Singapore startup fintech BULLIONBLOCK PTE LTD has signed a definitive agreement to acquire a pioneering Singapore Financial Technology firm.
In July 2019, BULLIONBLOCK will demonstrate its White-Label Customer Bank Account Wallet App that has been built and designed for retail Banking, offering solutions for integration and convergence to the global legacy financial sector that will help the banks comply to the new digital paradigm.
BULLIONBLOCK will simultaneously release its demonstration Wallet Mobile App, along with the Wallet backend-API web version via a live ‘sandbox’ hosted by Amazon. The sandbox will allow the industry to test and validate the BullionBlock applications prior to launch.
Powered by blockchain, the next-generation cross-border mobile digital financial application enables personal and business financial autonomy to pay bills, transfer and receive money. This includes cash-in and cash-out of cryptocurrencies and fiat-currencies without traditional banks.
BULLIONBLOCK will be launching a world-first encrypted-ledger decentralized Blockchain private permission-based system that provides extra levels of security, versus public open-source based Blockchains like HyperLedger and Ethereum.
Moreover, the BULLIONBLOCK system framework is designed with modules that are fully compliant with PA-DSS mandates, including OWASP compliance with the Mobile and Web UI front-end per the PCI Security Standards Council.
Upon completion of the agreement BULLIONBLOCK will acquire the Digital Banking systems solutions, multiple Back-end Financial Modules Platform as a Service (PaaS) and Digital Fintech Business Software as a Service (SaaS) Applications, including AI and Blockchain technology proven concepts with IP.
Following the seamless integration, which is expected to be completed in the third quarter of this year, BULLIONBLOCK founder and Company Director Ilias Bafas will lead the combined fintech. Additionally, the former co-founder/Director of FSS (Australia) and senior GM of Euronet Arnab Sengupta will be joining the BULLIONBLOCK PTE LTD board as the Chief Innovation Officer, along with Ivan Gonzal former KPMG Middle East IT Director to be appointed as the Chief Information Officer.
BULLIONBLOCK was founded upon the principals that the security and integrity of customer data and privacy are of paramount importance, coupled with customer service and support.
