MonetaGo, which specializes in blockchain technologies, and GUUD Company, which focuses on making international trade smooth, have teamed up on international financial transaction security, MonetaGo announced in a press release.
Both companies are based in Singapore. GUUD has significant operations across Asia, and GUUD executives have publicly announced plans to expand in the region.
“GUUD’s solutions will be bolstered by MonetaGo’s Secure Financing platform, which prevents double financing and other types of trade fraud,” the announcement of the new arrangement states. “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 also announced the hiring of Tat Yeen Yap to head product development of the APAC region. The company stated: “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 added in a prepared statement: “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.”
The use of digital currencies for large transactions has been pioneered by governments such as India‘s, which in 2016 banned the use of certain large paper bills. A side effect, however, has been that B2B commerce became more difficult for some small- and medium-sized businesses (SMBs).
In early 2019, a leading Singaporean banker, Ng Chuey Peng, addressed the problem of financial fraud in trade, saying: “Trade finance is due for a transformation. Going paperless has to happen.”
GUUD Chief Executive Desmond Tay said the new deal with MonetaGo will help in the companies’ “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.”