[Member News] Trade Finance fintech Mitigram further establishes global leadership with ground break…
Trade Finance fintech Mitigram
further establishes global leadership with ground breaking partnership
STOCKHOLM, Nov. 16, 2020 /PRNewswire/ -- With GTR returning to
the Nordic region for its leading annual Trade Finance conference, Mitigram -
born in the Nordics and today the world's premier global platform for funding
and hedging trade risks - celebrated 5 years since its official launch.
Mitigram is the first digital market
network for Corporates, Traders and Financial institutions. The network
was launched in 2015 with a vision to close the digitisation gap between the
needs of Corporate Treasury and Trade Finance, allowing for corporations to
manage their Trade Finance pricing and transaction processing on a central
platform.
"We knew
from the start that it was not possible to establish a Trade Finance
marketplace overnight." Mitigram's founder and Chief Product Officer Marjon Wohl?n said in preparation for the annual GTR
Nordic event, which this year took place virtually on November 10 and 11. "But 5 years down the road we
can confidently say that Mitigram has managed to create a truly global trusted
market network," Marjon continued.
Mitigram will
also have a spotlight in another major trade finance event, Structured Finance;
virtually organised by the leading German publisher Finance Magazin from November 23 to 26. Mitigram approaches the fintech space
with a distinctive inclusive vision, acknowledging that there is no market
solution that can single-handedly address the inefficiencies in the industry.
According to
Mitigram's CEO, Milena Torciano, "The need for
digitisation in Trade Finance is now, more than ever, a pressing issue.
Especially in times of global crisis, where all countries are affected
simultaneously, corporates, traders and financial institutions have the unique
opportunity to close the gaps between the demand and supply of Trade Finance
and to improve processes by adopting state of the art digital solutions."
Such acceleration in the adoption of
technology to maximise efficiency cannot happen in a divided ecosystem.
Financial institutions have traditionally been cautious in adopting
technologies without clear track records and advanced security.
Interoperability challenges between different technology partners and solution
fragmentation are major issues hampering adoption of new applications. To
deliver innovative solutions with long-lasting user benefits, and to achieve
sustainable growth, will require fintech players to realise the synergies
that come about through collaboration and recognition of mutual
strengths. This model of fintech Inclusiveness can substantially reduce
the challenges between innovation needs and technology adoption.
As a demonstration of its commitment to
inclusiveness, Mitigram has recently engaged in a partnership with fellow
fintech Bolero - a leading global trade finance digitisation expert - combining
resources in a strategic move to accelerate technology adoption. The
partnership brings consolidation of processes, and offers a one-stop solution
for corporates and banks. For the first time, corporates are able to manage all
their trade finance pricing and transaction processing (including electronic
documents presentation) on a secure central platform, benefiting from a
seamless, end-to-end experience.
Aside from the Bolero partnership,
Mitigram has also signed an agreement with Swift for the implementation of the
Swift L2BA application which will go live early next year, enabling
corporations and banks to choose their preferred instruction delivery channel
on Mitigram.
Mitigram has
already facilitated the negotiation of over USD 55 Bn in Trade
Finance across its 200+ top-rated clients. The recent release of the
match-making engine Open Market Discovery has further broadened the reach for
corporations and traders to access financing opportunities in countries and
regions that were previously difficult to cover with their existing network of
financial partners.
About
Mitigram (WWW.MITIGRAM.COM)
Mitigram is the premier global online
platform for funding and hedging the risk of trade. Adopted by multinational
corporations, leading commodity traders and many of the world's largest banks,
Mitigram offers a collaborative, efficient and cost-effective way for
corporations to securely interact with their financial institutions in the
negotiation of trade finance, bonding & guarantees and risk mitigation.
Mitigram also allows banks to collaborate with each other and with non-bank
financial institutions in the exchange of information to allow for trade
finance needs to be effectively communicated and redistributed. The platform
provides access to an extended network of counterparties, supports
comprehensive automated quotation workflows and provides all parties with a
better understanding of market pricing.
Launched in
2015, Mitigram has facilitated over $55 billion of
trade finance in 100+ countries, covering the risks of over 1000 issuing banks
in both developed and emerging markets.
About
Bolero International (WWW.BOLERO.NET)
Bolero International has built a strong
reputation and market leadership position in driving the digitisation of global
trade. With more than 20 years' experience in trade, maritime and cloud
technologies, Bolero has the knowledge, experience and proven track record of
helping the industry transition and capitalise on the benefits of digitisation.
Its multi-banking trade finance and
electronic bills of lading solutions have worldwide recognition and are
seamlessly connecting corporates with their logistics partners and financial
institutions around the world.
Bolero is where the physical and
financial supply chains converge. With Galileo, clients can tap into the Bolero's
connected digital ecosystem, that is secure, trusted and fully interoperable.
For more information, please contact:
Uon Kim
Sales Director-Asia
Tel: +82-107637-0167
uon.kim@mitigram.com
SOURCE Mitigram
2020.11.20
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