SGS partners with MoniMove to bolster Trust and Security in the Trade Ecosystem

Press Release

August 4, 2021, Dubai, UAE – SGS, the world’s leading testing, inspection and certification company, today announced its  partnership with MoniMove, a blockchain-enabled platform offering the next generation of trade finance, credit risk and supply chain governance, to enhance trust and integrity between trade stakeholders by converting end-to-end trading documentation into Smart Contracts.

The platform provides access to the SGS ValiTrade® vendor verification program, using which, MoniMove clients will be able to execute their trade transactions with confidence, broaden their supplier network and procure goods from different countries with complete assurance that the traded goods would meet the quantity and quality specifications.

SGS’s worldwide network and trade assurance solutions will complement the unique features of the MoniMove platform, as users will benefit not only from an end-to-end digitization, but also from full visibility and transparency across the supply chain, and real-time reporting, as well as fraud and operational risk mitigation. These features will enable platform users to identify and effectively manage the challenges and risks of international trade while allowing them to focus on growing their businesses in a secure environment.

Mr. Hashim Al Hussaini, Co-founder and Managing Director of MoniMove commented: “There’s a definite need to digitize and secure the global supply chain, and we – at MoniMove – are following this path by taking all the measures to give trade stakeholders the confidence and peace of mind that their businesses are protected. Our partnership with SGS is key to achieving this goal as it will drive operational success and enhance trust among trade stakeholders.”

Mr. Sunil Yeole, Director – Connectivity & Products, commented: “In recent times, we have witnessed an increasing number of fraudulent trade practices and scams. These cause a lot of anxiety for buyers and sellers who are engaging in business remotely, through online platforms. Our partnership with MoniMove to provide SGS ValiTrade® will support the industry with trade validation services that provide verified information to help establish the authenticity, credibility and compliance of trade partners at the touch of a button, via a secure interface. This way we are able to enhance the trade transaction by building trust.”

About SGS

We are SGS – the world’s leading testing, inspection and certification company. We are recognized as the global benchmark for quality and integrity. Our 93,000 employees operate a network of 2,600 offices and laboratories, working together to enable a better, safer and more interconnected world.

About MoniMove

MoniMove is a fintech platform owned by MoniMove Llimited, a United Kingdom based company. The platform was founded in 2017 by Dr. Mansour Al Hussaini, a leading entrepreneur with multiple successful businesses. MoniMove was built in conjunction with Deloitte using the advanced OutSystems Technology. It utilizes Block chain technology to support SMEs and national economies by providing end-to-end visibility, credibility, efficiency and complete ecosystem transparency to full supply chain management.