Bhang will be responsible for developing relationships with large financial institutions, corporations, and government agencies as Findora continue to expand its operations globally in Korea, Japan, and North Asia.
Bhang will focus on establishing partnerships with various institutions in the Fintech sector, and develop the appropriate service strategy and business model for each new partner.
Bhang recently shared his views and insights with Crowdfund Insider. He explained how he’s planning to further expand Findora’s business operations.
Crowdfund Insider: In your new role, you’ll be focusing on developing partnerships with leading institutions in the Fintech industry. Please explain how this will help Findora’s growth and development plans.
Joong Bhang: “Findora’s goal is to build a decentralized financial network. We want to create a global infrastructure upon which a host of financial applications are built. In order to realize this goal, we will cultivate relationships and partnerships with major financial institutions and companies, who can build their services on our platform, grow our network, and work as trusted validators.
Whether small or medium-sized enterprises, institutions, or industry giants, Findora can be used to build a multitude of financial applications including a compliant and confidential peer-to-peer (P2P) Lending Platform, an Open Banking Platform, and a Smart Investment Fund.
To make these applications a reality, we need to target those who will use them and substantiate our network — including leading players in the financial industry. This will be essential for layering the Findora network with innovative fintech applications.”
Crowdfund Insider: In a recent press release, you mentioned:
“Findora is on a mission to transform the financial services industry by solving existing pain points, including inefficiencies, high costs, security vulnerabilities, and unequal access. [We’re planning to] build a global, decentralized, financial infrastructure, and we are combining cutting edge cryptography and business acumen to achieve this goal.”
Given that there are many other competing decentralized financial platforms, what is Findora’s unique value proposition?
Joon Bhang: “Findora is on a mission to be the internet of finance – a place where global financial service users and businesses are seamlessly connected, contributing to the creation of a new, innovative financial services ecosystem. All of Findora’s service offerings will be fully compliant and auditable at all times. Findora utilizes the highest standard of cryptography, backed by internationally renowned experts in the field.
One of Findora’s distinctive strengths is its high capabilities in engineering and research, coupled with global leaders in finance, business strategy, and cryptocurrency startups. Findora is led by Stanford cryptographers Benedikt Bünz, Ben Fisch, and Dan Boneh, as well as business and finance experts such as Balaji Srinivasan, former CTO of Coinbase and John Powers, former Head of Stanford’s $25bn endowment fund.”
Crowdfund Insider: You stated in the release: “I’m excited to be at the cusp of such a nascent industry and look forward to cementing Findora’s central position in the Fintech, financial services, and blockchain industry venn diagram.” Why do you feel it’s important to develop solutions for the broader Fintech space, in addition to blockchain-based platforms?
Joon Bhang: “Finance is plagued with a number of critical pain points. To name a few — 1.7 billion people remain unbanked globally, largely due to lack of access to financial services. The current landscape of financial services involves remarkably inefficient intermediaries operating at high costs and slow transaction speeds.
Additionally, the financial sector is the least trusted business sector globally with a high prevalence of fraud that goes unchecked due to opaque management and lack of coordination in financial services. Findora can solve every one of these problems by creating innovative financial solutions and providing users with better services.
In Findora’s hyper-connected and democratic platform, existing components of the financial services system are decomposed and reconstructed in order to recreate the best user experience possible. Findora’s blockchain will serve as the base layer.
The innovative fintech solutions built on that base layer will not be bound by the silos of existing practices of banking, capital markets, and insurance. Rather, they will develop new features encompassing all financial tools in order to meet consumer needs which are not being met in today’s system.”
Crowdfund Insider: As the former VP of one of South Korea’s largest digital asset exchanges Korbit, how can you leverage your vast experience to expand and enhance Findora’s line of products and services?
Joon Bhang: “Korbit gave me an invaluable opportunity to bridge my past experience in traditional financial services with blockchain and cryptocurrency exchange operations. As well as developing Korea’s largest cryptocurrency exchange, Korbit developed a global remittance platform and B2C merchant payment platform.
Korbit’s global remittance platform is an excellent example of an open, innovative payments system where money transmitter businesses are freely connected to end-users, allowing them to enjoy a much better service. Now, I’m looking forward to being a part of Findora’s mission to unleash a new era in global finance where users are at the core and are in control of their own data.”
Crowdfund Insider: Your appointment has come shortly after Findora appointed two new strategic company advisors; Balaji Srinivasan, former CTO of Coinbase, and Professor Dan Boneh, Head of Stanford Cryptography. The Findora founding team includes other prominent crypto industry professionals such as Ben Fisch, inventor of Filecoin proof-of-storage mining and VDFs, Benedikt Bunz, inventor of Bulletproofs and VDFs, and John Powers, former head of Stanford’s $25 billion endowment fund.
How do you intend to work with the Findora team to develop a new global financial system that allows users to control their own financial data, identity, and assets?
Joon Bhang: “With some of the brightest minds in cryptography, Findora’s team boasts the business acumen, tactical know-how, and industry expertise needed to bring our vision to fruition. Team members include crypto academics, blockchain experts, computer engineers, and financial services veterans.
I am honored to be joining their ranks. Working with a team of elite professionals is a tremendous opportunity. In my new role, I am already collaborating with the wider team to develop innovative financial services solutions by applying cutting-edge research and technologies to the industry.”