Merchant Bay has signed an agreement with PrimaDollar to add Factory Social Scores to its leading marketplace for the garment factories of Bangladesh.
With over 700 factories currently in the marketplace, Merchant Bay and PrimaDollar have agreed to collaborate in bringing the new “Factory Social Score” system to its entire community.
The Factory Social Score system is a worldwide solution to monitor the social and governance performance of workplaces, part of the global initiative to improve “ESG”. It has been designed in Bangladesh and London. This is a new class of data which is called “Real-time ESG” data – driving a new wave of initiatives to deliver environmental, social, and governance change in the world markets.
The Merchant Bay tech enabled B2B platform is a market-leading enterprise to showcase Bangladeshi garment suppliers and their widespreadcompetences. Adding the Factory Social Score to factory profiles provides transparency over worker conditions and forms the confidence of consumers to place new orders and expand their current business.
Abrar Hossain Sayem, CEO of Merchant Bay,remarked that “Adding Factory Social Scores is a value-addition for us. Factories will be able to prove their social and governance credentials through PrimaDollar’s technology, delivering real-time ESG data direct to the factory profile in our system. Customers are very focused on ESG issues right at present – and this further establishes our credentials as the go-to platform for the Bangladesh’s 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.”
Tim Nicolle, Group CEO of PrimaDollar, commented from London that “We are happy to be working with the Merchant Bay team as they have made an impressive system which is growing very fast. 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 authenticates significant confidence in their ESG credentials.”
Munawar Uddin, Country Manager of the PrimaDollar Liaison office at Banani, Dhaka, said, “The Merchant Bay team has been very focused on ESG and has been quick to drive our discussions forward. This will be an important step for Bangladesh and we are looking forward to long and close working relationship.”
