A Revolutionary New Way to Build On Blockchain: Finterra


Posted February 6, 2020 by mywaqf

Finterra is its vision, capability, and dedication in solving real-world problem statements and delivering blockchain-based solutions.

 
Finterra is its vision, capability, and dedication in solving real-world problem statements and delivering blockchain-based solutions.

Finterra started operations in October 2017, at a time when the knowledge of blockchain was scarce. As a FinTech company, Finterra was designed to establish real-world solutions, to be the frontrunner for change. Finterra adopted the groundbreaking blockchain technology to pave the way to a transparent and sustainable future, as well as to focus on the development of its digital banking solution and the range of services it provides.

Under the leadership of Hamid Rashid, Finterra has been reaching users across the board and continues to advocate the mass adoption of blockchain-based solutions. With existing offices in Singapore, Malaysia, Hong Kong, and UAE, Finterra is heading towards further expansion into the Middle East and Africa, where financial transparency, traceability and impact has been a major concern. Furthermore, Finterra is a pioneer in Islamic Social Finance, which guarantees sustainable growth and this ties in with one of Finterra’s flagship products, WAQF Chain, which is recognized today as the world only Waqf financing platform.

Deep dive into Finterra

The Finterra ecosystem, which comprises of core banking, digital banking and blockchain solutions, was created with the objective to bridge the gap between consumers, merchants and financial institutions as a global inclusive platform. Designed to enable users to transfer, borrow and trade FIN instruments (Cash Waqf, Mudarabah, Musharakah, Sukuk, Wakalah), the ecosystem saw the registration of over 700K users on its first year alone.

Finterra was a FinTech startup with a group of 12 engineers and, over time, it has become the corporation it is today, with flagship products like GALLACTIC Blockchain and WAQF Chain. The success of the company is, in part, due to the feedback and advice Finterra has received from experts in the industry. Its advisory board consists of highly qualified experts who are providing value and expertise to its core business, include Finterra’s Waqf Law Advisor, Dr. Umar Oseni, Finterra’s Islamic Law and Islamic FinTech advisor, Dr. Ahcene Lahsasna, Finterra Waqf Advisor, Prof. Dr. Syed Khalid Rashid, and last but not least, Finterra’s Islamic Finance Advisor, Prof. Dr. Ahamed Kameel Mydin Meera.

However, the valuable feedback Finterra has received goes beyond its advisory board. To continue fostering its growth and achieve company objectives, Finterra also welcomes and has received feedback from informal advisors such as regulators, government agencies, and independent board members from cross-industry.

Challenges on the stairway to success

In the early days, Finterra faced a number of challenges surrounding:

Blockchain regulations around Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. To avoid legal setbacks, blockchain-based companies had to be knowledgeable about the regulations, especially because they are subject to frequent changes.

knowledge and acceptance of the blockchain technology. Unfortunately, the blockchain technology is closely associated with cryptocurrencies and its volatile market. This public misconception of the technology has divided users into supporters and speculators.

The time required to build working blockchain solutions. Even when the product is developed, more time is needed to educate users and build trust.

Finterra mantra for trust: stay focused

Since Day One, Finterra has taken pride in providing transparency to users by keeping them informed and engaged in a number of ways. Company updates and news is regularly and effectively communicated to both existing as well as new customers across all channels. For instance, Finterra uses Telegram to address questions users may have, whereas Facebook is used to frequently update clients. A while back, Finterra introduced an online TV series called Fintalk on its YouTube channel, where viewers are updated and questions are addressed on a weekly basis. These are a few ways Finterra has maintained users’ loyalty and trust.

Furthermore, the trust users bestowed on Finterra has not gone unnoticed by mainstream media as well, with the likes of Thomson Reuters, Bernama, Dubai TV and many more. As a thought leader, Finterra has worked to maintain consistency in its direction, such as with its WAQF Chain platform. Finterra is constantly updating users about the progress being made, conducting research on Waqf and Islamic Social Finance, creating Waqf TV, and so on. Finterra’s focus has never wavered from the destination it is headed towards.

Finterra integrity is impeccable in the global financial industry, and is synonymous with trust, credibility and reliability. This also includes the endorsement of the industry and regulators through awards, engagement with regulators, government agencies, financial institutions, academicians and others to showcase not only the blockchain technology but also its capabilities in improving and bringing social change to society. The bodies which have been presented to in different countries across the world include the Securities Commission in Kenya, Malaysia, Central Bank of Bahrain, Central Bank of Malaysia, Dubai International Finance Center (DIFC), World Islamic Economic Forum (WIEF), World Bank, International Islamic University Malaysia and many more.

The roadmap ahead

Finterra is currently working on the Waqf Development Investment Platform. The firm is initiating Waqf development projects in Malaysia, Oman, and India worth over US$300 million GDV, which would give additional revenue stream to Finterra group for the next 30 years to come. Moreover, Finterra is creating alliances for the use of its blockchain platform with financial institutions internationally. Ultimately in the long run, these strategic alliances will create even more demand for Finterra’s platform.

Founder desk

Hamid Rashid is the Founder of the award-winning blockchain-based technology organization Finterra. Responsible for developing the first-ever WAQF Chain, a fundraising platform for Waqf development built on the blockchain, as well as the GALLACTIC Blockchain, he successfully runs offices in Malaysia, Singapore, Hong Kong, and UAE, with further expansion already taking place in East Africa, Oman, and the rest of Middle East.

A specialist in technology IP development, technology commercialization, venture capital investment and property investments, Hamid is an accomplished hands-on strategic visionary, who brings a wealth of experience and knowledge to create brands that deliver strong tangible results to stakeholders. Having served for the likes of corporate giants as HP, he has established a record of outperformance across an array of financial strategies.


Hamid has over eighteen years of Technology Consulting experience in Enterprise Software Business Management and Business Development within the B2B and B2C sectors. He excels in strategic Business Planning, development, Business P&L, People Management, Partner Eco-system Management, and Service Desk.

Equipped with a master degree in IT and Management, and a Certificate in Organizational Leadership, he is regularly invited to speak by various institutions such as the World Bank, WIEF, Central Banks, Securities Commissions at leading international conferences and forums. He often is also quoted by the likes of Thomson Reuters, The Edge, New Straits Times, Malaysian Business and has been featured on the front page of the White Collar Magazine. Hamid has also appeared on Dubai TV, CNBC, Bernama TV, and many other channels speaking about the Finterra project globally.

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Issued By Adamss
Business Address Malaysia
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Categories Advertising , Business
Tags cooperative waqf , mudaraba waqf , waqf evolution
Last Updated February 6, 2020