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Officials of BGBA and Air8 during the MoU signing. Credit: Air8.
The agreement with Air8 was signed at the BGBA office and aims to provide BGBA members with advanced working capital solutions and insights into global trade practices.
The collaboration is designed to promote innovation, sustainability, and expansion in the textile sector with the goal of establishing Bangladesh as a key player among global garment exporters.
The agreement sets forth joint initiatives to facilitate textile suppliers’ access to liquidity, thereby enhancing supply chain efficiency. Additionally, it aims to support the sustainable advancement of Bangladeshi exporters.
BGBA president Md Mofazzal Hosen Pabel said: “We are excited to partner with Air8 to bring innovative financial solutions and to add value to our members.
“In times of economic uncertainty, having access to reliable financing and insights from industry experts is crucial for our growth. This MoU represents a significant opportunity for our members to thrive.”
Air8, since its inception in 2021, has extended financing support to numerous suppliers internationally, achieving an annual gross merchandise volume (GMV) of over $1bn.
The integration of Air8’s technology-driven financial platform will offer members of the BGBA access to cost-effective financing options and tools for managing working capital and addressing specific challenges within the textile supply chain.
Air8 president Alvin Ho said: “By motivating the adoption of tech-based export financing for SMEs in the textile sector to grow, we believe the partnership with BGBA will benefit the industry by fostering a resilient supply chain.
“This partnership will enable SME exporters to access more global trade insights and working capital support to their sustainable growth.”
The BGBA operates as a non-profit entity focused on self-regulation and is instrumental in advancing the growth of Bangladesh’s Ready-Made Garment (RMG) sector by promoting international trade and industry collaboration.
With Air8’s technological expertise, BGBA members are expected to gain an improved competitive position and broaden their presence in international markets. The collaboration between members and Air8 is anticipated to lead to a more robust and innovative textile sector in Bangladesh.
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