Right now MonetaGo introduced it’s partnering with IBM to deploy its blockchain anti-fraud resolution within the ASEAN area. The Safe Financing resolution which SWIFT is at the moment trialing, goals to stop corporations from utilizing the identical invoices to boost commerce finance from a number of banks. As a part of the association with IBM, MonetaGo will likely be built-in with the TradeLens blockchain delivery platform and commerce finance resolution we.trade.
The TradeLens platform is a joint initiative between IBM and Maersk. And IBM is a developer for the we.commerce resolution backed by greater than a dozen banks in addition to IBM.
MonetaGo’s solution manages to maintain invoicing or different commerce paperwork solely confidential. Solely the equal of a digital fingerprint of the paperwork and different information is shared. That means a financial institution can confirm whether or not an bill, a invoice of lading or a warehouse receipt has already been financed, with out figuring out by whom.
There are a number of blockchain trade finance platforms and every of them can make it possible for an bill on their platform just isn’t double financed. However with out Monetago’s resolution, they will solely test the banks on the identical platform. The issue is fraudsters can surf the silos of banks and easily apply the second time on a special platform.
This form of fraud has value banks many billions previously yr or so, notably within the ASEAN. There have been a number of frauds in Singapore and consequently, the authorities sponsored the Singapore Trade Finance Registry (TFR), which is an identical idea to MonetaGo’s. Nevertheless, MonetaGo goals to hyperlink up all of the native platforms. Earlier than it launched its world resolution, MonetaGo arrange one adopted by most Indian banks.
“This thought by method of breaking down data silos between establishments whereas sustaining the privateness of consumers’ information is an efficient technique to resolve commerce finance issues. We’re excited to crew with MonetaGo to take Safe Financing into a number of ASEAN international locations,” mentioned Martin Chee, Common Supervisor, IBM ASEAN.