MonetaGo’s Post

"Adding certainty to identity, knowing more about your transactions and ensuring that trade hasn’t been financed by others, especially in emerging markets will be critical to ensuring not only a business expansion but also mitigation of reputation risks." The continuum of investing in fraud prevention, a vital topic addressed in 'Shutting Fraudsters out of Trade: Second Edition' whitepaper by the ICC Germany e.V. and MonetaGo, looks at the potential value that can be unlocked through the #digititalisation of trade. "The G7 as well has highlighted that paper-based transactions, which still dominate international trade, are a source of cost, delay, inefficiency, fraud, error and, harm to the environment." Catch up on the report, available to read below. #trade #tradefinance #globaltrade #fraudprevention International Chamber of Commerce ICC United Kingdom World Trade Organization

We are revisiting the podcast, 'It takes a village: Asian Development Bank (ADB) and MonetaGo on digital trade and partnerships.' In this recording, Asian Development Bank (ADB)'s Steven Beck and MonetaGo's Neil Shonhard speak about the role of development banks in seeding change, and how this applies to trade finance- the lifeblood of global commerce. “We believe that if we can digitalise trade, it would truly be transformative on a number of different levels.” - Steven Beck. “Where multilateral development banks are important – if not inspirational – is how they can often bridge the gap between public and private, creating inclusive markets, ecosystems, and economies.” - Neil Shonhard. Listen to the podcast and read the article now, via Trade Finance Global (TFG): https://lnkd.in/gHD6uuWc #globaltrade #tradefinance #digitalisation #fraudprevention #securefinancing

The World Factoring Yearbook 2024 has been released, including 36 market analyses and assessment of factoring penetration compared to GDP, legal frameworks, legislative changes and key developments, trends, and outlook. Introducing the yearbook, FCI Secretary General Neal Harm commented, "Compared with the previous year’s EUR 3,659bn, the 2023 estimated volume of EUR 3,791bn represents the third straight year of growth for the industry". BCR Publishing's World Factoring Yearbook 2024 is available to read at the link in comments, and is free for FCI members. #factoring #trade #globaltrade #receivablesfinance #tradefinance

WATCH NOW: FCI Regional Director Nassourou AMINOU and MonetaGo CEO Neil Shonhard, speaking at the 56th FCI Annual Meeting recently held in Seoul, Korea. Key highlights: - Growth of factoring on the African continent - Collateral registries to aid intra-African trade - Technology's contribution to data and transparency “It is very important to use those tools because we can gain a part of the market share with the technology. They can help us to see the growth of factoring and give more comfort to underwriters to give more cover on credit insurance.” - Nassourou AMINOU Watch the interview, free, via the link in comments below. #factoring #trade #tradefinance #africa #fraudprevention

"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." A new report has been published by ICISA - International Credit Insurance & Surety Association, which outlines 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." Access the report by ICISA - International Credit Insurance & Surety Association and MonetaGo, free via the link in comments below. #creditinsurance #tradefinance #duplicatefinancing #fraud #fraudprevention Richard Wulff Ian Milne Neil Shonhard

The 50th edition of ITFA's Annual International Trade & Forfaiting Conference will be held this year in Limassol, Cyprus, 4-6 September. Co-chair of ITFA's Fraud Working Group, and MonetaGo's Global Sales Head, Ian Milne, will be in attendance alongside multi-lateral banks, financiers, insurers, lawyers, and fintech experts to discuss digitalisation and barriers to success for rapid growth of the receivables market. Contact us to meet and hear the latest from MonetaGo on global best practice in connected registries and fraud prevention measures for finance and trade practitioners: https://lnkd.in/gU9DmNZf See the full ITFA conference programme via the link in comments. #globaltrade #forfaiting #trade #finance #fraud #fraudprevention #cyprus

‘Seven out of ten (70%) respondents say fraud is a significant risk to their company’s receivables finance business.’ We’re revisiting Lenvi’s European Fraud Readiness Report - and key findings like these - as a reminder that the digitalisation of trade documents and adoption of standards-based technology helps trade finance lenders to de-risk their business. 'What is most striking is that respondents describing their anti-fraud strategies as predominantly based on manual input are much more likely to describe fraud as a highly significant risk (57% compared to just 19% of those with predominantly tech-based strategies).' Catch up on the report, available to read below. #digitalisation #fraud #fraudprevention #trade #tradefinance MonetaGo

JUST PUBLISHED: Recorded at FCI’s 56th Annual Meeting in Seoul, Trade Finance Global (TFG) spoke with Nassourou AMINOU, Regional Director for Africa at FCI , and Neil Shonhard, CEO at MonetaGo, to learn more about collateral registries and the keys to factoring growth on the African continent. 'The African continent is one of the most intriguing regions for the factoring industry in 2024. According to the FCI Annual Review, while Africa only represented a 1.25% share of the global factoring volume in 2023, it experienced a 13.5% increase from the previous year.' “There is probably nowhere on Earth that has the potential for growth like the continent of Africa. Implementing technology would have a great deal of economic benefit here." - Neil Shonhard The continent is ready for even more growth, and there are reasons to be optimistic regarding the market. However, active participation and innovative solutions are required to create a robust factoring industry. Watch the video interview, free, via the link in comments below. #factoring #tradefinance #registry #africa #fraudprevention

"The scourge of fraud in trade finance is a global challenge that demands solutions. The losses incurred by financial institutions (and thus insurers) due to duplicate financing and fraudulent documents threatens the very fabric of trust within the trade finance ecosystem. The repercussions of unchecked fraud are far-reaching, with consequences that extend well beyond financial losses, impacting the availability of credit and stifling economic growth." - Richard Wulff, Executive Director, ICISA - International Credit Insurance & Surety Association. A new report has been published by ICISA, which outlines checks insurers can undertake on parties claiming insurance in trade finance on falsified document and duplicate financing transactions. "If the insurance industry were to mandate the usage of such (fraud prevention) systems across all its policies, then it would be mandating the usage of industry best practices." Read the free report by ICISA - International Credit Insurance & Surety Association and MonetaGo, available below. #creditinsurance #tradefinance #globaltrade #finance #fraudprevention Ian Milne Neil Shonhard