FINX, the pioneering decentralized digital banking platform in Malaysia, announced its addition to Bancor Exchange Network. This allows users to securely purchase, convert, and exchange the FINX token with hundreds of tokens within the network.
FINX has performed a leading blockchain technology in Southeast Asia (SEA) by simplifying the exchange process, which eliminates the third parties to secure users’ private information. With FINX inclusion at Bancor Exchange, this opens a new marketplace for buyer and seller, enabling transactions at anytime seamlessly. The Bancor Formula automatically calculates the rate, with conversions made directly through the token’s smart contract.
“We delve into the best fiat to cryptocurrency exchanges to overcome main financial challenges of SEA unbanked market. Our integration with Bancor streamlines the transaction between buyer and seller in one platform, offering an easy access for unbanked population to transact in crypto as easily as money sitting in a bank account,” said Alan Wee, CEO of FINX.
A research by KPMG stated, a vast majority of Southeast Asians don’t have access to banking facilities, reaching 438 million of unbanked individuals in the region. “We aim to provide full fledge decentralized banking platform to serve Southeast Asia from remittance to micro financing capability by 2021. In this case, fintech adds to the opportunity by creating an infrastructure to make an investment globally accessible and affordable,” added Alan.
Southeast Asia is particularly primed for the rise of digital transaction. It is driven by affordable high-speed internet connections, with the number of active mobile connections across the region now exceeds the total population by about 33%, according to a source by The Asean Post. With the increase in efficiency and real-time manner in digital process, blockchain technology will also see sudden investment boost, reaching over $3 trillion by 2030, as stated in Gartner’s research.
This overarching reach of blockchain technology inspires FINX to consistently increase the efficiency of overall process, allowing users to control and manage money anytime and anywhere from any devices at their fingertips. Integrated to the vivid token converter, FINX aims to enhance blockchain technology on top of the ladder, to make it easier to exchange digital currencies with fiat all through one single platform