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SINGAPORE and NEW YORK, Oct. 6, 2021 /PRNewswire/ -- Following the recent news surrounding the launch of the global Secure Financing solution, MonetaGo announced that the company has teamed with IBM and started collaborating on deployments, beginning with the ASEAN region.
Top banking regulators have been moving quickly following a new spate of large-scale frauds across trade finance, demanding that more be done to identify risks in the sector. The collapse of Greensill and Hin Leong in the past year were the most recent high-profile examples.
Digitization of key trade finance processes provides an opportunity for financial institutions to collaborate in new and exciting ways while maintaining the privacy of their customers' data. Cryptographic hashing enables transaction information to be secure from being reverse engineered and thus to remain confidential. All parties can therefore ensure compliance with local laws and regulations while engaging in transactions across borders. MonetaGo's Secure Financing solution has been in production since 2018, enabling financiers to de-risk invoices before financing them.
"This thought through approach of breaking down information silos between institutions while maintaining the privacy of customers' data is an effective method to resolve trade finance problems. We are excited to team with MonetaGo to take Secure Financing into several ASEAN countries," said Martin Chee, General Manager, IBM ASEAN.
With MonetaGo and IBM working together, Secure Financing integrations into we.trade, Tradelens, and PEPPOL are now also being pursued. Providing connectivity on an international level is a massive undertaking and the benefits for end users from small enterprises to large multinationals will help significantly shrink the trade finance gap and facilitate billions in financings.
"As we look to expand this solution across the globe, partnering with IBM provides value on many levels, from technical know-how to deep relationships with governmental bodies and financial institutions. By working with IBM, we know we can provide value to their clients in many countries in record time," said Jesse Chenard, CEO, MonetaGo.
About MonetaGo
MonetaGo provides enterprise solutions for financial operations. The MonetaGo product suite is compliant with existing regulations and designed to improve the efficiency and security of financial products. Built to support multiple technologies and interoperate seamlessly with existing financial infrastructure, financiers can integrate MonetaGo's products with minimal disruption and cost.
For more information, visit www.monetago.com
For media inquiries, please contact: Kelly Ricci, Kelly@monetago.com
