MonetaGo

Trade finance is the lifeblood of global commerce, enabling companies around the world to expand their operations across borders.

Factoring in Africa allows businesses to sell their accounts receivable at a discount to gain immediate cash flow, is gaining traction across the continent, buoyed by significant growth and the support of institutions like Afreximbank and FCI.

Factoring, invoice financing, and open account methods are vital for the global economy, aiding businesses in managing cash flow & liquidity.

ITFA, the Global Trade Finance Industry body, is delighted to announce the creation of the ITFA Fraud Prevention Working Group.  The newly created working group is being set up as… read more →

An important milestone has been achieved in the global fight against fraud and duplicate financing with the live launch of the Trade Financing Validation Service provided by MonetaGo over the… read more →

Standard Chartered has successfully completed an industry-first pilot testing of a trade financing validation service provided by MonetaGo over SWIFT, to mitigate the risks of duplicate trade finance fraud on… read more →

With the trade finance gap at an all-time high, some tech companies are creating novel solutions to help combat the wide-scale fraud that has challenged the sector for many years, making it a more attractive space for lenders once again.
TFG spoke to Jesse Chenard of MonetaGo to find out more.

Financial technology solutions provider MonetaGo has been selected by the Association of Banks in Singapore (ABS) to deliver the Trade Finance Registry (TFR), an interoperable industry utility that bridges information silos between banks to combat duplicate financing fraud.

Although UCP 600 and ISBP 745 offer no specific provisions for partial confirmations of letters of credit (LCs), MonetaGo’s Tat Yeen Yap says they are not only possible, but are “straightforward and efficient”.

Tech giant IBM is teaming up with fintech startup MonetaGo to address trade finance fraud, with an initial focus on South East Asia. 

SINGAPORE & NEW YORK – September 13, 2021 – MonetaGo, a financial technology solutions provider, today announced a new platform to combat financing fraud in trade finance on a global… read more →

Recently, Indian banks have had a number of high-profile fraud cases. In the first half of this year alone, there have been 40 cases of bank fraud reported to CBI. Because… read more →