MonetaGo

'Oracle links up with MonetaGo to fight supply chain finance fraud', published by Global Trade Review (GTR) following the announcement that Oracle and MonetaGo have partnered to bring trade and finance lenders solutions to help combat fraud, increase security and decrease risk exposure. “Fraud is, unfortunately, a pervasive problem in supply chain finance and meaningful action is needed to combat the risks and detrimental effects brought about by bad actors. The risk and cost of fraud most often affects SMEs and MSMEs – the backbone of growing economies, particularly in developing regions.” Neil Shonhard, CEO, MonetaGo. “MonetaGo’s fraud prevention technology augments our robust risk management capabilities, further enabling financial institutions to run trade and supply chain operations at scale, while minimizing the risk in high volume operations. The integration with MonetaGo underscores our commitment to deliver innovative solutions that drive efficiency and agility in trade and supply chain operations.” Sovan Shatpathy, senior vice president, Product Management and Development, Oracle Financial Services. The partnership comes as lenders seek more effective ways of tackling fraud, both in the traditional trade finance space and in supply chain finance. Catch up on the full story via GTR. See the link in comments below. #trade #finance #supplychainfinance #fraudprevention

MonetaGo Teams with Oracle to Deliver Increased Fraud Prevention.👏👏 Learn how: https://lnkd.in/gSvdJbh8

Global Trade Review (GTR) MENA is on today Tuesday 18, and Wednesday 19 February in Dubai. This 2 day conference is the regions premier event for trade and exports, bringing together industry experts and global leaders in trade, supply chain, export, and commodity finance. Join Neil Shonhard, CEO, and Ian Milne, Executive Director, MonetaGo, alongside partners FCI and tesselate, with Asian Development Bank (ADB), EBRD, IFC - International Finance Corporation, and International Chamber of Commerce Digital Standards Initiative as they participate in discussing delivering trade growth, opening new doors for trade, and milestones reached and challenges ahead. Contact us to arrange a time to meet, and see the full programme via the link in comments below. #MENA #GCC #trade #supplychainfinance #fraudprevention

JUST ANNOUNCED: MonetaGo Teams with Oracle to Deliver Increased Fraud Prevention MonetaGo today announced it has collaborated with Oracle Financial Services, making available MonetaGo’s state-of-the-art risk mitigation technology in Oracle’s trade and supply chain finance solutions. The availability of the service in Oracle’s Supply Chain Finance solutions increases security for transactions and decreases risk exposure for users. Sovan Shatpathy, senior vice president, Product Management and Development, Oracle Financial Services said, “We continuously evolve our trade and supply chain solutions by leveraging our rich catalogue of open APIs and niche features from fintech partners. MonetaGo’s fraud prevention technology augments our robust risk management capabilities, further enabling financial institutions to run trade and supply chain operations at scale, while minimizing the risk in high volume operations. The integration with MonetaGo underscores our commitment to deliver innovative solutions that drive efficiency and agility in trade and supply chain operations.” MonetaGo chief executive Neil Shonhard said “Fraud exists in every jurisdiction we operate in. Collaborating with Oracle is a tremendous step in strengthening the security of trade and supply chain finance. Oracle’s supply chain finance solutions are world-class, and we are committed to complement their technology to offer the gold standard for combating fraud in trade and supply chain finance.” Read the full announcement via the link in comments. #globaltrade #supplychainfinance #finance #trade Oracle Financial Services

Next week Neil Shonhard, CEO, and Ian Milne, Executive Director, MonetaGo, will be in #Dubai for an exciting week at several key events including the International Chamber of Commerce Global Banking Commission meeting, Global Trade Review (GTR) MENA, and the Trade Transformation & Digitalisation workshop, presented by ICC UAE, ICC Digital Standards Initiative, and Dubai Chambers. ICC Banking Commission Annual Meeting is an important global meeting convening delegates representing policy makers, regulators, banking and multilateral development banks including Asian Development Bank (ADB), EBRD, African Development Bank Group, Islamic Development Bank (IsDB), The World Bank ,IFC - International Finance Corporation and more. GTR's MENA event, the region’s leading content and networking platform for the global trade, export, commodity and supply chain finance community, last year saw over 1,100 industry experts, trade and finance practitioners and thought leaders discussing delivering trade growth, opening new doors for trade, and milestones reached and challenges ahead. The ICC's Digital Standards Initiative are hosting their Trade Transformation & Digitalisation - The Evolution of Law, Practice and Technology Workshop to bring together local, regional and international experts to engage on how the UAE is advancing as a leading hub for digital trade. We're looking forward to an exciting week in Dubai- please contact us to arrange a time to meet in person. #trade #globaltrade #finance #digitalisation #supplychainfinance

Our profound thanks to LIBF (London Institute of Banking and Finance) for hosting an amazing event in #Mumbai. It was a congregation of Bankers, academia from various universities, trade finance professionals, industry leaders, accounting professionals. We convey our heartfelt gratitude to Mr. Steve Hill, CEO & Vice-Chancellor of LIBF, Mr. Sumit Mehta, Mr. Amit Pradhan and Ms. Aastha Arora for inviting us to participate and for being such wonderful hosts. The panel discussion was engaging, with many relevant topics being touched upon and discussed yet informal, with credit to moderator and veteran trade expert Mr. Pinaki Roy CDCS Advocate CITF CITP, Senior Advisor, MonetaGo India. Ms. Vidya Prabhakar, DGM, State Bank of India emphasised on the importance of digitisation, documentary credit, ICC Rules and what the future holds for trade finance. She also touched upon how promising the career path is for trade practitioners and why the younger generations should be encouraged to take up trade finance for their professional growth. Mr. Bhavik Shah, HDFC Bank provided an overview of the digitisation of trade documents and how he as a young trade practitioner looks at the future of cross border trade. He touched upon the economic uncertainties across the globe and how that can affect the growth of trade creating hindrance to digitisation and standardization efforts. Mr. Kalyan Basu, Managing Director- India, MonetaGo, discussed the recent trends in Trade Finance, digitisation efforts and progress made, SME financing challenges being faced by most countries. He also discussed the increase in open account cross border trade and the need for proving financing solutions to such transactions and framing uniform rules governing such trade. Thanks to the LIBF, colleagues and friends for sharing their experiences and perspectives. We look forward to the next time we meet. #tradefinance #globaltrade #SME #fraudprevention

FCI and the Asian Development Bank (ADB)'s two-day workshop, 'Expanding Horizons: Securing Open Account Trade with Factoring' concluded in Dhaka, #Bangladesh, yesterday. Participants heard from global trade and finance leaders in expert-led sessions covering topics including fraud prevention and risk management, digitalisation, and the legal frameworks necessary to support open account trade. MonetaGo's Ian Milne presented on the topic of 'Fraud in trade and its impact', discussing centralised registries, fraud typologies and red flags, and duties of care by lenders. We wish to extend our thanks to FCI and the Asian Development Bank (ADB) for hosting the event, and convening industry experts and practitioners over two days of insightful content and conversation. If you would like to learn more about centralised registries and MonetaGo's technology, please do not hesitate to contact us. #factoring #tradefinance #trade #finance #fraudprevention

We are delighted to announce the appointment of Mr. Kalyan Basu to the position of Managing Director, India. Basu’s veritable wealth of experience and expertise is built over decades of various senior leadership and C-suite roles in banking, trade and technology. Not only does he possess a deep knowledge of product and technology, he has helped to shape regulation and policy which has encouraged more liquidity and confidence in the Indian trade and receivables finance industry. “MonetaGo has long been known in the Indian financial market due to their technological innovation powering the TReDS operation, which brings critical safeguarding from the ever-present threat of fraud,” said Kalyan Basu, Managing Director, MonetaGo. “I am delighted to join their team and eager to contribute to their mission of combatting fraud in trade and finance.” Read the press release via the link in comments. Reserve Bank of India (RBI) GIFT City Central Bank of India Vayana TradeXchange Invoicemart ICICI Bank Axis Bank

More financing for trade leads to broader economic growth, creating a healthier economy and society, all desirable benefits that make the implementation of a mechanism leveraging digital technologies to mitigate trade finance fraud risks a worthwhile effort. 'Recommendations Guideline: Digital Implications of Detecting Fraud in Trade Finance', a report published by the ICISA - International Credit Insurance & Surety Association and MonetaGo, outlines new checks insurers can undertake on parties claiming insurance in trade finance on falsified document and duplicate financing transactions. "Given the prevalence of known claims over the past few years where large traders have collapsed owing significant sums of money to Banks and increasingly involving credit insurance, it is obviously a huge concern for the insurance sector. The fact that a vast majority of these claims involve allegations of fraud by the Seller or the Bank’s Client is even more concerning." #creditinsurance #tradefinance #insurance #finance #fraud

FCI and the Asian Development Bank (ADB) will host a two-day workshop, 'Expanding Horizons: Securing Open Account Trade with Factoring' in Dhaka, #Bangladesh on 3-4 February. MonetaGo's Ian Milne will be in attendance and speaking on day 1, addressing the topic of fraud in trade and its impact, detailing how SMEs and MSMEs, trade lenders and communities alike are affected when fraud takes place. The event will also feature expert-led sessions on factoring, risk management, digital tools, and more. See the full programme and register via the link in comments. #SME #globaltrade #trade #factoring #fraud