MonetaGo to deliver Singapore’s Trade Finance Registry To prevent duplicate financing fraud


Posted June 17, 2022 by axioscreditbank

MonetaGo has been picked by the Association of Banks in Singapore to build the Trade Finance Registry (TFR), to curb duplicate financing fraud. Know more.

 
As per the latest news, the Association of Banks in Singapore (ABS) has chosen MonetaGo, a financial technology provider to establish the Trade Finance Registry (TFR), an interoperable industry utility that delivers informational data between banks to prevent duplicate trade financing fraud.

The TFR acts as a safe & secure database to store confidential information about trade transactions executed or financed across borders and local banking institutions in Singapore. With the help of the registry, banks can review and evaluate their queries on selected document information, which is cryptographically stored online to come up with electronic fingerprints that are then forwarded to the MonetaGo’s safe, protected, and unified data repository to detect and curb double financing attempts in the upcoming time.

The TFR project started in 2020, as Singapore's commodity trade sector scrambled to achieve trust after a string of renowned companies shuts down and allegations of extortions. Mutually driven by Standard Chartered and DBS Bank, it united a sum of 14 worldwide financial institutions along with ABS and government innovation agency Enterprise Singapore, and an initial pilot - based on a platform created by Singapore-based technology firm dltledgers - was executed in June that year.

Although the two popular banks at that time developed the TFR as a source of uplifting the reliability & authenticity of Singapore’s trade finance sector, a few observers communicated their disagreement regarding its worth. In October 2020, when the TFR was encountered through its proof-of-concept phase, one source explained, “It is quite difficult to describe how it would work unless some qualified counterparties get in touch with it directly and evaluate themselves. For any system that doesn’t have a separate approval from buyers, the protection against fraudulent sales invoices cannot be guided.”

Following a recommendation for proposals and a tender process by ABS, MonetaGo has been named as the registry’s latest technology provider.

Created in an association with Singaporean financial technology provider GUUD, which is delivering the user interface, the new TFR associates with the worldwide hash registry of MonetaGo’s safe financing solution, that do not only detect full or partial matches but also connects to a reliable source of information - such as tax authorities - to evaluate trade information, enabling fund providers to make sure that the underlying transaction is authentic.

Unlike the dltledgers solution, MonetaGo’s TFR utilizes a private computing environment instead of blockchain, which according to Fintech, doesn’t work for its use case at the international level.

“This achievement of the national industry instructs further repair the recognition of MonetaGo as the world’s top provider of trade finance deduplication technology,” stated Jesse Chenard, founder, and CEO of MonetaGo. “The industry-built TFR will efficiently improve possibilities in trade finance in Singapore, reducing the risks of double financing and bringing up confidence that can be uplifted globally in trade fraud reduction.”

“We are glad to have chosen MonetaGo to create the TFR, leveraging their productive experience in the industry and the utilization of their worldwide hash registry to curb & detect fraud across national borders. adds Ong Ai Boon, director at the ABS.

This is the latest big achievement for MonetaGo, which has had its safe and secure financing platform since 2018. Last year in September, the company associated with Swift in a pilot to spread its solution to over 11,000 Swift-connected financial institutions over the payments network’s API-enabled infrastructure. Thus far, it has executed over 3 million transactions, as per the company.

Visit us: https://www.axioscreditbank.com/trade-finance
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Issued By Axios Credit Bank Ltd
Country Malaysia
Categories Banking , Finance , Services
Tags banking , finance , monetago , trade finance , trade finance services
Last Updated June 17, 2022