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Dear ,


Time flies as we have immersed ourselves in building out the trading features on CrossPool, designed to enable the transfer of assets in private markets via over-the-counter transactions on blockchain. Leveraging an electronic process end-to-end, we are changing todays approach: the requirement of a string of high touch activities with phone calls, personal meetings, comparing quotes, indicating interest and negotiating all the way to bringing in the respective legal teams. An integrated, standardised digital process built on the capital market mechanism of request-for-quote streamlines these activities and opens up new business opportunities. 

We consider these functions critical to innovation around private market transactions, and we are not alone: “We’re now entering a phase where the market is interested in how the digitization of workflows may change their business. More institutions dealing in private markets are actively reaching out to explore digitizing some of their processes or specific assets, and trading operations. These are important milestones that we’re hitting now, as we’re turning three as a company,” explained Florian to Blockchain.News. Read more

In the same interview, Florian shared more of his perspectives on digital assets, being from the industry and one of the eight external members of the FinTech Advisory Group of the Hong Kong Securities and Futures Commission, "there is certainly progressive thinking and the willingness to explore.” he added, and in an established jurisdiction such as Hong Kong, regulations will take time to become solid as the regulatory body must understand and observe thoroughly and can only gradually adjust the rules. "In his view, the SFC is “pro-business”.

To many, this is the boring stuff but to us, it is the necessary condition to arrive at the real value of digitisation; it is workflow efficiency and robustness that we prioritise over the digital asset per se. 

Request For Quote (aka RFQ)

RFQ is commonly used in the financial sector to establish a deal price between buyer and seller directly, when there is no market price available. As the name suggests, any interested person or institution can request a quote for something they want to acquire and indicate their intention to the seller. This semi-structured direct bidding process enabled in a secure private trading session between counterparties is well established in foreign exchange markets. Bringing this approach to the highly manual deal finding processes in private markets, helps re-shape how assets are transacted.

Why is this worth changing? Today, with the absence of efficient over-the-counter secondary market trading systems in private markets, it makes it hard to (a) price the assets for not having many people trading, and (b) discover price among the participants. The introduction of a communication infrastructure for secondary trading venues allows a more active investor engagement, eg, to manage their risk exposure. 

Blockchain on the agenda of 1.4B people

President Xi Jinping embraces blockchain technology publicly this week, this has not come as much of a surprise as the government officials were directed to learn about this new tech for some time now. The open endorsement is embarking an exciting time for China, the blockchain projects got to be surfacing and blooming all over. As Xi remarked, blockchain is “a key breakthrough that can facilitate China’s progress in core technologies”. If you have not picked up the news, here's one of them

Curious what do we have on the blockchain?
Read our Lightpaper 



Grit always wins

The power of passion and perseverance, as rightfully put by Angela Duckworth, is the equation of Grit. Basketball might not have been a thing for us, but after battling through the premiere season of Fintech Basketball League, we certainly have no doubt to say its one of the best moments we shared: achieved a common goal, poured ourselves into something and enjoyed the journey. The episodes of injury and victory remain vivid: Marcel broke his pinky, Alex’s MCL torn, Patricia ran the entire game all by herself being the only superwoman player in the court, Calvin tirelessly trained and supported the team in all sorts of ways unconditionally, and all of us who played on and off the court deserve a pat on the shoulder - we did it! The intensive training amidst the demanding timeline of pushing out our product wasn’t an easy choice, but that was what we decided to go after: the power of team wins against all odds. 


Until next time,

Your FinFabulous team.

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