Ngulminthang Lhanghal - Financial Expert

Four years after commencing a mission to prevent duplicate financing of invoices in India, MonetaGo underlines major progress in delivering on its commitments, including transforming the speed and transparency of invoice financing and unlocking the value of disparate information spread across multiple organisations and data silos. The service was launched in partnership with three trade receivables finance exchanges licensed under the Reserve Bank of India-supported Trade Receivables Discounting System (TReDS), that allows SMEs to auction their trade receivables from corporate customers on each of the receivables finance exchanges’ digital platform, MonetaGo implemented its Secure Financing system in India in March 2018. “Each exchange needed to be able to identify whether an invoice had been financed by their competitors, but for commercial reasons needed a solution that kept customer information private,” said Jesse Chenard, founder and CEO of MonetaGo. “MonetaGo’s solution enabled t...

If trade is the gear that drives the global economy, trade finance is the oil that keeps the equipment turning. On a macro-level, trade finance is crucial in facilitating the movement of goods across borders. It helps generate investment and employment while ensuring the population's needs are met. Furthermore, trade finance enables companies to participate in global trade by providing cash flow and risk mitigation, finding new markets, expanding their business, and capturing new revenue streams. While trade finance underpins every phase of the global supply chain and is pivotal for the economy's growth, the world faces a chronic and vast trade finance gap. According to the Asia Development Bank (ADB), the global trade finance gap widened to US$1.7 trillion in 2020, a 15% increase from US$1.5 trillion in 2018. Not surprisingly, small and medium-sized enterprises (SMEs) continue to be most impacted by the trade finance gap. Although SMEs comprise just 23% of all trade finance ap...

Union Systems Limited, Africa’s leading trade finance company, partners with Wema Bank Plc to automate its trade finance operations. The bank selected Union Systems’ Kachasi trade finance software over all other international trade finance software solutions due to its ability to address both the traditional international trade finance processes and the peculiar Nigerian trade finance operations. The selection of Kachasi demonstrates Union Systems‘ leadership, experience, and excellence in the provision of trade finance software solutions. Wema Bank, the pioneer of Africa’s first fully digital bank, is no stranger to being at the forefront of introducing innovative digital solutions to its customers. Through this collaboration, the bank will join the league of banks around the world that are using technology to change the way trade financing works. This trade finance automation project will significantly reduce trade finance processing turnaround time, improve operational efficiency, a...