NEW YORK & LONDON & SINGAPORE–(BUSINESS WIRE)–Financial technology solutions provider MonetaGo today announced that its co-founder and CEO Jesse Chenard will transition to the role of Executive Chairman, and that Neil Shonhard, currently President, will become Chief Executive Officer, effective immediately.
Shonhard joined MonetaGo as Managing Director, Asia Pacific in June 2020 before becoming company president in August 2021. His prior experience includes 12 years at financial services firm TP ICAP, as well as senior roles at securities firms in Europe and Asia. As Executive Chairman, Chenard will remain closely involved with MonetaGo’s activities and act as advisor to the company’s management team.
Since entering full production in 2018, MonetaGo’s Secure Financing system has processed over 3.5 million transactions in India. MonetaGo has partnered with SWIFT to provide banks globally access to the Secure Financing system via SWIFT’s Global API. More recently, MonetaGo has been mandated to build the Trade Finance Registry in Singapore.
Since its inception, MonetaGo has been laser-focused on developing a standards-based approach to fraud prevention, continuously improving its roadmap, convening stakeholders in the public and private sectors, and scaling internationally.
“Building MonetaGo with such a wildly talented, innovative and creative team has been the gift of a lifetime,” says Chenard. “We’ve built a growing global business that has already helped to unlock trade finance for companies both large and small, and we’re just getting started.”
Chenard continues: “In our next chapter, we are focused on cementing our position as the world’s foremost provider of trade finance fraud prevention technology and continuing to bridge information silos across the trade ecosystem. Neil is a great leader for this new phase of development. As company president, he has driven MonetaGo’s success, meeting the stringent requirements of our clients in one of the most highly regulated industries on earth. As CEO, he will take MonetaGo to the next level, making trade finance work better for everyone.
“MonetaGo’s engagement with regulators, policymakers and industry leaders on the key opportunities and challenges in managing fraud risk have long distinguished it as a company, and as a team we are now poised to transform the way trade is financed,” says Shonhard. “I am humbled to be taking the reins as CEO at such a pivotal time, and I look forward to collectively building on the work done so far to lead the company into its next chapter of growth and impact.”
MonetaGo’s Secure Financing solution enables banks and traditional financiers as well as non-bank financial institutions, fintechs and trade finance funds to check for fraud and duplicate financing. By reducing fraud in trade finance, MonetaGo’s business activities align with worldwide political and regulatory mandates that empower institutions to sustain supply chains and extend their books of business into new markets and undeserved sectors, all while maintaining privacy and enabling critical real-time decision making.
MonetaGo has been awarded Best Fintech Startup in Trade 2021 by Global Trade Review, while its Secure Financing solution has been recognised as Best Solution in Trade Finance at the AMTD DigFin Innovation Awards at the Hong Kong Fintech Week 2021, and Most Effective Bank-Fintech Partnership at the IBS Intelligence Global Fintech Innovation Awards 2021.
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