MoniPlus FX

Financial institution located in Papua New Guinea

MoniPlus FX is a division of Heduru Moni Ltd (HML). HML provides personal loans, asset finance and term deposits.

HML added the international payments arm, MoniPlus FX, to their financial institution in 2012 when they were approved as a foreign exchange dealer.

Expand service offering by adding an International Payments division

International Payments in PNG were previously controlled by the Banks. MoniPlus needed a highly scalable solution to compete with local banks while providing customers with competitive rates and an online system to drive change as to how PNG people transferred money internationally. In addition, they needed an application to meet the detailed reporting requirements of the central bank of Papua New Guinea.

Scalable International Payments Platform; first of its kind in Papua New Guinea

MoniPlus has been a loyal customer of Cymonz since 2012 and still is today, 

Out-of-the-box: Cymonz provided MoniPlus with an out-of-the-box solution, a feature-rich scalable platform that increases customer satisfaction and reduces costs.

Full agnositic integration across MoniPlus, Cymonz and Convera: To deliver a seamless and robust international payments solution; MoniPlus leveraged a strategic collaboration between Cymonz and Convera. Cymonz’s powerful fintech platform enabled MoniPlus to rapidly deploy a tailored foreign exchange and payments solution, while Convera’s global payments infrastructure brought access to over 140 currencies and awide-reaching correspondent network. Through close integration between the Cymonz platform and Convera’s international payment services, MoniPlus was able to offer competitive, compliant, and efficient cross-border payments to its clients – establishing itself as a trusted alternative to traditional banking in Papua New Guinea

Planning across the business: Cymonz was involved in all aspects of MoniPlus’s business, from the technology build, regulatory licensing through to staff employment and sales plans.

Cymonz technical solutions that created the solution:

• Straight-through processing, which provided MoniPlus with the ability and functionality to be able to run an international payments business at scale. Minimal overheads allows MoniPlus to eat away at the market share that the banks are holding through simplistic and transparent payments for their customers.
• Back office application for the management
• Customer-facing front end website
• API & Addons for integration
• AML features that remove the risk for the customer
• Integrated with Moniplus’s chosen FX and liquidity provider
• Reporting module for the central bank, Bank of Papua New Guinea.

Pivot to a financial force to be reckoned with

MoniPlus launched and continue to operate a successful foreign exchange business that’s challenging local banks throughout Papua New Guinea.