Michael Hogan’s Post

JUST PUBLISHED- Recommendations Guideline: Digital Implications of Detecting Fraud in Trade Finance The ICISA - International Credit Insurance & Surety Association has just released their latest paper, outlining new checks insurers can undertake on parties claiming insurance in trade finance on falsified document and duplicate financing transactions. "Given the prevalence of known claims over the past few years where large traders have collapsed owing significant sums of money to Banks and increasingly involving credit insurance, it is obviously a huge concern for the insurance sector. The fact that a vast majority of these claims involve allegations of fraud by the Seller or the Bank’s Client is even more concerning." See the report by ICISA - International Credit Insurance & Surety Association and MonetaGo, free to read below. #creditinsurance #fraud #fraudprevention #globaltrade #tradefinance Richard Wulff Ian Milne Neil Shonhard Oswald Kuyler

IT’S TIME TO SAY NO TO PAPER IN TRADE With the Electronic Trade Documents Act in place, 2024 is an opportunity for companies to take a more affirmative approach to trade digitalisation and start collectively saying no to paper in trade. Trade digitalisation provides a solution to companies improving liquidity, reducing regulatory risk and increasing profitability. Faster, digital transactions enable companies to be more agile and move finance quicker and faster in a volatile and uncertain world. It’s hard not to see the appeal this will have to CFOs. The perennial issue in trade is the complexity of actors and inability of any one company, whatever the size and scale, to change the system on their own. The answer is collective action. To work together and demand change. The good news is that there are now no legal barriers preventing this from happening. There are lots of good examples of how collective action leads to positive change in other walks of life whether that is saying no to racism or inequality. It’s an accepted approach and importantly works, so why not apply the same approach to trade in relation to paper if, as we know, the economic benefits are clear. The International Chamber of Commerce BIMCO Digital Container Shipping Association (DCSA) FIATA International Federation of Freight Forwarders Associations and Swift are setting ambitious targets to remove paper with governments also setting ambitious goals to create a paperless trading system. This sends a powerful message to the market that change is afoot but we can and should do more as a trade community. There are simple things companies can do to help us build momentum such as join us in a #SayNoToPaper campaign, switch solutions providers, apply contract clauses, support our digital trade awards or join our Corporate Digitalisation Taskforce to strengthen bargaining power. Either way, it’s time to put our collective foot down and take action in 2024 or we risk losing the opportunity of laws changing and the chance to finally drag the system into the 21st century. ICC United Kingdom Department for Business and Trade The ASEAN Secretariat Wayne Mills Oswald Kuyler David Meynell British Chambers of Commerce Federation of Small Businesses (FSB) UK Finance UK Export Finance Michael Hogan Barclays UK Lloyds Banking Group Standard Chartered HSBC NatWest Group World Trade Organization #paperless #trade #finance #innovation #CorporateDigitalisationTaskforce #TradeDigitalisationTaskforce #C4DTI #MC13

The UK’s minister for exports, Malcolm Offord, has inaugurated a new taskforce to accelerate the adoption and implementation of #digital #trade in the UK, calling #digitisation “the absolute key” to boosting the country’s exports. The joint Barclays-ICC United Kingdom digitisation of trade taskforce, launched at the House of Lords on July 13, brings together stakeholders across the trade ecosystem to provide strategic advice to the UK government on advancing the digitisation agenda.

#MonetaGo has been featured in a case study by AMD, a global leader in the computing space who manufacture semiconductors used to power some of the world’s most interesting solutions, including Google Cloud Confidential Computing.    MonetaGo leveraged the Google Cloud Confidential Computing service for its Secure Financing system, enabling users to detect duplicate financing fraud while ensuring the protection of company and customer data.   “Confidential Computing [powered by AMD EPYC™ processors] has unlocked so many capabilities for us and allowed us to maintain the best level of privacy possible,” says MonetaGo CIO Brendan Taylor. “It keeps us one step ahead of the game.”   See the case study here: https://lnkd.in/geedVDC8 #fintech #securefinancing #fraudprevention #tradefinance #ourmission #tradematters 

We are delighted to have won the ‘Best Use of Digital Identities’ award at the #C4DTIAwards Digital Trade Awards in #London. This award recognises MonetaGo’s use of data standards including the Legal Entity Identifier (LEI) in its global solutions for fraud prevention in trade finance.     Presented by the ICC United Kingdom and Centre for Digital Trade & Innovation, the awards ‘bring together industry and government practitioners and recognises excellence on both a corporate and individual level with regards to those involved in delivering a cheaper, faster and simpler trading system.’ See all the award winners here: https://lnkd.in/ggzeDT6F #fintech #securefinancing #fraudprevention #tradefinance #ourmission #tradematters 

Important benchmark crossed ! Receivables Exchange of India Ltd (RXIL) TReDS platform has crossed the 3,000 Crore throughput benchmark, culminating in a spectacular end to March 2023! Thank you to our valued clients, dedicated team and stakeholders for making this achievement possible. #RXIL #TRedsPlatform #NewRecord #MarchSuccess #thankyou #team #msme #finance #digital

The International Trade and Forfaiting Association (ITFA) announced its creation of the ITFA #Fraud Prevention Working Group. Recent and past events have highlighted the pervasive nature of #fraud in international trade, negatively impacting businesses, lenders and financing availability for genuine trade transactions, with knock-on effects for the societies these serve. The working group will comprise the largest global trade banks. MonetaGo is pleased to co-chair this working group, leading the fight against #fraud in #trade and working capital #finance, including cross-border duplicate financing fraud, jointly with the banking sector on a global scale. Sean Edwards André Casterman https://lnkd.in/es-3frQV #fraudprevention #trade #tradefinance #securefinancing #banks #banking #frauddetection ITFA / ICC United Kingdom / ICC Germany e.V./ Centre for Digital Trade & Innovation / Swift / BAFT (Bankers Association for Finance and Trade) / FCI  / UK Finance / Department for Business and Trade / Department of Jobs, Tourism, Science and Innovation / Association of Foreign Banks (AFB) / International Chamber of Commerce  / Asian Development Bank (ADB) / EBRD / The ASEAN Secretariat / ASEAN Bankers Association

This is another good piece by the folks at Bloomberg. At the risk of generalization, commodities is one of the magical things where a single piece of paper, could unlock millions of dollars of liquidity. These pieces of paper, ostensibly meant to represent the goods themselves, are pledged, financed or collateralized to traders or lenders. To unlock access to liquidity, some traders orchestrate trades that have no apparent commercial purpose apart from solely raising financing. Some "borrow" a BL for a fee; some don't even bother with getting the BL; some call it structured trade; others call it a fiction. But left unabated, it is where trade fraud flourishes as there is poor correlation between the paper and the product. On the high seas, the ability to "spin" the trade multiple times only presents itself for a period of several weeks, while the ship is heading to destination. That window of opportunity is much longer for metals as they are typically stored in warehouses for months and often used to raise financing while in the warehouse. The question is often who else has the same goods collaterized? When it need of quick liquidity, whether out of desperation or depravity - its just all too easy to do. Ian Milne Jack Farchy Archie Hunter Alfred Cang Tat Yeen Yap Neil Shonhard