Financial technology solutions provider MonetaGo has hired Kalyan Basu as its managing director (MD) for India, where he will lead the company’s strategy and operations across the subcontinent. Basu is the first to hold this role.

Basu has 30 years of trade finance industry experience, most recently spending two and a half years as MD and chief executive officer of Vayana TradeXchange, an Indian digital trade finance marketplace, where he oversaw all aspects of the business. He previously served as the head of various trade and supply chain finance divisions across India at both Axis Bank and ICICI, where he spent eight and a half and 13 years, respectively.

MonetaGo says Basu’s appointment comes at a “key period ahead of planned enhancements and innovative new solutions MonetaGo is bringing to the financial technology market in 2025”.

In his Mumbai-based role, he will work closely with the executive team in Singapore, as well as the other members of the core India team: senior advisor Pinaki Roy and India senior manager Gaurang Talati.

“MonetaGo has long been known in the Indian financial market due to their technological innovation powering the TReDS operation [the Reserve Bank of India-backed Trade Receivables Discounting System], which brings critical safeguarding from the ever-present threat of fraud,” Basu says. “I am delighted to join their team and eager to contribute to their mission of combatting fraud in trade and finance.”

The company has been active in India since 2017, when it collaborated with the Reserve Bank of India to launch TReDS, a digital platform allowing SMEs to auction their trade receivables from corporate customers.

The platform was updated in 2024, migrating from blockchain-to cloud computing. The offering is able to handle multiple document types and is termed Secure Financing by MonetaGo.

“The expansion of our leadership team with Kalyan’s appointment reinforces MonetaGo’s continued dedication to India and our unwavering support for clients and partners in the region,” says Neil Shonhard, MonetaGo’s chief executive. “MonetaGo’s genesis in India was with the support of the Reserve Bank of India, breaking ground to build the vital TReDs utility. India remains a core part of MonetaGo global operations and we are excited to embark on 2025 and continue to strengthen key relationships.”

Beyond India, the company is working with industry association FCI to develop invoice registries with the aim of tackling trade finance fraud.