How to Monitor Movements Associated with Trade?
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.