U GRO Capital signs up with MonetaGo to use their block chain-enabled solution

Mumbai, Jan 27 (KNN) U GRO Capital which is a BSE listed has signed up with MonetaGo to use their 'Invoice Fraud Prevention Blockchain Network' with an objective to strengthen their supply chain finance portfolio.

The agreement was signed by Shachindra Nath, Executive Chairman of U GRO Capital, and Jesse Chenard, CEO MonetaGo in Mumbai.

Speaking about the partnership, Shachindra Nath, Executive Chairman of U GRO Capital said, “Innovation creates disruption, and as a technology-based lending platform, we are excited to implement MonetaGo’s Blockchain enabled solution. We intend to build scale with prudence and hope for a win-win partnership to serve MSMEs in our chosen sectors.”

“Fraudulent financing of invoices along with double financing is a major challenge for banks, NBFCs and FinTechs and MonetaGo is providing a world class block chain solution to help them prevent frauds in the invoice financing space,” said Jesse Chenard, CEO MonetaGo.

MonetaGo provides digitized enterprise solutions for financial operations. The MonetaGo product suite is compliant with existing regulations and designed to improve the efficient and secure delivery of financial products.

''This partnership will enable U GRO Capital to not only leverage MonetaGo’s Invoice Fraud Prevention solution to mitigate the risk but will also empower the company to authenticate invoices and eWay Bills.  MonetaGo’s product will, therefore, aid to eliminate the need for physical/scanned copies of the invoices and thus provide a seamless, straight-through process, resulting is quicker loan disbursals and a stronger loan book,'' a press release said.