CryptoWeb3.0

"Fintech4x," a digital bank born in the crypto-forward nation of Dubai

2023/05/29Hiroki Nagatomo
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"Fintech4x," a digital bank born in the crypto-forward nation of Dubai

What does the future hold for the intersection of banking and crypto?

Nagatomo: Could you tell us about the services offered by Fintech4x (hereafter referred to as F4X)?

Nicolas: F4X is the first digital bank in Dubai. Naturally, as a bank, it offers standard banking services such as deposits and transfers. Additionally, it supports the use of cryptocurrencies. A key feature of our service is the ability to use a cryptocurrency wallet, allowing users to swap (exchange) between fiat currencies and cryptocurrencies within their accounts.

Nagatomo: I see. That’s an innovative approach. What types of currencies do you support?

Nicolas: For fiat currencies, we support AED, USD, EUR, and GBP. For cryptocurrencies, we support USDT (ERC-20), BTC, and ETH.

Nagatomo: Currently, in Japan, currencies pegged to the US dollar, such as USDT, are not available for trading on domestic exchanges, making it possible to purchase them elsewhere. If Japanese residents can purchase USDT through F4X, even though they are limited to domestic exchanges, it could have a significant impact on the Japanese market. Is it possible for Japanese residents to open an account with F4X?

Eman: Of course, Japanese individuals can open an account with F4X while residing in Japan. Both individuals and corporations can use our services. However, as Nicolas mentioned earlier, we currently do not support Japanese yen. Therefore, when transferring funds from a Japanese bank to F4X, the transfer would need to be made in USD or another supported currency.

Nagatomo: Even so, having the option to purchase USDT through a legitimate route expands our choices. For example, families with children studying abroad could use cryptocurrency for remittances, swap it to the local currency, and withdraw it. This would allow for quick transfers without incurring significant fees.

Nicolas: Exactly. Additionally, we offer a VISA debit card, which allows for shopping at VISA-affiliated merchants and withdrawing local currency from ATMs during international travel.

Nagatomo: Lately, it seems like foreign currencies are in short supply at airports and exchange counters in the city. In particular, Dirhams (AED) are rarely handled within Japan. When I arrived at Dubai Airport this time, I exchanged Japanese yen for Dirhams, but the exchange rate was very unfavorable.

Nicolas: That kind of issue will be resolved in the future. We are also planning to roll out credit card and loan services gradually, so please look forward to them.

The Strength of Digital Banks: Reducing Transfer Time and Costs

Nagatomo: Thank you. Next, could you tell us about the strengths of F4X?

Eman: One of the key strengths of F4X as a digital bank is the reduction of transfer time and costs. Additionally, our partnership with QNB (Qatar National Bank), the largest bank in Qatar, is another significant advantage. With their backing, we have a considerable edge in terms of security, particularly in managing customer assets. QNB operates in 27 countries worldwide and is the second-largest bank in the Middle East and Africa. We have also partnered with Japan’s Mizuho Bank. As a licensed entity in the UAE, we have met the country’s rigorous standards, which provides a strong sense of security for both our customers and our business.

Nagatomo: That’s very reassuring. In recent times, there have been shocking news reports about the collapse of banks and exchanges in the U.S., but having partnerships with banks rooted in traditional finance is incredibly reassuring. Could you share the story behind the F4X project? Were there any challenges you faced along the way?

Eman: The idea for the bank has been around for about 10 years because we recognized the market demand for it. The project started with the strong support of Mohammed Sultan Al Jaber, the chairman of AL-Jaber Group, a major conglomerate in Qatar and our principal shareholder.

From a technical perspective, we have been focused on system development over the past three years. In particular, the past year has been dedicated to improving transaction processing speeds and enabling seamless swaps between fiat and crypto currencies. There were many instances of trial and error, and the testing costs were substantial. Since this was an entirely new area, our top priority was testing whether our concept would work in practice.

Nicolas: We’ve successfully implemented crypto functionality into what was traditionally considered the “box of trust” that a bank represents. While some countries are wealthy, others are not. In poorer countries, there often isn’t enough budget to develop such systems. By providing our system, these countries bear no development costs.

If people in poorer countries can easily open bank accounts and use crypto to manage daily expenses or send money to their families quickly and affordably, it could lead to broader economic activity, including car and real estate purchases, education, and investments.

Nagatomo: What is your impression of the Japanese market?

Eman: Japan is a very strong market, but also a challenging one. Japanese people are accustomed to high-quality services and have much higher expectations compared to other countries. Therefore, we aim to enhance the quality of our services and eventually establish a branch in Japan.

Nagatomo: When do you plan to open a branch in Japan?

Eman: It’s not determined yet, but it will happen in the near future. When the time comes, we’ll be sure to send you an invitation.

Nagatomo: Thank you very much. Lastly, could you share a message with our readers?

Nicolas: In Arabic, we have a saying, “My home is your home.” We want everyone in Japan to feel as comfortable as if they were at home when using F4X services. We welcome everyone, so please don’t hesitate to give us a try.


Profile

◉Ayman AL Abdbeen

First Element Group CEO

A representative of the office of the current Dubai ruler, Mohammed bin Rashid Al Maktoum.

◉Nicholas Erekose Sim

Fiduciary Group-Group CEO

With over 20 years of experience in senior management roles at Merrill Lynch Asia Pacific, Standard Chartered Bank, and Philip Securities, this individual has led IPOs for prominent Chinese companies on the New York Stock Exchange, NASDAQ, and the Hong Kong Stock Exchange. Additionally, during their tenure in the investment division of Anbang Insurance Group, they managed more than $200 billion in global assets.

Currently, they are spearheading a fintech platform under the Fiduciary Group, providing securities brokerage and investment banking services. Their achievements include facilitating the UAE's first IPO on the Abu Dhabi Securities Exchange using the Variable Interest Entity (VIE) model and supporting Chinese companies entering the Middle Eastern market.

Leveraging extensive expertise in finance and fintech, they serve on the management team of Fintech4x, providing strategic leadership. Furthermore, they are a member of Mensa, an organization known for its members with top-tier IQs worldwide.


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