Today, blockchain firm MonetaGo announced that Indian fintech Finovate Capital is adopting its trade finance anti-fraud solution for its 15+ lenders. Finovate provides invoice discounting and supply chain financing to SMEs and corporates in India.
Trade finance fraud is a substantial risk for lenders, which may deter them from providing credit to companies, especially smaller ones. Finovate has partnerships with banks, non-banking financial companies (NBFCs), small finance banks, and other lenders. By integrating MonetaGo, Finovate will create a digital fingerprint of the invoices preventing duplicate financing in its ecosystem.
The blockchain solution will also authenticate invoices with India’s Goods and Services Tax Network (GSTN) database and verify the eWay Bill submitted with National Informatics Centre (NIC). This would enable Finovate and its lenders to map the risk profile of an applicant, and speed up the process of trade financing.
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