Your Monday coffee briefing from TFG – VIDEO | ICC’s Vincent O’Brien on trade in the UAE
Your Monday morning coffee briefing from TFG: TFG partners with UKEF and DIT to create a trade and export finance guide
Your Monday morning coffee briefing from TFG: Euro hits parity with US dollar for the first time in 20 years
With the trade finance gap at an all-time high, some tech companies are creating novel solutions to help combat the wide-scale fraud that has challenged the sector for many years, making it a more attractive space for lenders once again.
TFG spoke to Jesse Chenard of MonetaGo to find out more.
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.
Although UCP 600 and ISBP 745 offer no specific provisions for partial confirmations of letters of credit (LCs), MonetaGo’s Tat Yeen Yap says they are not only possible, but are “straightforward and efficient”.
Tech giant IBM is teaming up with fintech startup MonetaGo to address trade finance fraud, with an initial focus on South East Asia.