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In December 2020, MonetaGo was awarded the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant. The FSTI POC grant provides funding support for experimentation, development, and dissemination of nascent innovative technologies in the financial services sector. The goal was to prove that institutions can prevent duplicate financing fraud relating to Invoices, Purchase Orders, Warehouse Receipts, and Bills of Lading by collaborating from any location. Participating members ran test data through an enhanced duplicate finance registry and had the opportunity to test different domestic and cross-border fraud scenarios, learn of the solution functionalities, and suggest additional features. Organizations from countries all around the world participated in the 6 month trial which concluded on June 30, 2021.

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