Formosa Financial Biweekly Vol. 12
№00012, 28th, Feb. 2019
Greetings, FMF community!
Following up on the previous Biweekly V.11, we will keep this issue short and sweet by focusing on the recent release of our platform feature tracker leading up to alpha release, announcement of a new teammate leading the charge on business development. As we enter AppWorks in early March, CEO Ryan Terribilini will share a “State of Formosa” letter touching on the ongoing redevelopment of tech and team structure, operations & client on-boarding, and treasury health. Stay tuned to our official social media channel to get the up-to-date information.
From the CEO’s Desk
February is already the shortest month in the year, but for workers in Taiwan it can really fly by in a flash with a long Lunar New Year break and another holiday at the end of the month. Although it went by quickly, we’ve been making excellent progress on client development and refining our messaging to better communicate the value proposition of what we’re building, and putting the pieces in place for a scalable operation.
All startups come with some degree of market uncertainty, but the pace of change within the Blockchain industry is unlike anything we’ve seen before: on technical, economic, and regulatory fronts. As we continue down the path it is our hope that the foundation we have been building since the project’s beginnings provide sustainable value for the future. Ultimately only time will tell, but we are excited to have our thesis stress tested by the market in the months and years ahead.
As I’ve gone about overseeing various aspects of developing the projects I’ve been taking notes that I’m eager to share with the community as part of a longer “State of Formosa” letter that I’m putting the finishing touches on. Stay tuned for the release of that (certainly before the next biweekly).
Regards,
Ryan Terribilini, CEO of Formosa Financial
Formosa Financial Tech Updates
Although we feel it is long overdue, we are pleased to share a detailed chart with everyone on the status of platform development. This way, the community can have a better understanding of what to anticipate in both the short, medium, and eventually long term. Note that this is just the beginning set of features — as the core of the platform is set we hope to transition to a biweekly sprint cycle where we provide release notes and gather feature requests from the community at large.
As the programming language transitioned from .NET to Python and the framework to Django, the tech team believes that such a decision will make the treasury management app more scalable, secure, and efficient.
“Elaborating the Formosa Financial platform poses some different challenges as the company is very unique in its own way. Joining the project with firm deadlines in the mid-way with limited time for preparation, restricted IT resources, and have to deal with previously-developed tech. It certainly does not make the job any easier. However, with capable teammates, we are surely making some constant progress. The database schema has been redesigned, re-architected the back-end components and the integration with BitGo has been redone. The tech team is fully committed to delivering a production-ready platform to the hands of our clients in a timely manner.” — John, Formosa Financial tech lead.
In the link below you can see green and blue bars under the timetable. The green ones mean that the task has been completed and the blue one shows the assigned tasks are under development or haven’t started yet.
You can see the tech development timeline and updates here.
Introducing Jeremy Firster, the Director of Business Development
Formosa Financial is excited to have Jeremy Firster join the team as the Director of Business Development. He is going to leverage his vast contacts in the blockchain industry combined with his knowledge of corporate banking services to build out the stable of clients for the Formosa Financial platform and its core services.
“It’s an honor to join the Formosa Financial team and expand our services to the blockchain industry. I have personally been involved with the blockchain space since mid-2016, experiencing the development of the industry first-hand. Through the volatile market cycles and complexity in managing crypto assets, the importance of a robust treasury management solution only continues to grow as digital assets move into the mainstream. Formosa Financial is well-positioned both within the traditional finance sector and the emerging blockchain sector, having made the right partnerships with leading institutions to deliver the excellent services for clients. My unique background of corporate banking, including structured financial products, combined with my experiences in the blockchain industry, makes Formosa Financial the perfect fit.
With respect to Biweekly №12, I would like to share my thoughts on the direction of the company for the remainder of 2019. Having recently completed opening key accounts across major banks, exchanges, and custody accounts, we are now operationally fit to begin offering core brokerage services to our early partners. As the tech platform meets its milestones in development, we will be able to seamlessly offer access to more treasury management products and financial services. It’s an exciting time to be here as we position Formosa Financial in the forefront of treasury management solutions for digital assets! ” — Jeremy Firster, Director of Business Development.
You may read the full on-boarding announcement here.
