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.

In October 2024, the World Bank successfully launched the FundsChain initiative in Kenya with the first pilot project, National Youth Opportunities Towards Advancement Project (NYOTA). The engagement and excitement from everyone set the tone for what’s shaping up to be an incredible initiative for transparency and trust in development.

The participants shared encouraging feedback:

FundsChain is going to enhance transparency and accountability in the flow and usage of funds. It will ensure that documents are not misplaced whether on purpose or otherwise.

FundsChain is a model to assist PIU in general management of the utilization of funds and for impartial reporting for seamless audit process and accountability, through e-referencing materials and proof documentation.

FundsChain, very instrumental tool for tracing received funds; safekeeping of vital supportive documents and generation of required reports on time.

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)

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)