic benefits to farmers in Bangladesh.
"When we can introduce holistic solutions that bring economic benefits for society, it is also good for business," she added.
Roy Lai said they were excited to be partnering with the Green Delta Insurance to bring a blockchain platform to Bangladesh -- the second market for the company after its entry into Myanmar last year.
He also said the partnership is expected to create a financial ecosystem that solves the risk of livestock insurance by addressing issues like identity and asset ownership frauds, data security and credit security risks.
"This potentially transforms the market into a force for development by enabling the use of livestock as collaterals," he said.
According to the statement, InfoCorp Technologies is a financial technology (fintech) company that provides the infrastructure to accelerate financial inclusion to unbanked and underserved communities through the use of 'Blockchain' technology.
