- FEXD is working to develop a global financial technology ecosystem comprising a network of mobile money platforms, technologies, applications, products, and services
- The company aims to use emerging technologies like blockchain, web 3.0, AI, and the metaverse to reduce costs and accelerate the processing of money transfers, loans, and other lifestyle services
- Blockchain is disrupting financial institutions in new ways, creating an entirely new market and an avenue to bank the unbanked
- It offers benefits such as speed, security, accessibility, transparency, and cost reductions
- FEXD hopes to leverage emerging technologies like blockchain to ease the process of moving money across borders
When Satoshi Nakamoto, a mysterious figure whose identity remains unknown more than a decade later, launched Bitcoin, a digital currency built on top of a peer-to-peer network that recorded transactions by “hashing them into an ongoing chain of hash-based proof-of-work” that could not be changed “without redoing the proof-of-work” (https://ibn.fm/9rYlI), they may only have had an inkling of what they had set in motion.
But as revolutionary as the idea of a digital currency backed by a proof-of-work chain, later renamed the blockchain, appears presently, it did not immediately catch on, much like most technologies. While Satoshi published their proof-of-work white paper in 2008 and launched Bitcoin at the beginning of the following year, blockchain development was still limited toward the end of 2009 (https://ibn.fm/OzfJW). But the somewhat delayed recognition of the power of blockchain did little to disrupt the trajectory of a technology whose time had indeed come.
At its core, and based on its initially intended use case, blockchain allows the decentralized transaction of digital currencies without the intervention of or assistance from centralized bodies such as banks. It is a shared, immutable digital ledger that records transactions and cannot be erased, copied, or changed; each cryptocurrency has its blockchain. Of course, the underlying operating mechanism is much more complicated than this short explanation.
But the bottom line is that blockchain is disrupting financial institutions in new ways, creating an entirely new market and an avenue to bank the unbanked. “Blockchain is creating new financial solutions that scale faster and cheaper, more secure, and more accessible to even ordinary men on the street. It has removed the barriers to enjoying financial services, enforced security, removed middlemen, and enhanced transparency,” explains an article in Forbes (https://ibn.fm/8mF2q).
The disruptive power of blockchain has drawn in Fintech Ecosystem Development (NASDAQ: FEXD), a company working to develop a global financial technology ecosystem comprising a network of mobile money platforms, technologies, applications, products, and services. The technologies, the company’s website states, are meant to “make it easy to move money across borders to almost any place in the world, in virtually any currency, using your mobile phone or laptop.”
FEXD aims to use emerging technologies such as blockchain, web 3.0, artificial intelligence (“AI”), and the metaverse to reduce costs and accelerate the processing of money transfers, loans, and other lifestyle services, which will benefit consumers and businesses in many countries, according to Dr. Sainful Khandaker, CEO, President and Founder of FEXD (https://ibn.fm/WQLO4).
Looking at what blockchain offers or is expected to offer, it is easy to appreciate the motivation behind FEXD’s focus. First, the technology has been promoted as a solution to wide-ranging issues affecting businesses, from identity verification and supply chain monitoring to fraud management (https://ibn.fm/FC2dt). Beyond this benefit, blockchain is also expected to:
- Provide personalized services that fit consumers’ specific needs
- Save businesses substantial amounts of time and money by eliminating complex and expensive processes
- Shift control and management of data to users by doing away with intermediaries
- Support and manage high volumes of transactions without slowing down
- Enable faster transactions
- Leverage smart contracts – a set of rules that define conditions for transactions and is executed automatically (https://ibn.fm/N0oGL) – to help fintech companies and financial institutions reduce their operational expenses by reducing the need for a large number of employees
- Improve transparency of transactions
Blockchain is also set to impact other aspects of everyday life beyond the realm of business. For instance, it can be used to protect important documents, such as property deeds and legal documents, from alteration, abuse, or theft. It can also be deployed in the travel and hospitality sector to reduce booking errors and store travelers’ information. And on the intellectual property (“IP”) front, it can help prevent the theft and fraud of IP by confirming ownership (https://ibn.fm/n9jSA). Indeed, blockchain may not be new, but the opportunities it is opening up hold the potential to be disruptive.
With a goal of leveraging the power of such emerging technologies to benefit businesses and consumers downstream, FEXD is not only developing platforms and applications that support cashless transactions but also seeking to acquire and merge with high-growth global fintech companies primarily operating in South Asia with a high volume of customers and extensive network of agents.
For more information, visit the company’s website at www.FintechEcoSys.com.
NOTE TO INVESTORS: The latest news and updates relating to FEXD are available in the company’s newsroom at https://ibn.fm/FEXD
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