WB FundsChain

May 20, 2025: FundsChain Expansion - Mauritius, Madagascar, and Comoros Drive Global Development and Transparency

Comoros is the latest country to join the World Bank's FundsChain initiative, a significant component of the Regional Emergency Preparedness & Access to Inclusive Recovery (REPAIR) project. This initiative represents a major step forward in the World Bank's mission to utilize blockchain technology for global development, with a focus on enhancing transparency and accountability in emergency preparedness and recovery efforts.

The FundsChain initiative has already seen successful launches in Mauritius and Madagascar, each contributing to the platform's regional impact:

Mauritius has demonstrated the potential of blockchain technology to streamline resource management and enhance transparency in development projects. The initiative has garnered support from key stakeholders, including ARC Limited, underscoring its innovative capabilities.

Following Mauritius, Madagascar joined the initiative with strong endorsements from its Ministry of Finance, auditors, and delivery channels. The platform's ability to transform project management and resource allocation has been highlighted in sessions with Country Office Staff, emphasizing its role in boosting development efficiency.

Comoros, now joining the initiative, aims to harness the centralized system of FundsChain to consolidate disbursement and project information, ensuring efficient resource management and unparalleled transparency. The endorsement by Comoros' Ministry of Finance and auditing bodies signifies a strong commitment to innovative development practices. In addition to the participation of ARC representative for Comoros, the Country Team invited staff from ongoing projects for a broader presentation of the platform. The sessions were highly interactive with a lot of questions from the projects which indicate that the platform is very welcome and shows interest in its adoption as it will enhance better transparency and accountability. Below are some comments made following the sessions.

“Hello, I’m Milan, Procurement Manager for the Post-Kenneth project. I participated in the FundsChain training. As the Procurement Manager for a project that responds to disaster emergencies, I really enjoyed the training, it's highly relevant. It's a good initiative to train us on emergency response in financial management”

As the initiative progresses, a comprehensive training program will be rolled out to empower participating countries, integrating them seamlessly into this groundbreaking platform. The World Bank remains committed to leading the charge in revolutionizing global development, with FundsChain paving the way for a more transparent and accountable future.

April 04, 2025: FundsChain on Citi’s GPS Report

FundsChain has been featured in Citi’s annual Global Perspective and Solutions (GPS) report on technology and innovation. This year, the GPS report focusses on 'Digital Dollars: Banks and Public Sector Drive Blockchain Adoption' highlighting the growing role of blockchain in enabling new financial instruments and modernizing legacy systems.

Read the full GPS report here, FundsChain is highlighted on page 34. Here are a few excerpts from the article:

“Blockchain technology is in many ways ideally suited for cross-border use cases, and a good example of this is the World Bank’s FundsChain initiative, launched in September 2024. The initiative has since onboarded nine projects across Moldova, the Philippines, Kenya, Bangladesh, Mauritius and Mozambique.”

“With FundsChain, all project stakeholders – including, borrowers, suppliers, auditors, and end beneficiaries – can see where disbursements are going and how and when they are being used, providing end-to-end transparency with all transactions recorded on-chain, enabling stakeholders to monitor flows real-time.”

”FundsChain offers robust traceability of disbursements, granting stakeholders real-time visibility, fostering transparency and confidence that funds are reaching the intended beneficiaries, ultimately allowing the World Bank to support borrowing countries in their anti-corruption reforms agenda.”

March 5, 2025: Two Projects on FundsChain in Bangladesh

We are thrilled to announce the successful launch of the World Bank's FundsChain initiative in Bangladesh! 

The FundsChain initiative, leveraging cutting-edge blockchain technology, is now expanding to include the Resilience, Entrepreneurship, and Livelihood Improvement (RELI) and Sustainable Microenterprise and Resilient Transformation (SMART) projects in Bangladesh. 

RELI is a community-driven project to support entrepreneurship in rural villages by enhancing the livelihoods and resilience of the poor. Although run from one central government project unit, it impacts seven regions, 20 districts, and over 3,000 villages, benefiting more than 750,000 households. 

FundsChain will allow timely confirmation and a clear record that funds for household businesses, such as the purchase of sheep or goats, have been received—ensuring funds go where they are intended.

This groundbreaking initiative aims to enhance transparency and accountability by providing a unified, immutable record of transactions, digital assets, and shared records accessible to key stakeholders throughout the project lifecycle.

Stay tuned for more updates as we continue to innovate and enhance the transparency and accountability of our development projects.

October 7, 2024: The Philippines’ First Project on FundsChain

In October 2024, the World Bank successfully launched the FundsChain initiative in the Philippines. In a three-day launch workshop from October 7, 2024, to October 9, 2024, the World Bank was honored to have over 30 representatives from the Metro Manila Development Authority (MMDA) and the Department of Public Works and Highways (DPWH). 

This is a significant milestone in the Bank’s efforts to harness the potential of blockchain technology to drive innovation. The event was a notable success, and participants expressed high satisfaction with the system's user-friendly interface appreciating the enhanced transparency and immutability offered by blockchain technology. 

Michael Gison, Director of the MMDA, said “FundsChain will facilitate accurate tracking, disbursement, and monitoring of every financial transaction, ensuring transparency and accountability at every stage. We are positive that the success of this pilot will set a new benchmark for other countries to follow, establishing a gold standard in financial management and transparency practices in project implementation.”

First row seated (left to right):

Erwin Camagay (Senior Finance Assistant - WBG), Divya Mehta (WBG), Carmenchu Austriaco (Senior Regional Team Leader - WBG), Rene Jay de la Calzada (Project Manager, MMFMP PMO), Patricia Hoyes (Manager, WFACS - WB), Georges Comair (TTL - WBG), Dir. Michael Gison (Director III, MMDA OAGMP)

Second row standing (left to right):

Caroline Cheng (Finance Analyst - WBG), Claress Montojo (Administrative Officer IV, MMFMP PMO), Karl Jenny Marquez (Supply Officer III, MMFMP PMO), Alexes Quijano (Accountant III, MMDA Financial Accounts and Analysis Section), Gina Rose Yao (Cashier IV, MMDA Disbursement Unit), Angel Garcia (Budget Officer III, MMDA Budget Division), Lorah Naureen Bautista (Budget Officer I, MMFMP PMO), Lovella Tolentino-Morada (Finance Management Specialist, MMFMP PMO), Brianne Cueco Inocencio  (Consultant - WB), Lydia C. Aguilar (Engineer V, DPWH UPMO-FCMC), Engr. Alyssa Joy D. Boringgot (Engineer II, DPWH UPMO-FCMC), Engr. Ma. Mercedes T. Fernandez (Engineer II, DPWH UPMO-FCMC), Ralph S. Buenavista (Accountant II, DPWH FAPS, Accounting Division), Liza B. Estillore (Accountant II, DPWH FAPS, Accounting Division)

Third row standing (left to right):

Josh-armih Magat (Planning Officer III, MMFMP PMO), Ar. Mary Grace Ignacio (Planning Officer III, MMDA OAGMP), For. Nina Camille Gonzales (Planning Officer I, MMDA OAGMP), Ramil V. Magturo (Admin. Officer IV, DPWH CO-FAPS, Budget Division), Riza Gellie R. Quiton (Admin. Officer IV, DPWH CO-FAPS, Budget Division), Atty. Myles B. Abiqui (Section Chief, DPWH FAPS, Accounting Division), Melad,Amancio III (Consultant - WBG), Engr. Ives C. Reloj (Engineer II, DPWH UPMO-FCMC)

September 27, 2024: Moldova’s First Project on FundsChain

In September 2024, Moldova became the first country to join the World Bank's FundsChain initiative to leverage the Bank’s new blockchain platform for disbursement traceability on Moldova’s MSME Competitiveness project. 

For this significant milestone, the World Bank hosted key personnel from Moldova for training and onboarding them on the blockchain platform for Moldova project use. The attendees included Moldova’s Project Implementation Unit (PIU) staff members Viorica Neclea, PIU Deputy Director, and Marina Darie, PIU Accountant, and Bank project’s Financial Management Specialist, Oxana Druta. Read here a post from Pam O'Connell, Vice President and WBG Controller, who addressed the audience to close out the successful launch. 

Viorica Neclea, Moldova’s PIU’s Deputy Director, said "The new platform will help us to enhance transparency, accountability, and efficiency in financial management and will provide a credible and secure source of data on suppliers, beneficiaries, and financial transactions carried out within the project. In the future, it will help us to strengthen the reporting and auditing processes, facilitating the access of Government partners and even auditors, as well as enhancing the engagement with the final beneficiaries," 

First row seated (left to right):

Marina Darie (PIU), Viorica Neclea (PIU), Pam O'Connell (WBG), Junxue Chu (WBG), Robert Judson (EY)

Second row standing (left to right):

Stela Mocan (WBG), Thomas Puschnik (WBG), Jessie Friedman (EY), Oxana Druta (WBG), Mitali Mathur (WBG), Jayavishnu Nattanmai (WBG), Damir Leljak (WBG), Debora Gessesse (WBG), Marina Mijatovic (WBG), Zhuo Yu (WBG), Pratheep Ponraj (WBG)