Biweekly Vol. 15
№00015, 19th, April 2019
Following up on our previous edition in Biweekly Vol.14, the Formosa Financial team is still pushing towards the finish line for the Alpha release. So let’s keep this issue of Biweekly short and sweet! The last few weeks have led to some exciting developments for Formosa Financial including further development progress of the platform and app, Ryan’s inclusion as a speaker at next week’s DLT 101 in the new gem of Taipei — the Nanshan Tower, and our recent acceptance into Taiwan’s FinTechSpace.
Formosa Financial was accepted into FinTechSpace
Last week, we were admitted into FinTechSpace (FTS) after an extensive application and interview process. FTS is directed by the Financial Supervisory Commission of Taiwan (FSC) and co-funded by its private wing Taiwan Financial Service Roundtable (TFSR). It is the first co-working space in Taiwan focused exclusively on fintech and accelerating the latest innovative technologies by convening startups, regulators, financial institutions, and technology service providers.
Entering FinTechSpace will give Formosa Financial ample opportunities to educate regulators on the emerging trends and best practices seen within the cryptoasset space, along with global connections to FinTech promotion bodies and accelerators in other countries, such as the UK, Australia, and Singapore.
“We are thrilled to have the opportunity to participate in FinTechSpace by joining their second batch of companies. With ever evolving regulations (such as the upcoming STO regulation to be promulgated by the FSC this June) it is critical to maintain constant dialogue with policy makers and banks that are beginning to take an active interest in blockchain technology. Our admission to FTS will enable us to highlight the proactive measures we’ve taken in working with regulated partners in the US while demonstrating our commitment to being an internationally recognized FinTech startup based in Taiwan.” — Ryan Terribilini, co-founder and CEO of Formosa Financial
Tech Progress
Formosa Financial tech team recently completed integrations for WebSockets and Firebase, a web and mobile development application It helps to support cloud messaging and desktop push notification on the treasury management app. The following steps will be to hook-up with the frontend with React to push events from the backend into the UI. The backend code for all custody functionality is in place so now the team is working on finalizing any remaining hooks to the frontend. Beyond that, the team is going to do a final scrub for bugs and add a quick round of “polish” before calling Alpha complete.
Alpha by definition is “feature-complete” where the set of features implemented are not necessarily feature-rich, but feature-lean. There may be (some potentially serious) bugs, and such as crashes and data corruption. The Alpha version of the treasury management app is currently being tested internally, with the help from the tech team to debug some of the serious problems we found while going through it. Moreover, the Alpha release will be using the test-net token. Therefore, there is no potential loss of real funds. We will have more details coming out in the next couple of weeks regarding the Alpha release.
You may track the progress of the tech platform development here.
DLT 101: Global Consortium
From April 24th to 27th, the Formosa Financial team will be at the DLT101 (Distributed Ledger 101) event in Taipei sharing details on the company’s recent progress and our opinions about industry developments. A big thank you to BOOSTX and Pentabase for organizing this event.
DLT101 event is aiming to bring together the leading legislators, regulators, corporations, and companies utilizing distributed ledger technology for a few days of discussion in Taipei. The goal of the event is to connect, educate, and empower government regulators, companies, and individuals to comprehend how distributed ledger technology and traditional business will come together to shape the future and globalized world.
