Formosa Financial Biweekly Vol.11
№00011, 12th, Feb. 2019
Greetings, FMF community!
Following up on our pre-Chinese New Year Biweekly10 post, we have a recap of some exciting news that has taken shape over the last few weeks. From joining a Memorandum of Understanding signing with officials from CEZA to joining AppWorks #18, and sharing a demo preview of our treasury management app we are charging full speed ahead into the Year of the Pig! Stay tuned to our official channels to get the updates in real-time…
Formosa Financial at Taiwan Parliamentary Coalition for Blockchain & CEZA MoU Signing Ceremony
Formosa Financial CEO Ryan Terribilini at attended a memorandum of understanding signing ceremony between the Taiwan Parliamentary Coalition for Blockchain & the Asia Blockchain and Cryptocurrency Association (ABACA). ABACA acts as the designated self-regulatory organization (SRO) that oversees license holder exchange and token issuance activities on behalf of the Cagayan Economic Zone Authority (CEZA). As a FinTech company based in Taiwan currently holding a principal license from CEZA, we are uniquely positioned to connect blockchain innovators in Taiwan to the ecosystem forming around this regulatory sandbox. In addition to providing a license for virtual currency exchange, Formosa Financial is also eager to provide expertise and policy guidance to ABACA as new rules and frameworks are considered for regulations around a variety of different blockchain-based business activities.
“As a founding member of the self-regulatory organization promoted by the Taiwan Parliamentary Coalition for Blockchain and the only company in Taiwan currently holding the CEZA license for virtual currency exchange we welcome today’s memorandum of understanding with ABACA. This agreement will accelerate policy harmonization for the blockchain industry in Taiwan, the Philippines, across Asia, and beyond. Formosa Financial is eager to work with the leading companies in the space to capitalize on the synergies provided by this cooperation.” — Ryan Terribilini, CEO of Formosa Financial
Media Coverage:
Formosa Financial Entering AppWorks #18
Formosa Financial has proudly announced that we are entering AppWorks, the startup community who is committed to fostering the next generation of entrepreneurs in Greater Southeast Asia and helping to facilitate the region’s transition towards Blockchain and Artificial Intelligence powered technology. With only 2 batches every year composed of top startups from across the region, the Formosa Financial team is thrilled to join the AppWorks accelerator to be able to conveniently connect with potential partners and future clients.
“With AppWorks #18 focusing on AI and blockchain startups we are excited to welcome Ryan and the Formosa Financial team into the upcoming batch. AppWorks has accelerated and invested in a number of startups that can benefit from treasury management solutions for cryptoassets so we are eager to have them join our network.” — Jamie Lin, Founding partner of AppWorks
For more details, please see the full article here.
Formosa Financial Launching Brokerage Service
Formosa Financial’s overriding goal is to resolve industry pain points by making custody, brokerage, and hedging of cryptoassets simple and frictionless. Startups of all shapes and sizes face liquidity risks as they need to manage their cash runway and ongoing expenses. It is therefore critical to provide an easy-to-use brokerage that can seamlessly execute market orders in real time at the best prices, or at a weighted average price over a predetermined period of time. This can be done by making use of an integrated order-book that connects disparate liquidity pools while running various types of trading algorithms. After trade execution clients will receive a trade summary report to show where the brokerage service executed their trades and at what price.
We will shortly launch the Formosa Financial brokerage service in order to help companies with cryptoassets manage their liquidity risk. At launch, trade fees will be paid in FMF, with the total amount due determined by transaction size.
More information and specific details of this service are shortly forthcoming, we look forward to being up and running shortly.
Sneak peek into the Formosa Financial treasury management app
In case you missed it — we recently released a short demo video of how cryptoasset management works within the Formosa Financial treasury management app. In the video, you can see the flow of how to transfer funds to a team member or vendor, in addition to some other cool features. This is just the beginning of the functionality we have planned but hope this short sneak peek gives you an idea of where things stand and what’s to come.
See the full article here and video link. Stay tuned for more upcoming demo clips and updates in our official channels!
2019 Strategy Continued: Finding Our Focus
A few weeks back I published another Medium post as a follow-up to our strategy overview for Formosa Financial in 2019, listing out my thoughts on where I believe we’ve done well and where we’ve stumbled. The aim is to find our focus by learning from the past, making sure that we are on the right track, and move full steam ahead in this direction.
In summary, Formosa Financial is now laser-focused on meeting our objectives, which means streamlining in order to put our emphasis on tech and ramping up operations. And to accelerate it, our tech team is not only in good hands with an experienced tech lead but also actively looking to expand. Next up, we will gain more resources by joining AppWorks — a new batch of startups at Taiwan’s leading startup accelerator. This experience will help us further sharpen the tools we need to efficiently execute the goals we have set for ourselves.
And for company transition in parallel, establishing a team with full visibility and accountability both within our company and externally gives us the best chance to fulfill our mission of building a treasury management platform to fulfill the ever-changing needs of this fast-paced industry is the goal. As we move into the operational phase of the company’s development it is particularly important that we launch and iterate on our processes in a sustainable manner — this is critical given the time-sensitive tasks required by trade execution and settlement in 24/7 markets. The end result is that the company will for the near-term be composed of a tech and design team fully focus on developing, quantitative analysts in charge of brokerage and hedging operations, dedicated marketing resources, an HR lead, and me.
Within the next few weeks, we will start onboarding additional clients to our brokerage service where clients will be able to stake and burn FMF to cover transaction fees. Stay tuned for details on how that will operate and how you can help us grow and evolve the Formosa Financial ecosystem.
Onwards -
Ryan Terribilini, CEO of Formosa Financial
You may also be interested in — Introducing FMF Intake: Stake, Burn and Earn
