Case studies
MonetaGo's infrastructure is deployed at national scale in India, Singapore, and Bahrain, preventing fraud and unlocking billions in trade finance for businesses.
India: Strengthening MSME liquidity
In 2016, the Reserve Bank of India launched three Trade Receivables Discounting System (TReDS) platforms to boost liquidity for the MSME sector. When invoice fraud was uncovered in 2017, threatening the initiative, MonetaGo was contracted in 2018 to implement its Secure Financing system across all exchanges.
The ecosystem has since expanded to five exchanges, supported by leading Indian banks and widely adopted by non-bank financial institutions. Seven years of steady operations have delivered measurable user benefits and valuable technical insights.
Transaction growth
Total transaction value has grown from $2.32B in 2021 to $37.50B in 2025, with projections reaching $59B by 2026- demonstrating sustained confidence and adoption.
Impact on market participation
Since the beginning of 2023, MonetaGo's Secure Financing deployment has led to a 401% increase in MSMEs receiving financing and a 59% rise in financiers offering liquidity- reflecting growing lender confidence.
401%
Increase in MSMEs receiving financing
59%
Growth in financiers providing liquidity
7 years
Of continuous operation
Singapore: Restoring lender confidence
In 2020, commodity finance frauds caused billions in lender losses, shocking Singapore's finance industry. Many major institutions closed their commodities and trade financing operations in response.
The Association of Banks in Singapore (ABS) shortlisted 10 companies to build a trade finance registry. MonetaGo was selected based on its India deployment experience and SWIFT validation capabilities, and built the Singapore Trade Finance Registry in under one year.
The registry went live in March 2023.
3+ years
Since system went live
50+
Banks onboarded
>$500bn
Value of transactions checked
Local implementation, global connectivity
The Singapore registry provides an in-country alert system on duplicate financing requests across various trade finance types- documentary trade, open account, and financing of domestic or cross-border trade.
Local registries are effective at preventing trade finance fraud among lenders in a single jurisdiction, but ineffective at preventing cross-border fraud. As supply chains increasingly link regions across Asia, Europe, and the Americas, cross-jurisdictional collaboration is needed to detect fraudsters exploiting international programs and multiple jurisdictions.