MonetaGo recently promoted co-founder and CEO Jesse Chenard to the role of executive chairman, and President Neil Shonhard as CEO. The role will be made effective immediately, according to a press release.
“In our next chapter, we are focused on cementing our position as the world’s foremost provider of trade finance fraud prevention technology and continuing to bridge information silos across the trade ecosystem. Neil is a great leader for this new phase of development,” Chenard said. “As company president, he has driven MonetaGo’s success, meeting the stringent requirements of our clients in one of the most highly regulated industries on Earth. As CEO, he will take MonetaGo to the next level, making trade finance work better for everyone.”
Shonhard’s tenure with MonetaGo began in June 2020 after he joined the company as managing director of the Asia Pacific. He was then promoted to the role of president in August 2021. He previously served 12 years worth of senior roles at security firms across Europe and Asia.
Under his new role, Chenard will be tasked with advising the company’s management team and contributing to its overall global operations.
“Building MonetaGo with such a wildly talented, innovative and creative team has been the gift of a lifetime,” Chenard said. “We’ve built a growing global business that has already helped to unlock trade finance for companies both large and small, and we’re just getting started.”
Since launching its offerings in India in 2018, MonetaGo has processed more than 3.5 million transactions, achieved in collaboration with SWIFT “to provide banks globally access to the secure financing system via SWIFT’s Global API,” a recent press release reveals. “More recently, MonetaGo has been mandated to build the Trade Finance Registry in Singapore.”
The financial technology solutions provider specializes in laser-based strategies for fraud prevention.
“MonetaGo’s engagement with regulators, policymakers and industry leaders on the key opportunities and challenges in managing fraud risk have long distinguished it as a company, and as a team we are now poised to transform the way trade is financed,” Shonhard said. “I am humbled to be taking the reins as CEO at such a pivotal time, and I look forward to collectively building on the work done so far to lead the company into its next chapter of growth and impact.”