It appears you are visiting us on Internet Explorer 9 or earlier. Please upgrade to a later version of Internet Explorer. Alternatively, you can view our website on Google Chrome, Mozilla Firefox or Apple Safari.

Fincross to bridge traditional financial world with crypto circles

With the increasing exchange of traditional financial world with cryptocurrency circles, there is still a huge gap between them. Fincross International, a financial services company, aims to bridge the two areas.

It has previously applied for an investment banking license through the Mauritian Financial Services Commission and has obtained approval from the authorities in principle. Fincross's deputy chief executive officer, Henry James, said he hopes to promote the cryptocurrency market to the mainstream, during the interview with CoinsNetwork.

There are two factors that prevent cryptocurrencies from connecting to the traditional financial sector, James said. The first one is the lack of mass education. "Still too many people in the world don't really know what crypto is," he explained, as well as security tokens and their influences.

Even though there is some awareness around Bitcoin (BTC), but most don't realize there is much more in the crypto market than just Bitcoin. This holds investors from investing more in the crypto market, the gap between the traditional world and crypto circle is hard to close.

The second problem is the lack of regulation, which has deterred large institutional investors. James revealed that some financial institutions are interested in the market, but are missing related knowledge about the value of cryptocurrency.

In order for institutional investors to enter the market, in addition to regulation, a solid institutional crypto custody solution and benchmark are essential. "We want to create crypto index fund, market needs a benchmark for an institutional investor to value it", said by James.

When the whole world was affected by the previous financial crisis, people had a hard time rebuilding their trust in banks. But James believes this perception has to be changed, license and regulation limitation are not excuses for banks to avoid addressing the issue of transparency. He suggested that a number of banks in America already have decentralized ledger technology (DLT) related tests put in place. DLT is a good way to provide transparency. It also reduces cost and provides faster transactions, reforming the banking sector's fundamentals.

Fincross's Distributed Bank Ledger (DBL) allows customers to conduct peer-to-peer transactions, real-time settlement, and build an ecosystem protected by KYC and AML measures. An audit trail of all transactions will be disclosed on the platform, ensuring accuracy to internal and external auditors, and provides full transparency.

James pointed out that the middle-class in this generation has a bigger appetite for alternative investment than the previous generation. He believes that investment banks will serve a bigger pool of investors in the future, in addition to institutional investors and high-net-worth clients. New investment opportunities including Security Token Offering (STO) and cryptocurrency-related financial services will also bring new opportunities to the industry.

Fincross's Distributed Bank Ledger (DBL) allows customers to conduct peer-to-peer transactions, real-time settlement, and build an ecosystem protected by KYC and AML measures. An audit trail of all transactions will be disclosed on the platform, ensuring accuracy to internal and external auditors, and provides full transparency.

When talking about Robo Advisors, James believes that a true Robo Advisors should be a collection of artificial intelligence (AI) predictive tools, which creates a bigger picture and provide insight to a specific market. Fincross leverages their expertise in machine learning, natural language processing, deep learning, financial modeling to establish the advisors. It enables the team to gain insight which previously was impossible to generate and support them to manage a sophisticated investment portfolio. It may eventually eliminate the need for human analysis in the market.

Fincross is planning to open new branches in Asia with Hong Kong and Singapore on the consideration list as both markets are launching crypto and blockchain related framework, with their existing harmonious and established a legal framework. Fincross is planning an ICO project in the coming year, providing services such as custody solution, crypto exchange network, and trade desk, targeting all the largest cryptocurrency markets and traditional financial centers around the world.

The ICO market is relatively quiet at the moment, but James believes the interest of ICO will increase when the overall crypto market price is corrected. Fincross aims to demonstrate to the market that, they are creating the next generation of investment banking, and ultimately integrate crypto financial system to the traditional investment banking system.

Fincross aims to demonstrate to the market that, they are creating the next generation of investment banking, and ultimately integrate crypto financial system to the traditional investment banking system.

Henry James is one of the speakers at 'Hong Kong Blockchain Summit 2018' on December 12, hosted by CoinsNetwork, Bloomberg Businessweek/Chinese Edition and Hong Kong blockchain consultant and investment firm BlackHorse Group. A list of renowned speakers with diverse backgrounds will also share the latest trends in blockchain industry in the summit. Stay tuned if you want to learn more about the development of digital investment banking.