Fintrux is a blockchain company that works in the loaning industry. Loans can be very risky and Fintrux knows that very well. The person lending the money has high risks of losing the money if the other person never pays and the one receiving the money has often to pay large interest rates because of the danger involved in the transaction.
With all these issues in mind, Fintrux developed a blockchain system to be used to lend money in a more safe way. Imagine a world in which you could be sure that a person would pay the loan back and, therefore, did not need to charge high interest rates. Fintrux wants to build a world like this.
This company wants to make both borrower and investor happy and they plan to achieve that using its automated platform and its blockchain system. The online automated platform also removes the physical barriers and make the whole system cheaper.
The big difference of this company is that, by using the Fintrux system, the investor will be able to be insured in case he is not paid. This will make its investment be infinitely easier because there will way less risk involved in the transaction.
The company plans to use smart contracts for each contract made in the platform. The contracts will be as not ambiguous as possible to eliminate the risks of disputes. There will be also an instant matching service to help people find their matches and lend or borrow money with even more ease than they normally would.
The company holds back 10% of every money lent as a collateral. If one person does not pay the lender, he will be insured by the company. This might look bad for some borrowers which will only receive 90% of the money, but they will pay lower interest rates because the risks are basically eliminated using the platform this way.
Cynopsis understands the regulatory pain points its clients are going through. Overly conservative interpretation of regulatory requirements or the lack of expert knowledge in respect of anti-money laundering and counter terrorism financing has somewhat contributed to the problem. Furthermore, the use of piece-meal, manual and analogue processes cobbled together over the years as well as the lack of fit-for-purpose and affordable solutions did not help the situation.
This creates a highly inefficient and ineffective regulatory outcome especially when failure to comply with regulatory requirements has significant criminal, monetary and reputation implications.
Cynopsis wants to bring about regulatory inclusion to its clients and lighten their burden where regulatory compliance is non-optional. We achieve this by combining our deep regulatory knowledge with modern functional technologies to design and build cost effective, secured, flexible and scalable Compliance softwares for our clients.
We focus on small, medium size enterprises in financial and non-financial services sectors. These include FinTech and Blockchain startups, P2P Lending/Funding Platforms, Financial Advisers, Fund Managers, REITs Managers, Insurers, Remittance Companies, Money Changers, Pawnbrokers, Corporate Services Providers, Accountants and Lawyers.
|FintruX Network Partnership with Cynopsis Solutions|
It is our pleasure to announce that we have partnered with identity experts Cynopsis solutions to fufill KYC/AML requirements for our token sale. Cynopsis is a RegTech Company founded and based in Singapore and has managed KYC requirements for huge successful ICOs such as Kyber Network.
We intend to use Artemis, a proprietary software which has been a valuable tool for various clients worldwide, as it integrates its intelligence with cutting edge methods to better comply with Know-Your-Customer (KYC) / Anti-Money Laundering (AML) / Counter-Terrorism Financing (CTF) requirements.
Cynopsis Solutions employs encrypted virtual private cloud to house and analyze any data that has been submitted to Artemis via RESTful APIs from Fintrux. Members’ personal data will not be shared with any 3rd party by either company without prior consent from the client.
|Why do I have to go through a KYC check?|
The overall objective of registering the token sale is to ensure clients undergo a mandatory Know-Your-Customer (KYC) check to deter any identity theft, terrorist financing, money laundering and financial fraud. KYC’s are crucial as it allows our team to gain a greater understanding of our token holders and minimize any risks. At FintruX Network, we believe it is critical to reduce money laundering and terrorism financing, which has lead us to adopt the KYC standards normally used by banks and financial institutions worldwide.
The KYC process involves a screening process against international sanction/terrorist lists, politically exposed persons and people with adverse news. Using this exclusive software, risk assessment and onboarding outcome is determined.
As a platform that believes in catering to its end users, our goal is to distribute to as many users as possible, as token holders from FintruX Network (FTX) are predicted to be the initial users of the platform. Using this program, we can ensure that only one identity is associated with one email address and one Ethereum wallet address.
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