Mitigram claims that it’s the first major digital market network for corporates, traders and financial institutions. Established in 2015, the Mitigram network aims to close the digitization gap between the requirements of the corporate treasury and trade finance, allowing for businesses to handle their trade finance pricing and transaction processing on a single, centralized platform.
Marjon Wohlén, founder and Chief Product Officer at Mitigram, stated:
“We knew from the start that it was not possible to establish a Trade Finance marketplace overnight.”
Wohlén, whose comments came in preparation for the recently held (virtually on November 10, 2020) GTR Nordic event, added:
“But 5 years down the road we can confidently say that Mitigram has managed to create a truly global trusted market network.”
As mentioned in a release, Mitigram approaches the Fintech sector with an “inclusive” vision, realizing that there’s no single solution that can address all the requirements of different businesses.
Milena Torciano, CEO at Mitigram, remarked:
“The need for digitization 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 [the appropriate] digital solutions.”
Mitigram’s management notes that Fintech industry participants will have to work cooperatively to develop innovative solutions that have long-lasting user benefits. They recommend adopting the model of Fintech “Inclusiveness” which they believe will lead to the development of the right products and services that can meet the requirements of businesses.
Mitigram’s management revealed that they have teamed up with Fintech firm Bolero, a global trade finance digitization specialist. Both organizations will combine their resources in order to accelerate technology adoption.
As stated in the announcement:
“The partnership [between Mitigram and Bolero] 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.”
The Mitigram team confirmed that they’re also working with Swift on the implementation of the Swift L2BA application which is expected to go live in early 2021. The app will allow corporations and banking institutions to select an appropriate instruction delivery channel on Mitigram.
Mitigram has reportedly facilitated the negotiation of more than $55 billion in trade finance across its 200+ clients.
The recent launch of Mitigram’s match-making engine Open Market Discovery has helped with broadening the reach for corporations and traders when accessing financing opportunities in areas that had been challenging to cover with their existing network of financial partners.