Insight & Analysis

Press Release: Trade finance in Singapore strengthened

Published: Dec 2020

4th December 2020 – MonetaGo, the fintech pioneering fraud prevention across financial services, has partnered with Singapore-based GUUD. The partnership will bring together MonetaGo’s Secure Financing platform which prevents fraud in trade finance, and GUUD’s vast ecosystem of trade finance stakeholders across Asia.

Newspaper press release

GUUD streamlines trade processes including compliance, shipping, financing, and payments via an ecosystem of trade technology platforms. Working with governments and enterprises, the company provides businesses with greater access to global markets and financing options, as well as the ability to meet global logistical and trade standards. GUUD has deployed platforms in a number of countries including Singapore, Indonesia, Cambodia, Malaysia, Kenya, and other African countries.

GUUD’s solutions will be bolstered by MonetaGo’s Secure Financing platform which prevents double financing and other types of trade fraud. The Secure Financing platform leverages R3’s best-in-class blockchain technology and has already facilitated over 1 million transactions worth billions of dollars.

MonetaGo and GUUD’s alliance advances trade finance fraud prevention in the APAC region and facilitates expansion across the rest of Asia. These efforts have also received the official support of Japanese megabank SMBC.

MonetaGo has hired Tat Yeen Yap as Head of Product APAC to support the company’s rapid growth in the region. Tat Yeen brings with him 30 years of experience at top banks, including leading Trade Finance for Société Générale Singapore and trade finance leadership positions with Citibank and ABN AMRO.

Tat Yeen Yap, said: “MonetaGo is leading the charge in trade fraud prevention and no other company in the world has a stronger track record. This digital platform is finally bringing together the elements for which so many have been searching.”

Shinichiro Yamazaki, Global Head of Trade Innovation, Global Trade Finance Department APAC for SMBC said: “The integration of digital fraud prevention in Trade Finance across Asia is a critical component of increasing access to capital and SMBC is supporting this effort in various markets.”

Desmond Tay, CEO, GUUD said: “We look forward to collaborating in our joint pursuit to help businesses work seamlessly and efficiently to secure trade finance, and ultimately put an end to the trade fraud scandals which have hindered the growth of so many for too long.”

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