Fintech Finance Podcasts: The FF Salon Pilot with Michael Hogan

The Good, the Bad and the Ugly.

 

Michael Hogan brings to MonetaGo three decades of banking experience - a company that provides the first-ever global solution to duplicate financing fraud in trade finance, and is the world’s foremost provider of such technology to prevent both domestic and cross-border duplicate financing. 

 

‘Five trillion dollars worth a year is lost in the US, based on the global numbers. The global part is about 100 trillion. International part is about a quarter of that. The domestic side, UK and US, is worth about 75 trillion. 5% of that is taken. Three trillion of the GDP of the UK is lost through fraud every year’. 

 

Fraud in trade finance is a pervasive, global problem that costs companies billions every year. But luckily with the likes of Michael on the case, the technology being developed is an innovative way of tackling it. Duplicate financing is a large fraud challenge, and is one of the key focuses that MonetaGo is addressing at scale. Aside from the impact that this has on the trade finance gap, large-scale fraud has also exposed certain vulnerabilities within the finance space, including the need for better tools and systems to detect and tackle trade finance fraud. 

 

‘‘The bank has to open its doors, and allow anybody that’s got the right access credentials to take that information and data and move it around, aggregate it, put it in nice fancy apps etc, and provide more value added service for the customer”. 

 

Whilst avoiding a previous perm and going for a new ‘Fintech’ style haircut from our top stylist Andrew, Michael Hogan outlines some of the examples of how his previous banking experience informs his position at MonetaGo and how their sustainability policy works as an indirect cause for good.