Fincross International (incorporated as RUBIX Financial Group Ltd) has received an in-principle approval for an investment banking license from the Financial Services Commission of Mauritius (FSC).
Led by former Société Générale CEO of the Middle East and Africa, Eddy Abramo, Fincross International is building an ecosystem of financial products and services based on proprietary distributed ledger technology, which it says will ‘revolutionise the creation, management, safeguarding and settlement of financial products and tokenised assets for institutional, corporate, intermediary and private clients’. The company is regulated by the FSC and has welcomed EY onto its advisory board.
Mauritius, an Organisation for Economic Co-operation and Development (OECD) white-listed global financial centre, has emerged as a leader in the rapidly growing digital economy. The country has developed a full legal fintech framework for investment banks and commercial banks to apply for (as of November 2018) a Crypto Custody license, Crypto Exchange license and Regulatory Sandbox license. Fincross International will apply for these listed licenses in the near future.
Subject to these licenses being granted by the FSC, Fincross International will introduce a suite of digital investment banking products and services in 2019. These include institutional crypto custody, crypto exchange, a 24/7 trade desk, alpha and beta crypto funds, a smart contract builder, robo advisors, research and reporting. AI-powered trading tools will be launched, providing clients with price and volatility prediction functionality.
Fincross International’s distributed banking ledger (DBL) will enable clients to transact with instant settlement on a peer-to-peer basis. The DBL will create a whitelisted ecosystem of KYC and AML compliant fiat and crypto assets. To provide full transparency, the ledger will publish a daily audit trail of all transactions to ensure accuracy to internal and external auditors. Also currently in development is a customer platform that will enable clients to perform payments or transfers in fiat and crypto, buy a fund, trade crypto and traditional assets, view investment performance as well as more sophisticated solutions such as launching regulation-enforced token offerings or debt finance smart contracts via Fincross International’s DBL.
The firm is co-founded by Henry James and Esfandiar Lagevardi, who hold the positions of Deputy CEO and Head of Research respectively. Eddy Abramo will serve as the company’s CEO, while Ari Smith has been appointed as CTO.
“Our mission is to create a safe, secure and legitimate gateway into the crypto market for institutional, corporate, intermediary and private clients,” says Henry James, Deputy CEO of Fincross International. “Our unique solution serves as a financial crossover that will create a compliant and seamless experience for clients to secure, invest and manage their investment portfolio, while gaining deeper access to all aspects of the crypto market and economy.”
“Fincross aims to bridge the gap between the crypto and traditional world,” says Eddy Abramo, CEO of Fincross International. “The biggest challenges faced by institutions to enter this market include the need for regulation, a benchmark and institutional crypto custody. These are some of the pain-points that Fincross will address.”
Fincross International plans to undergo a private capital raise, which will be followed by a token sale in early 2019. Participants in the token offering will acquire utility tokens, which will provide bandwidth on Fincross International’s DBL, priority access to its products line and discount on associated fees by using FNX.