It has been a busy few months for Chatsworth client MonetaGo, the fintech pioneering an end to fraud in financial workflows using blockchain technology.
In the past six months, MonetaGo has been growing extensively through Asia Pacific, rolling out its Secure Financing solution to businesses across the region and empowering them to identify instances of trade fraud in real time.
Today, the firm announced an alliance with Singapore-based digital trade platform GUUD, an offshoot of VCargo Cloud. The move is the latest in a series of steps MonetaGo has taken to roll out its Secure Financing solution across Asia and will directly respond to the highly documented issue of fraud in trade finance across Singapore. The partnership has received the official support of Japanese incumbent bank SMBC. You can read more about the announcement here.
To support its aggressive growth across APAC, MonetaGo has hired trade finance veteran Tat Yeen Yap as Head of Product in the region. Tat Yeen brings over 30 years’ of experience in trade finance and has been credited with helping coin the industry definition of trade finance. Tat Yeen sits in MonetaGo’s Singapore office, which was established earlier this year to support growth in the region.
MonetaGo is one of the only companies of its kind to have supported live, production-level transactions using its solutions, which harness R3’s best-in-class Corda platform, along with its own proprietary technology. In September, the fintech announced it had surpassed 1 million live transactions on its Secure Financing platform across India, worth billions of dollars in underlying assets. This was complemented by five new Indian alternative finance lenders onboarding to the Secure Financing platform in the same month.
The events of the past year have exposed shortcomings in many APAC countries’ financial workflows. India’s SME community has suffered particularly acutely as their lines of credit from big banks have depleted. Singapore’s trade finance industry has seen accusations of fraud, resulting in the country’s financial regulator calling for an end to paper-based trade transactions. At the same time, many countries across Asia are seen as trailblazers in their adoption of disruptive technologies and quest for digital transformation. MonetaGo aims to empower businesses in the region to meet this mission and overcome the barriers that stand in their way. By pioneering an end to the paper-based processes which birth many of these barriers, MonetaGo is empowering businesses across the globe to do business, better.
Chatsworth was the first communications agency to focus on fintech. We’ve been building fintech reputations for 20 years, steering start-ups through launch, growth and onto corporate action, and protecting and enhancing established infrastructures.
Looking for intelligent, informed and connected fintech PR which delivers results and value?
Get in touch and let us help build your reputation and tell your story