MONETAGO TO DELIVER TRADE FINANCE REGISTRY COMBATING DUPLICATE FINANCING FRAUD

KUALA LUMPUR, June 15 (Bernama) -- 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.

The TFR serves as a secure database for records of trade transactions financed across foreign and local banking institutions in Singapore. It shall also connect to trusted sources of information for validation checks on trade data.

The TFR mitigates the risk of duplicate financing by different bank lenders for the same trade transaction, and the falsification of information supplied by borrowers. The effect shall be greater confidence among banks in the integrity of their clients and trade financing transactions.

“This successful win of the national industry mandate further cements the recognition of MonetaGo as the world’s foremost provider of trade finance deduplication technology,” said Jesse Chenard, founder and CEO of MonetaGo.

“The MonetaGo-built TFR will significantly improve efficiencies in trade finance in Singapore, mitigating the risk of double financing, and ensuring confidence can be upheld globally in trade fraud mitigation.”

Meanwhile, Ong Ai Boon, Director at the Association of Banks in Singapore said: “We are pleased to have selected MonetaGo to develop the TFR, taking advantage of their experience in this niche area and the use of their global hash registry to detect fraud across national borders. TFR will be handed over to ABS and its appointed operator after go-live.”

According to a statement, work to build the TFR is commencing and go-live is targeted for Q4 2022.

The information silos between different banks expose the banking industry to potential fraudulent activities such as duplicate financing or round-tripping, where the same transaction is taken to multiple banks for financing.

In its winning bid, MonetaGo partnered with Singaporean financial technology provider GUUD to propose a natively interoperable solution that connects to the global hash registry of MonetaGo’s Secure Financing solution.

MonetaGo understood that TFR will be used as an industry utility for Singapore banks in their endeavour to mitigate multiple financing risk as well as to ascertain genuineness of trade.

More details at www.monetago.com.

-- BERNAMA