Closing the Gaps in Traditional Financial Systems with Blockchain

By CIOReview | Friday, December 21, 2018
Igor Khmel, Founder & CEO

Igor Khmel, Founder & CEO

The banking sector is an industry that has seen huge innovations in recent years with the use of technology. To address the demands of their customers, banks are looking for new methods and ways to interact with them and achieve better customer satisfaction.

BANKEX is a global financial technology company that develops a tokenization network that provides technology and services to banks at all stages. To connect Bank-as-a-service (BaaS) and blockchain, BANKEX applies a proof-of-asset (PoA) protocol. The properties of an asset are combined and digitally verified under the proof of asset protocol. The asset is then virtualized as a token, which can be purchased and transferred. The objective of the proof of the asset protocol proposed by BANKEX is to continue to audit an asset in order to verify its existence and minimize the risk of transactions.

Igor Khmel, the founder of BANKEX, says, “We bridge the gap between the traditional banking and finance solutions with unique as well as flexible products and services for capital markets, investment, micro-financing and futures markets.”

The BANKEX token exchange platform enables the trade of complex security tokens connected to real-world assets. Integrated with KYC verification methods, the token exchange will support the ERC-1400, ST-20 token standards, and ERC-888 security tokens from BANKEX.

"We bridge the gap between the traditional banking and finance solutions with unique as well as flexible products and services for capital markets, investment, micro-financing and futures markets"

In 2017, BANKEX was ranked first among the top 50 fintech startups in the Financial IT’s Pathfinder rankings. Because of this achievement, the company attracted many clients that were highly benefitted by implementing tokenization. BANKEX also benefits Instagram users by delivering media tokens, which uplift the initial costs against the profit from brands and advertisements.

It is expected that BANKEX will make use of a license submitted by the Virtual Financial Assets Act service provider to the Malta Financial Services Authority. The license is allowed only for the exchanges that have strong Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.

BANKEX tokenization could have an enormous impact in transactions, optimizing assets, and managing finances. Also, it will increase efficiency, speed, security, and lower costs in all their operations resulting in an improvement in the quality of their services to their clients.