VF2018 Silver Partner: FINTRUX NETWORK

FintruX Network | Conrad Lin | November 7, 2018

FintruX logo800 - VF2018 Silver Partner:  FINTRUX NETWORKMaking Unsecured Loans Easy, Fast, and Highly Secure

FintruX Network is the true P2P lending ecosystem built on the blockchain, powered by credit enhancements and no-code generation. The platform makes it easy for borrowers to connect with reputable lenders and servicing agencies, save money with competitive interest rates, and get an affordable loan within minutes in a fair and transparent process without physical collateral. FintruX Network aims to disrupt the way unsecured loans are being originated and administered, making unsecured loans highly secure.

An unsecured loan is a loan that is not protected or secured by any asset. In this case the lender is taking a lot more risk and would likely charge a higher interest rate. The riskier the loan, the more expensive it will be. We are going to change that.

While pursuing traditional financing, small businesses do not have access to loans when they most need it. Banks prefer to lend cash on cash, and the loan amounts requested are usually too small for financial institutions to do efficiently. If a loan is procured from alternative financing sources, the interest rate is generally too high. Finance companies only utilize a few data sets to evaluate SME borrower worthiness resulting in poor representation of credit, and traditional p2p lenders offer high interest rates due to private equity backing. Additionally, capital that could have been invested in small business credit has been largely locked out of the market. Individual investors generally lack the size and access to directly invest in small business credit, and while institutional investors have had some access to this market, they lack the tools to customize portfolios to their specific risk tolerance.

See:  The lending revolution: How digital credit is changing banks from the inside

FintruX Network is comprised by a dynamic team of skilled professionals in strategy, commercial lending, operations, marketing, sales, and technology. Our technology is supported by Robocoder Corporation, which has over 20 years of enterprise software development experience. The technology team has been servicing the securitization industry in Canada since 1999, and is currently managing billions of dollars of assets for reputable banks and insurance companies. Our team is complimented with advisors and directors ranging from esteemed individuals who have held prominent positions such as managing director of Dun and Bradstreet Asia, and director of TNG Asia, chairman of the ELFA in USA, to leaders at various fortune 500 companies in the telecom, banking, and technology sectors.

We leverage our extensive expertise and technology to create an ecosystem of lenders, borrowers, and service agencies operating in a true peer-to-peer marketplace to reduce the friction of small business (SME) lending. Our platform makes unsecured financing easy, fast, and highly secure with credit enhancements, no-code generation, and an open ecosystem.


NCFA Jan 2018 resize - VF2018 Silver Partner:  FINTRUX NETWORK The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!



FFCON20 Pitching and Demo Winners - VF2018 Silver Partner:  FINTRUX NETWORK



NCFA COVID 19 letter to government to support Fintechs and SMEs - VF2018 Silver Partner:  FINTRUX NETWORK

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Fintech Confidential | Michael King and Richard Nesbitt | Jan 21, 2021 In our recently published book The Technological Revolution in Financial Services: How Banks, Fintechs, and Customers Win Together, a group of expert contributors from North America and Europe share their insights on how the financial services industry will evolve in the coming decade. The context is the ongoing transformation in the financial  services industry, which is being driven by three structural forces: heightened regulation that followed the 2008-2009 Global Financial Crisis (GFC),  innovation fueled by new technologies and entrepreneurial fintech startups, and demographic trends with the rise of millennials and the retirement of baby boomers. These forces are changing the competitive landscape of financial services, lowering barriers to entry and increasing competition from both inside and outside the industry. Our book outlines what we see as the successful strategies for financial technology (fintech) companies and incumbents, namely banks, insurance companies, and asset managers. While there is much to learn from our contributors, this article shares our main conclusion and a few key takeaways. We argue that the winning strategy for the coming decade will be for banks, insurance companies and asset managers to partner with fintech startups to ...
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NCFA how banks fintechs and customers win together - VF2018 Silver Partner:  FINTRUX NETWORK
NCFA | Jan 21, 2021 The OSC has recently announced a Charter for a new Office of Economic Growth & Innovation (Innovation Office):  release and innovation office charter. The NCFA welcomes the announcement but remains skeptical. Is this really a "new model" or merely window dressing 1. An Innovation Office alone will not make the OSC more "innovative". Innovation requires a lot more than a mere reference to these words. The Charter points towards "fostering a culture that encourages experimentation, embraces failures as necessary learning steps and allows for a quick pivot to the next idea" and playing a role in the "OSC’s ongoing modernization, which includes adopting a more flexible regulatory approach, making investments in technology and simplifying our rules and processes". Do the OSC leaders (and the Ontario Government) understand how difficult this essential culture change will be?  What does "modernize how we formulate policy and new regulations" mean? Does it involve, for example, more disciplined decision making, better analysis and use of data (including collecting or enabling much better capital markets data generally in Canada), extensive staff training, learning to better manage risk?   We need more information so that industry participants can have greater comfort about what ...
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OSC new innovation charter - VF2018 Silver Partner:  FINTRUX NETWORK
Guest Post | Jan 20, 2021 If you’re new to the world of investing in cryptocurrencies, you might have heard of stablecoins. These are physically-backed assets that differ quite a bit from Bitcoin and other coins. If you’ve heard of them, you’re understandably curious as to what they’re about. This guide can help you with that. How are Stablecoins Different from Bitcoin? As mentioned, stablecoins are tied to a physical asset. Bitcoin is not. It has its own value backed by the electricity that goes into mining it. Stablecoins like Tether or TrueUSD are tied to the value of the US dollar. These are sold on most traditional exchanges. Otherwise, there are also precious metal-backed stablecoins. Coins like these are more often sold on dedicated platforms like Gold Exchange. Now, you can probably infer that because stablecoins are tied to the value of physical assets, their value is inherently less volatile than Bitcoin. As you may know, Bitcoin can (and has) risen or fallen thousands of dollars at any given moment. That volatility might be a boon for some experienced investors, but newer ones might want to avoid them. This is where stablecoins come into play. Stablecoins like SilverCoin allow ...
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stablecoins - VF2018 Silver Partner:  FINTRUX NETWORK
Bain and Company | By Mike Kühnel, Thomas Olsen, John Fildes and Karl Gridl | Dec 16, 2020 Despite decades of technological advances, global capital markets remain characterized by fragmented and siloed networks, with limited interoperability between them. Reconciliation between systems requires extra, sometimes manual, steps. Many processes across the financial ecosystem thus continue to be prone to error and high costs. This applies to public markets but even more acutely to private markets. See:  3 Ways Digital Assets Will Reshape The World As a consequence, a consensus across the global financial ecosystem has emerged: Digitized financial assets and distributed ledger technology (DLT) platforms will substantially improve transparency of information, automation, distribution and, ultimately, liquidity. Adoption of digital assets—assets and regulated financial securities that are represented digitally and administered on digital platforms—will expand beyond the first niche application of cryptocurrencies, with DLT removing many sources of inefficiency. Exchanges, banks, technology companies and other financial market firms will need to make decisions soon about how to participate, as it takes time to build an economically attractive business model and the required capabilities and partnerships. Postponing this decision comes with the risk of losing strategic position as early movers gain share and ...
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Crowdfund Insider | Steven Knipfelberg | Jan 19, 2021 Why are smart contracts significant? Traditionally, parties have relied on intermediaries, such as escrow agents, banks, or governments, to ensure the performance of a contract (or that a party didn’t simply run off with your cash). Smart contracts eliminate the role of intermediaries because they are both self-executing and self-enforcing. The entire transaction is dictated by computer code alone. By cutting out the “middleman,” transaction fees are dramatically reduced, while transaction speed is dramatically increased. Parties can now make a wide variety of agreements without fear that the agreement will be dishonored. See:  The UK Provides Legal Certainty For Smart Contracts And Cryptoassets In Its Landmark Legal Statement Blockchain-based smart contracts are quickly becoming a common method of transacting. Since 2018, private parties have increasingly used smart contracts to tokenize assets and execute the terms of commercial loans and securities lending transactions, such as “repo” swaps of U.S. Treasury bonds. In the near future, smart contracts may be used in an even greater variety of transactions involving international trade finance, derivatives markets, mortgages, and auto leasing. With their ability to instantaneously execute and settle transactions, smart contracts have the potential to ...
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KABN | Cara Buckspan | Jan 19, 2021 Access to up to 2,000 US Colleges and Universities with reach of up to 1.5 Million Students TORONTO, ON / ACCESSWIRE / January 19, 2021 / KABN Systems NA Holdings Corp. (CSE:KABN)(OTC PINK:TRWRF)(FRA:4T51) (the "Company", "KABN North America" or "KABN NA"), a North American Fintech solutions company specializing in empowering individuals to manage, control and generate value from their biometrically-verified Self Sovereign Identity ("SSI") through its Liquid Avatar platform, announces today that it has entered into an agreement to partner with US based, The Campus Agency to create innovative engagement programs for Liquid Avatar to reach the US college and university student, alumni and family market. KABN NA and The Campus Agency will be working together to engage micro-influencers, develop and launch innovative engagement and Augmented Reality programs to introduce the college and university market to the Liquid Avatar and KABN value programs. The partnership goals are to increase brand awareness, maximize engagement, educate users on the value proposition of Self Sovereign Identity, and generate user benefits and revenue for the partnership program. See: Law reform to move identity verification online Digital IDs Help Open Banking Reach Its Fullest Potential With reach ...
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FinCEN | Release | Jan 14, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today it is reopening the comment period for its recent proposed rulemaking regarding certain transactions involving convertible virtual currency (CVC) or digital assets with legal tender status (LTDA). Under the Notice of Proposed Rulemaking (NPRM), banks and money services businesses (MSBs) would be required to submit reports, keep records, and verify the identity of customers in relation to transactions above certain thresholds involving CVC/LTDA wallets not hosted by a financial institution (also known as “unhosted wallets”) or CVC/LTDA wallets hosted by a financial institution in certain jurisdictions identified by FinCEN. See:  Hester Peirce Says SEC Enforcement is Not the Way to Provide Crypto Clarity Today’s Notice identifies additional statutory authority for the proposed rule under the Anti-Money Laundering Act of 2020, provides additional information regarding the reporting form, and reopens the comment period for the proposal. Specifically, FinCEN is providing an additional 15 days for comments on the proposed reporting requirements regarding information on CVC or LTDA transactions greater than $10,000, or aggregating to greater than $10,000, that involve unhosted wallets or wallets hosted in jurisdictions identified by FinCEN. FinCEN is providing an additional 45 days ...
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Financial Times | OpEd by Brian Brooks | Jan 12, 2021 Lenders run by algorithms and blockchain technology will require 21st century regulation The writer is the US acting comptroller of the currency In 1961, Popular Science magazine envisioned self-driving cars. The reality arrived sooner than anyone anticipated, and before safety regulators could adapt. Most automotive laws — on speed limits, giving signals, drink-driving — had been designed to protect against dangerous drivers, not dangerous cars. Autonomous vehicles brought new risks that legacy rules never considered. As one headline on the Wired website put it: “Who’s Regulating Self-Driving Cars? Often, No One”. Banking is headed down the same road. And it’s being driven by the technology behind decentralised finance, or DeFi. But just as the original rules of the road protected us from other drivers, so our current bank regulations exist mainly to prevent human failings. See:  Intro to yield farming and the latest developments in DeFi At the US Office of the Comptroller of the Currency, we require every bank to have officers responsible for its safety — such as a chief risk officer and a chief audit executive. We limit how much banks can lend to their directors ...
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Neo Financial and Concentra | Jan 13, 2021 CALGARY, Alberta--(BUSINESS WIRE)--Neo Financial (Neo), a Calgary-based fintech company created by two of the co-founders of SkipTheDishes, has announced a first-of-its-kind collaboration with Concentra Bank (Concentra), a Schedule 1 bank that is quietly fuelling innovation. Through this relationship, Neo is the first Canadian fintech company to offer a CDIC-eligible high-interest savings account that works like an everyday banking account. The accounts are held at Concentra, a Canada Deposit Insurance Corporation (CDIC) member bank. Together, Neo and Concentra have opened the door for innovation that has historically not been accessible within Canada’s consumer banking sector. “Canada’s banking sector continues to trail other countries, using technology that is more than 50 years old, and unable to innovate. This is why we set out to rebuild it from scratch. We wanted to create a seamless consumer-first experience, specifically for Canadians,” says Andrew Chau, Founder and CEO, Neo Financial. “Our collaboration with Concentra Bank is a great example of how new technology companies can work with industry partners to innovate better and faster to ensure Canada doesn’t fall behind.” “We’re different from many banks—we’re open to creative ideas and solutions for our customers and we’re less ...
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NEO and Concentra - VF2018 Silver Partner:  FINTRUX NETWORK
IMF Blog | Catalina Margulis and Arthur Rossi | Jan 14, 2021 Countries are moving fast toward creating digital currencies. Or, so we hear from various surveys showing an increasing number of central banks making substantial progress towards having an official digital currency. But, in fact, close to 80 percent of the world’s central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is not clear. To help countries make this assessment, we reviewed the central bank laws of 174 IMF members in a new IMF staff paper, and found out that only about 40 are legally allowed to issue digital currencies. Not just a legal technicality Any money issuance is a form of debt for the central bank, so it must have a solid basis to avoid legal, financial and reputational risks for the institutions. Ultimately, it is about ensuring that a significant and potentially contentious innovation is in line with a central bank’s mandate. Otherwise, the door is opened to potential political and legal challenges. See:  The Good, the Bad and the Ugly of Central Bank Digital Coins (CBDCs) Now, readers may be asking themselves: if issuing money is ...
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IMF survey on CBDCs - VF2018 Silver Partner:  FINTRUX NETWORK