SINGAPORE & NEW YORK – (COMMERCIAL THREAD) – Following recent news concerning the launch the global Secure Financing solution, MonetaGo announced that the company has partnered with IBM and has started collaborating on deployments, starting with the ASEAN region.
Leading banking regulators have acted swiftly following a new wave of large-scale trade finance frauds, demanding more be done to identify risks in the sector. The most recent and high profile example was the collapse of Greensill and Hin Leong over the past year.
The digitization of core trade finance processes offers financial institutions the opportunity to collaborate in new and exciting ways while maintaining the privacy of their customers’ data. Cryptographic hashing allows transaction information to be protected against reverse engineering and thus remain confidential. All parties can therefore ensure compliance with local laws and regulations while engaging in cross-border transactions. MonetaGo’s Secure Financing solution has been in production since 2018, allowing financiers to reduce the risk of invoices before financing them.
“This thoughtful approach of breaking down information silos between institutions while preserving the confidentiality of customer data is an effective method of solving trade finance issues. We are delighted to partner with MonetaGo to provide secure financing in multiple ASEAN countries, ”said Martin Chee, Managing Director of IBM ASEAN.
With MonetaGo and IBM working together, Secure Financing integrations into we.trade, Tradelens and PEPPOL are now also underway. Providing connectivity at the international level is a huge undertaking and the benefits for end users, from small businesses to large multinationals, will help to significantly reduce the trade finance gap and facilitate billions in financing.
“As we seek to expand this solution around the world, the partnership with IBM brings value on many levels, from technical know-how to close relationships with government agencies and financial institutions. By working with IBM, we know we can deliver value to their customers in many countries in record time, ”said Jesse Chenard, CEO of MonetaGo.
MonetaGo provides business solutions for financial operations. The MonetaGo product suite is compliant with applicable regulations and designed to improve the efficiency and security of financial products. Designed to support multiple technologies and interact seamlessly with existing financial infrastructure, financiers can integrate MonetaGo’s products with minimal disruption and cost.
For more information visit www.monetago.com