Singapore-based financial technology solutions provider MonetaGo on Monday (Sept. 13) announced a new platform that will fight global financing fraud in trade finance.
“Duplicate financing occurs for many reasons,” said Mark Borton, head of trade and working capital finance product and Asia transactional and trade, National Australia Bank, in the company announcement. “A unified solution used by lenders to combat this type of financing fraud in international trade is the most effective way to help resolve this problem.
“The MonetaGo Secure Financing Platform appears to be a simple utility that lenders worldwide could potentially use to greatly improve the trade finance experience,” he added.
MonetaGo is also partnering with SWIFT on a proof of concept involving API-enabled infrastructure to improve connectivity management, authentication, security, interoperability and network reach. The pilot could help more than 11,000 institutions tied into the SWIFT network access MonetaGo’s finance validation service.
“Finance fraud in cross-border trade cannot be fully mitigated with local registries, so it makes perfect sense to leverage SWIFT’s global reach to help institutions around the world to solve this problem,” said Louise Taylor-Digby, the global head of trade strategy at SWIFT.
“By bringing global API standards, identity and security, SWIFT can help to mitigate against the growing challenge of digital islands,” she said. “We are working with MonetaGo to pilot the solution that will provide our community of financial institutions with an important tool to combat financing fraud at the international level.”
“Duplicate financing fraud occurs far too often, impacting accessibility to affordable trade finance for millions of businesses around the world,” said Jesse Chenard, CEO of MonetaGo, in the company announcement.
“The integrity of the entire trade finance landscape is vital for the flow of trade finance as it plays a crucial role in the economy,” he said. “We’re proud to work with international organizations to provide a global, standardized utility that seeks to help prevent domestic and cross-border duplicate financing fraud, providing all with a fair opportunity in trade finance.”
Related: MonetaGo, GUUD Team On Secure Transactions
In December, MonetaGo, which specializes in blockchain technologies, and Singapore’s GUUD, which focuses on making international trade smooth, partnered on international financial transaction security.
GUUD has significant operations across Asia, and its company executives have publicly announced plans to expand in the region.
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