Monimove Launches Digital Credit Utilization and Supply Chain Finance Blockchain Solution With OutSystems

Credit risk undermines development funding, aid, and commercial investment across the developing world. But these challenges could soon be a thing of the past thanks to a new platform called Monimove. Built using Blockchain and the OutSystems low-code platform, Monimove promises to bring complete transparency and accountability across the supply chain, to ensure money can only be spent where it should be, unlocking the massive potential for development and public good.

 

Blockchain and low-code technology

Blockchain and low-code technology

Mobile and web app

Mobile and web app

Immutable proof throughout the supply chain

Immutable proof throughout the supply chain

Transparency of credit utilization

Transparency of credit utilization

Dr. Mansour
“We wanted the fastest tech not just to get to market faster, but to enable constant iteration. We chose OutSystems as the best fit for Monimove, and we’ve never looked back.”Dr. Mansour, Founder & CEO, Monimove FinTech Ltd

How to Monitor Movements Associated with Trade?

Challenge - As a fintech with a novel idea, Monimove needed to get to market fast. Monimove, an innovative start-up with presence in the UK, USA, and the Middle East, had spotted a gap in the market. They call this “Credit Utilization.”

Fraud risk and disputes critically undermine development funding across the world. Whether you’re a bank, a government development agency, or a charity, you need confidence that the funds you provide will go to their intended purpose. Fear—that they might not—often prevents or delays investment.

These fears also adversely affect the fortunes of local SMEs, which lack the credentials to reassure lenders. Given that over 85 percent of businesses in these regions are SMEs, such concerns act as a considerable barrier to economic development.

Monimove’s vision was to use Blockchain to enable development agencies, governments, banks, charities, and corporate organizations to gain end-to-end visibility across trade relationships and supply chains.

Illustrating this with an example: A bank could use the platform to issue the digital equivalent of a letter of credit to a developer. The bank invites the developer to a project on the Monimove platform. The developer then invites suppliers and subcontractors to join the same project.

With Monimove, the bank could monitor every order, goods movement, and goods receipt—hence the name—providing immutable evidence that the bank’s money is only used as agreed. The bank can then pay any participant in the supply chain, confident that no dispute or fraud can occur.

The same principles could be used by any organization that wants control and accountability before parting company with their money.

From Vision to Reality – an Iterative Journey

Solution - With their vision set, Monimove started looking for a technology platform to help them build out the app. “We had several criteria,” explains Hashim M Alhussaini, Monimove’s Co-Founder & Managing Director. “Speed was a primary consideration, but we wanted a track record of working alongside Blockchain, finance-grade security, and we wanted to deliver the best possible user experience on both web and mobile devices.”

Those criteria led Monimove to OutSystems. Monimove needed experienced development support and chose Deloitte. “Their local presence in London and Dubai, and their strong track record in financial services, Blockchain and OutSystems development, made Deloitte an ideal partner,” explains Alhussaini.

Regarding OutSystems, Alhussaini says, “We’ve been impressed how quickly new developers have become productive, as we’ve grown the projects team.”

A critical benefit of high-speed, low-code development has been the increased agility of the development team. “With a disruptive innovation like this, we’ve had to learn as we’ve gone along,” says Alhussaini.

“During development, we’ve changed and enlarged the scope based on feedback from our network of banking and commercial partners. Luckily, those changes have not been too painful,” explains Alhussaini. “Low-code supports an iterative approach, so we’ve been able to incorporate feedback quickly, and adjust business logic and user interface in hours, rather than days.”

Deloitte
Channel Partner

Deloitte provides audit, consulting, financial advisory, risk management, tax and related services to public and private clients spanning multiple industries.

Learn more about Deloitte

Monimove Mobile and Web App is Now Live

The Monimove platform went live in January 2020. Capabilities include:

  • Digital onboarding – New entities can be onboarded in two minutes.
  • Transaction recording – Every transaction is recorded as a smart contract using blockchain technology. The bank (or another creditor) has complete transparency and control of the entire trading documentation cycle, ensuring payment reflects reality.
  • Geolocation tracking – With the mobile app, deliveries can be tracked to a pre-agreed location accurate to within 500 metres. Otherwise, the transaction is not accepted.
  • Photo or video evidence – In addition to geolocation stamping, users can evidence the delivery with an uploaded photograph, or live video.
  • Automated alerts – For example, GPS tracking enables Monimove to trigger an alarm if there’s suspicious activity, such as attempting to confirm delivery to a different address.

Monimove Signs Strategic Partnerships with Banks, Trade Finance Partners and Government Entities

Outlook - The fintech is off to a flying start with strategic partnerships already in place. Those partnerships include:

  • Maersk Trade Finance – the world’s largest shipping and trade finance organization. Monimove is the first fintech that will be able to finance international trade through MTF for governments and banks.
  • Riyad Bank, Saudi Arabia – expects to bring 10,000 entities to the platform.
  • Dubai SMEs – By adopting Monimove Dubai SMEs will gain full visibility of loan utilization, enabling the Government to increase support for the SME sector.
  • Saudi Fall Group – are adopting Monimove to manage all of the group's procurements and construction projects through Monimove.

Monimove is winning considerable acclaim in its target market. Award wins and certifications include:

  • FinX Award – The Best Fintech Solution for Digitization of Murabaha Process. Over 150 other fintech and finance organizations competed for this award.
  • HSBC Connected Fintech Shortlist – One of ten shortlisted Fintechs under the partnership between HSBC & Dubai International Financial Centre FinTech Hive.
  • Emirates NBD – Monimove was one of the first fintechs to achieve certified API integration at Emirates NBD’s Future Lab.

We will be updating this case study shortly to give more details of Monimove’s progress, customers, and results.

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