Tuesday Team Talks №2
Platform Development Update — What’s New
Dear Community,
As we continue to grow and revamp our platform, we are excited to present our first Platform Development Update as part of our Tuesday Team Talk series! Our goal for this initiative is to share with our community the exciting progress we have made so far, and what we are hoping to do next.
We have had some interesting developments over the last two weeks with the successful internal testing of the platform, the launch of our revamped website, powerful additions to our team, and rapid expansion opportunities.
Platform Developments
Our internal alpha test has proven successful, with the first loan of $300,000 SGD being repaid on a monthly basis. Our platform has since made great improvements beyond our demo and we are currently working on releasing a parallel testnet version of our alpha for review from our community.
In line with our roadmap, we are preparing our beta test to include 12 borrowers and 6 lenders to use our platform on a daily basis and expect to disclose more details by the end of Q3. We also hope that our expansion opportunities will enable us to onboard further test cases prior to our full platform launch, to build up our lending portfolio and validate our technology.
Additionally, we are in final discussions for a JV (joint-venture) partnership to launch a new product within the next few months to start building our borrower user base. This product will revolve around helping SMEs manage their finances, and can improve the FintruX lending platform by utilizing their financial information to build better credit profiles.
We expect that this product will involve our FTX token and therefore provide true utility prior to our lending platform launch in the end of the year. The product will have direct integrations into our platform so that SMEs onboarded will have early access into our lending pools for loans.
Website Revamp
We’re excited to present our newly updated website! It has been redesigned from the ground up to be easy, accessible, and intuitive. Our objective with the new website layout was to match the sleek design of our internal alpha, and have integrated the best practices and elements of design that you can expect to see on our platform.
In addition to our website revamp, we’d like to remind everybody that our career page is live! Our platform is growing, and so is our team. We are always looking for motivated and creative individuals who are passionate about our mission of financial inclusivity to join us. Even if you do not see a position that fits you perfectly, we want to hear from you!
Please see our website for details about our general application.
Team Updates
Our board of directors play key roles in the success of FintruX and their expertise and skill they bring to the table are invaluable. We are proud to welcome Brinden Anandakumar to our board of directors to further guide the development and expansion of our products and services.
Brinden Anandakumar — Legal & Compliance Director
Brinden Anandakumar has been a strong supporter of FintruX from the inception of our project, and has been serving as our legal advisor with a focus on Singaporean compliance. He has been a valuable asset to the organization in maintaining and ensuring our regulatory compliance. In his new role as our legal & compliance director, he will be taking an active role to ensure top compliance standards within the organization.
In addition to our newest Directors, we have been busy adding new team members to support our development, operations, and marketing departments — including but not limiting to: a finance manager, front end developer, graphic UI/UX designer, content and social media manager, and an in-house policy and compliance team.
Vietnam l Exploring Our Future In South East Asia
Our CMO and co-founder, Conrad Lin, recently announced on Twitter that he is currently exploring opportunities in Hanoi, Vietnam. Vietnam has one of the fastest growing economies in Asia, with a 7.81% GDP growth in the first quarter of 2018, where SMEs and startups constitute the majority of the enterprise. However, SMEs often run into unforeseen emergency business needs like repairs or replacement of core equipment and requires immediate financing. Obtaining financing is difficult due to the lack of collateral and credit history, which leads into lengthy borrowing processes and/or high interest rates. This is where our platform can step in and be the solution.
There are huge opportunities in this developing region to bring financial inclusivity to the unbanked. By partnering with local data accumulators, we can apply machine learning algorithms on new data sets to build alternative credit profiles to successfully identify SMEs that do not have traditional credit history, but have the aptitude and ability to repay. We will incentivize borrowers to provide us access to their data by offering opportunities for better interest rates and greater funding sources the more information they divulge.
Furthermore, state banks in Vietnam have been looking to break into P2P lending for quite some time, but resources and expertise remain barriers to entry. We are positioning FintruX to be the end-to-end solution for financial institutions to serve an underserved market and multiply their customers overnight – fulfilling their obligation towards financial inclusivity with no upfront costs.
The potential in Vietnam is enormous and we are already in talks with various entities to best structure our market entry strategy. We are enthusiastic about this new stage of growth as we continue our plans to launch our product globally.
Conclusion
This concludes our second installment of our Tuesday Team Talks. We hope to continue bringing you all the latest news from our team, what we’re planning for the near future, and more development updates to come. See you next week FintruX Nation!
Yours Truly,
The FintruX Team
About us: FintruX Network is the global P2P lending ecosystem powered by blockchain and no-code development. FintruX facilitates marketplace lending in a true peer-to-peer network to ease the cash-flow issues of SMEs that typically face challenges getting loan financing, such as startup companies.
Find us on our: Website ; Twitter ; Facebook ; Reddit; LinkedIn
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