Today MonetaGo announced it’s partnering with IBM to deploy its blockchain anti-fraud solution in the ASEAN region. The Secure Financing solution which SWIFT is currently trialing, aims to prevent companies from using the same invoices to raise trade finance from multiple banks. As part of the arrangement with IBM, MonetaGo will be integrated with the TradeLens blockchain shipping platform and trade finance solution we.trade.
The TradeLens platform is a joint initiative between IBM and Maersk. And IBM is a developer for the we.trade solution backed by more than a dozen banks as well as IBM.
MonetaGo’s solution manages to keep invoicing or other trade documents entirely confidential. Only the equivalent of a digital fingerprint of the documents and other data is shared. That way a bank can verify whether an invoice, a bill of lading or a warehouse receipt has already been financed, without knowing by whom.
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