The Financial Services Commission of Mauritius (FSC) has issued a regulatory go-ahead to a fintech firm, Fincross International. Incorporated as RUBIX Financial Group Limited, Fincross International now has an investment banking license to integrate cryptocurrency financial services into the traditional financial services.
Still in the preparatory stage, the firm says that it will kick off the full implementation of the project in 2019. On its strategy, Fincross International disclosed that it is building a proprietary DLT (distributed ledger technology)-based ecosystem. Within the ecosystem, Fincross International noted that it would offer financial products and services.
What Is Fincross Bringing to the Crypto Table?
With Eddy Abramo at the driver’s seat, Fincross International promises to revolutionize the management, creation, and protection of financial products. In addition, the firm assures that it will tokenize assets for corporate, institutional, private and intermediary clients. Also, the company will focus on expanding its advisory board. As a result, it has brought in the multinational pro service provider, Ernst & Young, into its fold. With FSC regulating Fincross International, the company reassures investors that their investments are under the watchdog’s eyes. Indeed, this is a plus given that regulatory gray area repels potential investors.
The Crypto Economy in Mauritius
Mauritius has made concerted efforts in recent years to make cryptocurrency investment climate favorable to industry players. In fact, it is repositioning itself to become a force to be reckoned with in the digital economy. Consequently, Economic Co-operation and Development (OECD) gave the country a passing mark, naming it a whitelisted global financial center.
To build its cryptocurrency capacity, Mauritius has a fully developed legal FinTech framework that enables investment and commercial banks to apply for Cryptocurrency Custody license. Aside from Crypto Custody license, the framework spurs banks to get Regulatory Sandbox license and Crypto Exchange license. Noteworthy is that Mauritius’ FSC issues all these licenses. That said, Fincross International will leverage the fertile ground the country has prepared to provide digital investment banking products and services next year.
What Should Customers Expect?
With the issue of license settled, Fincross International will provide institutional cryptocurrency custody, round-the-clock trade desk, alpha and beta crypto funds, and exchange. Other innovative services include smart contract builder, research and reporting, and robo advisors. Moreover, the company will launch AI-powered trading tools to aid clients with predicting prices and volatility.
Additionally, the firm will have a distributed banking ledger (DBL), which will facilitate an instant settlement on a peer-to-peer basis. For compliance purposes, the company’s DBL will implement KYC/AML policy, which will cover all fiat and cryptocurrency assets. Fincross International also promises to publish a daily audit trail of its transactions to ensure transparency and accountability.
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