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 Wohlén 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.
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