Tuesday Team Talks №21
Telegram AMA with our Co-Founder, Conrad Lin
Dear Community,
With the oncoming holiday season, we have decided an early release of our bi-weekly blog to benefit our keen community of supporters. Our Co-Founder, Conrad Lin, held a live Telegram AMA today, 18th December at 2:00 pm UTC, where he answered questions on the platform development and the roadmap.
This blog is a quick summary of the conversation that transpired during the AMA.
We’re all waiting for good news on the project. Can you tell us a bit about the roadmap and how the team is respecting it ?
I’m happy to say that we’re well on track on the roadmap. As mentioned in our previous blog about the regulatory landscape, we’re very pleased that our new process passes with flying colors to operate in almost every jurisdiction in the world without the need for additional licensing.
Currently we are on-boarding select SMEs to pilot the software in preparation of our consecutive regional launches. We have already onboarded a few of the USA beta testers who were keen to get started before the holiday season hit, and the majority will be onboarded come January/Feb at the latest.
Is the mainnet still scheduled for Q2?
Mainnet is definitely still scheduled for Q2 and we’re optimistic to release it earlier, pending the correct adoption and feedback from the beta testing in Singapore and USA.
How is the company reserve doing now? Did you hold on to the ETH or sell when you received it ?
We have been diligent with the management of funds against the fluctuating ETH price, and still maintain a healthy reserve to operate against the bear market. We have maintained roughly 35–40% of the original raise in cryptos, and the remainder is in fiat.
What’s the status of the Singapore licensing application?
The Singapore licensing application is going well. We’re actually keen to enter the regulatory sandbox by Q1, so that the Singaporean government can play a more intimate role in ensuring our operations is safe for their constituents. It’s been a very intense few months to convince the regulatory bodies of our technology’s merits, and I’m happy to say that we’ve opened up their appetite for the solution FintruX Network is providing for SMEs.
What’s the tentative time frame for obtaining the Singapore licence?
The entrance into the sandbox would allow us to operate at full scale without the need for the license for the first 9–12 months; and enable us to tweak our process if need be to ensure we are fully compliant with Singaporean law. Thus, we can go ahead with the next set of loans with the sandbox application itself!
Did you obtain legal opinions for each relevant jurisdiction during your due diligence exercise?
It passed the preliminary legal opinions for the big 5 jurisdictions — namely USA, SG, Canada, UK, and various EU countries. Typically if we go by this criteria, we can be certain that most, if not all remaining countries would be accepting of our process. We will be issuing full opinions when we have formalized the process through the Singaporean sandbox, however we don’t find that it will be a necessary step prior to launch as we have designed our system to be so modular that we can turn off and on any potentially regulatory grey functionalities at a moments notice.
How is the $300k SGD loan started earlier this year progressing ?
The $300k SGD loan issued in April is performing well, and we are even experimenting additional asset class options with them, and others, such as convertible debt loans for additional credit. This alpha test has been very productive for us as it’s enabled us to partner with the relevant credit bureaus.
Are you concerned that offering FintruX loans to US companies may somehow impact FintruX tokens classification by say US SEC?
Not at all. The token payment will be structured as a service fee, and since the service is not dealing with securities, the token (which is just a payment method in this scenario), will not be affected.
We thank the FintruX Nation for their great support and participation in the AMA. We also look forward to organizing more AMAs over the next few months to constantly interact, engage and update our great community.
Have a great holiday season!
Yours Truly,
The FintruX Team
About us: FintruX Network is the true P2P lending ecosystem built on the blockchain, powered by credit enhancements and no-code generation. The platform makes it easy for borrowers to connect with reputable lenders and servicing agencies, save money with competitive interest rates, and get an affordable loan within minutes in a fair and transparent process without collateral.
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