Tuesday Team Talks №27
TruX Beta Phase: Status Updates and Product Innovations
Dear Community,
With our TruX Singapore Beta Phase in full swing, we would like to use this TTT to share progress updates, various market insights, as well as exciting product innovations planned out by the team.
TruX Singapore Beta Pilot — Progress Updates
- We have on-boarded and consulted with more than 50 businesses, with credit adjudication done by our expert team of credit analysts, granting up to $50,000 each in smart credits.
- Our goal was to test several key variables, including but not limiting to novel product concepts, technology, credit assessments, and have achieved quantifiable outcomes.
- To achieve verifiable success in our beta phase, we partnered with two reputable risk solution providers, LexisNexis and DPInfo to assist in KYC/AML and Credit Adjudication respectively, in Singapore. We would like to take this opportunity to officially announce our partnership with LexisNexis and DPInfo as our global ecosystem partners.
- We have gathered informative feedback from our new clients on our beta UI/UX and the onboarding flow for further improvements, well-timed for our scheduled launch in July 2019.
Market Insights
- Over the last few months, we have established key challenges that business owners face not only in terms of financing, but also in terms of access to a trusted network for the purpose of business trade.
- Even today, businesses rely heavily on cash to conduct trade, due to a lack of trust and transparency in business operations.
- Consequently, businesses are seeking a trusted network to transact with each other, obtain financing and seek investments as required.
- TruX is positioned to empower businesses to grow globally with trust.
TruX Platform Offerings
- We have designed smart credits to provide a secure way of transacting with trust on TruX. We would like to formally introduce this solution as Smart eFinance: A secure way for businesses to transact globally.
- Based on the market insights, our team has identified further product innovations to TruX:
- Smart Network: An intelligent way for businesses to connect globally.
- Smart Marketplace: A cost-efficient way for businesses to trade globally.
- Once smart credits have been widely adopted, we will be introducing Smart Invest, enabling FIs and retail investors the chance to invest in SME credit via factoring and securitization.
- To kick-start the next phase of our testing in May, we will be opening our beta so that businesses can easily sign on to the TruX Smart Network and apply for Smart eFinance as it rolls out to certain regions.
- Our product innovations have been reflected on our website and we will be disclosing further information to the public in key stages. Stay tuned!
Regulatory Insights
- Our team has been interacting with the MAS and various legal firms to facilitate our Singapore MAS Sandbox Application.
- As a friendly reminder for our community, the Singapore MAS Sandbox (FinTech Regulatory Sandbox) “allows FinTech players to experiment with innovative financial products or services in the production environment but within a well-defined space and duration”.
- Between Q3-Q4 2018, we have established that the core TruX platform is not required to be licensed or regulated by the MAS. The main reason is because TruX does not deal with cash currencies or any of the regulated activities as set out in the Securities and Futures Act.
- While we are on track for global expansion as part of our scheduled launch, we have been advised that the “well-defined space and duration” in the MAS Sandbox can, as a result, delay our scheduled launch. The main reason is because a significant amount of resources will have to be reallocated to the MAS Sandbox for the sole purpose of experimentation.
- We are determined to stay on track for global expansion and are excited to share the fruits of our labour with our community as early as possible.
- We will maintain an interest to enter the MAS Sandbox till after our global expansion commences.
New Exchange Listing
- FintruX (FTX) is now listed on Uniswap, a best-in-class protocol for automated user-friendly token exchanges on the Ethereum blockchain.
- Uniswap is open source, and functions as a public good. There is no central token or platform fee and it can be used to exchange ERC-20 tokens with FTX.
- FTX holders can even add liquidity to the pool, earn a fee and reduce the slippage for large trades.
- We plan to utilize Uniswap contracts within our platform to perform instant ERC-20 settlements with FTX, providing high liquidity and exchange options. Stay tuned!
- Here’s a quick explainer guide on how you can buy FTX from your mobile in under a minute!
Our team has been busy networking and marketing TruX to businesses across Singapore. As a result, we have garnered significant media attention and we are excited to share the news as they are being released. Follow our social media for more updates on this.
As part of our market insights, the Beta phase is being extended into April 2019 and we invite interested business owners to fill our onboarding questionnaire or reach out to us at partnerships@fintrux.com.
If you would like to get in touch with us to share feedback or have any enquiries, we would love to hear from you. Reach out to us here or join our mailing list to receive instant updates.
Yours Truly,
The FintruX Team
About us:
FintruX Network innovates smart solutions for underserved startups and SMEs. We aim to be the one-stop resource and solution provider for business growth and sustainability.
FintruX Network is comprised of a dynamic team of skilled professionals. Our technology is supported by Robocoder Corporation, which has over 20 years of enterprise software development experience.
TruX — the world’s first Smart Business Financing Platform, empowers businesses to establish global credit reputation, increase purchasing power, negotiate credit terms and transact via smart credits.
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