SINGAPORE & NEW YORK, June 15 (Bernama-BUSINESS WIRE) — Financial technology solutions provider MonetaGo has been selected by the Association of Banks in Singapore (ABS) to deliver the Trade Finance Registry (TFR), an interoperable industry utility that bridges information silos between banks to combat duplicate financing fraud.
The TFR serves as a secure database for records of trade transactions financed across foreign and local banking institutions in Singapore. It shall also connect to trusted sources of information for validation checks on trade data. The TFR mitigates the risk of duplicate financing by different bank lenders for the same trade transaction, and the falsification of information supplied by borrowers. The effect shall be greater confidence among banks in the integrity of their clients and trade financing transactions.