The Benzinga Global Fintech Awards are a yearly showcase of the best and brightest in fintech. In preparation for its biggest installment yet in May 2018, we're profiling the companies competing for the BZ Awards.
Our next feature is on Fidentiax.
What does your company do? What unique problem does it solve?
Alvin Ang, co-founder: fidentiaX is building the world's first marketplace for tradable insurance policies by leveraging on blockchain technology.
Most people do not realize that insurance policies with cash value can be traded in the market for a higher cash value, that is, an individual could sell his policies to a third party instead of surrendering the policy. In 2014, policies lapses and surrenders were in excess of $112 billion in the US alone, of which it was estimated $57billion could have been resold in the open market.
The minority of policyholders who knows they can extract higher value from their policy face challenges in finding interested buyers as there is no recognizable marketplace. Buyers looking to add insurance policies to their investment portfolio are confronted with similar, if not more, barriers to safely execute the purchase.
Our vision is to create a trading marketplace and repository of insurance policies for the masses by leveraging on blockchain technology. This blockchain-powered marketplace will provide a trustless, immutable, auditable and transparent environment to disrupt the status quo.
Who are your customers?
Our marketplace is designed with policyholders looking to extract higher value for their existing policies as well as for individuals/corporate looking to add tradable policies to their portfolio. We have received numerous inquiries from family offices as well as investment houses on tradable policies portfolio.
How long have you been in business?
The core team of the company was formed in 2016, fidentiaX was registered in 2017.
Where are you located?
Singapore.
Who are your investors, if any?
We did an ICO back in Dec and raised approximately $1.5 million.
Is there anything else Benzinga should know about your company?
We were recently featured on Chicago Evening Post and will be featured on Fox Business in Q3.
To check out companies like Fidentiax for yourself, grab a ticket to the Benzinga Global Fintech Awards May 15-16 in New York.
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