Formosa Financial Biweekly Vol.16
№00016, 13th, May 2019
Following up on the action described in our previous edition of Biweekly Vol. 15, over the last two weeks the team has been holding meetings with blockchain startups, participating fabulous events about emerging trends in the STO market, and of course putting the finishing touches on the alpha release of the Formosa Financial multifunctional treasury management app! Let’s get into the details of what’s been going on at Formosa Financial.
Formosa Financial Treasury Management App: Alpha Release
After many months of solid work, the Formosa Financial team is eager to share details of the Alpha release for the treasury management app with the community. we are excited by the potential of what we have built as the app can mitigate some lingering pain points by streamlining some of the more challenging issues faced by businesses trying to operate in this industry:
- Multiple accounts across fragmented services providers: the pain and friction of doing wrangling multiple documents over and over again to go through corporate KYC is a major hassle, not to mention tracking of balance and keeping passwords secure once the account is open. Having one account that can provide the mission critical service is key.
- Access to fiat — Banks have long been wary of working with clients holding cryptoassets due to uncertain regulatory environment and challenges in identifying the source of funds. By working with industry leaders and implementing our own AML controls, we are able to seamlessly provide access to fiat through industry-leading US banks with our integrated custody and cash settlement solutions.
- Insured custody: By integrating the platform with qualified trust companies holding insurance on digital assets under custody you can have peace of mind that your funds are safe.
For those who are interested in trying this early version out, please submit this form — http://bit.ly/2J0BZXS. You will receive an email invitation (picture below) if you are selected to be an alpha tester. Please follow the instructions in the email to get your account set up and you’ll be ready to roll!
You may read the full article here.
DLT 101 Event Recap
CEO Ryan Terribilini was invited to speak on the opening panel of DLT 101 entitled Understanding the Regulatory Framework for DLT & Security Tokens alongside moderator Joshua Chu (an Attorney at Law for GPS McQuhae LLP), “Crypto Congressman” Jason Hsu, CEO of everiToken CEO Brady Luo, and Dominika Nestarcova of Spartan Group. The panel focused on defining security tokens, the emerging regulatory landscape, and best practices for implementation. Ryan pointed out that the growing awareness of STOs will lead to higher demand for additional services from market participants such as flexible custody solutions and market data services. It was agreed by all panelists that a key driver for widespread adoption will be the ability to easily confirm that an STO project is actually connected to the assets or underlying company equity it claims to represent. Of course a successful market also requires regulatory oversight to create confidence and safety in an evolving and global marketplace.
Formosa Financial team would like to thank the conference organizers BOOSTX and Pentabase for hosting DLT 101 and inviting us to participate in the event. It was a great opportunity for other folks in the space to be introduced to the blockchain industry in Taiwan. Formosa Financial is eager to take the next steps with companies from across Asia and the world to assist in the development of this critical market infrastructure.
Formosa Financial Tech Progress
As mentioned above, the alpha version of the Formosa Financial treasury management app is complete. You may read the full detail here. The tech team is testing this release for bugs, while simultaneously defining feature scope for the upcoming beta version (which will be a wider release). Currently the backend team is looking at implementing a dynamic dashboard diagram with portfolio valuation metrics, as well as the conversion automation. We will be releasing a new walkthrough video soon to give you a better vision of the direction of the Formosa Financial treasury management app in advance of the beta release.
