Credit risk undermines development funding, aid, and commercial investment across the developing world. But these challenges could soon be a thing of the past thanks to a new platform called Monimove. Built using Blockchain and the OutSystems application development platform, Monimove promises to bring complete transparency and accountability across the supply chain, to ensure money can only be spent where it should be, unlocking the massive potential for development and public good.
“We wanted the fastest tech not just to get to market faster, but to enable constant iteration. We chose OutSystems as the best fit for Monimove, and we’ve never looked back.”
As a fintech with a novel idea, Monimove needed to get to market fast. Monimove, an innovative start-up with presence in the UK, USA, and the Middle East, had spotted a gap in the market. They call this “Credit Utilization.”
Fraud risk and disputes critically undermine development funding across the world. Whether you’re a bank, a government development agency, or a charity, you need confidence that the funds you provide will go to their intended purpose. Fear—that they might not—often prevents or delays investment.
These fears also adversely affect the fortunes of local SMEs, which lack the credentials to reassure lenders. Given that over 85 percent of businesses in these regions are SMEs, such concerns act as a considerable barrier to economic development.
Monimove’s vision was to use Blockchain to enable development agencies, governments, banks, charities, and corporate organizations to gain end-to-end visibility across trade relationships and supply chains.
A bank could use the platform to issue the digital equivalent of a letter of credit to a developer. The bank invites the developer to a project on the Monimove platform. The developer then invites suppliers and subcontractors to join the same project.
With Monimove, the bank could monitor every order, goods movement, and goods receipt—hence the name—providing immutable evidence that the bank’s money is only used as agreed. The bank can then pay any participant in the supply chain, confident that no dispute or fraud can occur.
The same principles could be used by any organization that wants control and accountability before parting company with their money.
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Enterprise-grade security
Financial services industry track record
Speed-up development and improve agilityWith their vision set, Monimove started looking for a technology platform to help them build out the app. “We had several criteria,” explains Hashim M Alhussaini, Monimove’s Co-Founder & Managing Director. “Speed was a primary consideration, but we wanted a track record of working alongside Blockchain, finance-grade security, and we wanted to deliver the best possible user experience on both web and mobile devices.”
Those criteria led Monimove to OutSystems. Monimove needed experienced development support and chose Deloitte. “Their local presence in London and Dubai, and their strong track record in financial services, Blockchain and OutSystems development, made Deloitte an ideal partner,” explains Alhussaini.
Regarding OutSystems, Alhussaini says, “We’ve been impressed how quickly new developers have become productive, as we’ve grown the projects team.”
A critical benefit of high-speed development has been the increased agility of the development team. “With a disruptive innovation like this, we’ve had to learn as we’ve gone along,” says Alhussaini.
“During development, we’ve changed and enlarged the scope based on feedback from our network of banking and commercial partners. Luckily, those changes have not been too painful. OutSystems supports an iterative approach, so we’ve been able to incorporate feedback quickly, and adjust business logic and user interface in hours, rather than days.”
The Monimove platform went live in January 2020. Capabilities include:
"Speed was a primary consideration, but we wanted a track record of working alongside Blockchain, finance-grade security, and we wanted to deliver the best possible user experience on both web and mobile devices."
The fintech is off to a flying start with strategic partnerships already in place. Those partnerships include:
Monimove is winning considerable acclaim in its target market. Award wins and certifications include:
We will be updating this case study shortly to give more details of Monimove’s progress, customers, and results.
