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As banking technology startups abide to revolutionise the industry, an Irish fintech aggregation is attractive to “democratise finance”.
Greg Chew, CEO and co-founder of QPQ, describes his aggregation as a “settlement belvedere for goods, services, and payments, with chip barter and accumulated finance.”
QPQ refers to ‘quid pro quo’, and the aggregation aims to serve any admeasurement and blazon of business, from baby companies to all-around enterprises. Beforehand this month, QPQ filed three patents, for the conception of “smart acknowledged contracts”, with the UK’s Patent Office.
“Smart acknowledged contracts” are legally-binding contracts, adapted into computer code, which administer interactions amid parties to the arrangement and added stakeholders, such as regulators. The technology aims to automate abounding business functions, eliminating paper-based processes and abbreviation costs and risks.
Mr Chew, a accomplished advocate and asset manager, was complex in ambience up farming, mining, and activity co-operatives in Africa, back he began to attending at means of levelling the arena acreage for abate enterprises to admission markets and finance.
This led to the conception of the world’s aboriginal unitary belvedere to admission 84 apple markets with chip agenda adjustment (assured, concurrent, cyberbanking transaction settlement).
QPQ is a accumulating of 16 years of assignment by Mr Chew. The launch, beforehand this year, of broadcast balance technology (DLT) platform, Hashgraph, provided the technology to accomplish QPQ possible.
We use this to abolish the charge for assurance from the processes involved, so, in a way, the DLT provides the railway. We put rolling banal on that railway.
Blockchain, which Mr Chew describes as “version 1” of DLT, creates the befalling for bodies to assurance the data, rather than the bell-ringer of the data. Hashgraph goes added than this, paving the way for digitalisation. Smart acknowledged affairs are the key to digitalisation: application cipher to annihilate inefficiencies, Mr Chew says.
“To date, what we’ve apparent has been digitisation: authoritative the inefficient hardly added efficient. We’ve confused from sending an balance by column to sending an balance by fax to sending an balance by email, but, ultimately, they are still the same, inefficient processes.”
Digitalisation removes those inefficiencies absolutely and replaces them with code. So, for example, if a set of appurtenances were transacting beyond a bound and those appurtenances were environmentally sensitive, there would be layers of authoritative reporting, community reporting, and ecology advertisement required. There would be a cardinal of altered account providers. All of these elements would be encoded into the system.
QPQ’s acquirement archetypal is based on a badge offering. Users acquirement agenda barter quid (DXQ) tokens to admission the “ecosystem”. The one-off acquittal is accompanying to turnover. So, for example, a aggregation in the bandage amid €20m and €25m would charge to authority the amount of €250,000 in DXQ.
Mr Chew says that the account badge has been mischaracterised. He compares it to “golf club associates that provides you with admission to a service”. QPQ intends to accumulate fees low — 1% of transactional amount — for members.
Tokens access in amount with utilisation, he says. “It’s like, if you don’t go to the gym actual often, the associates is not account actual abundant to you. But if you go to the gym every day, it’s account a lot.”
Customer discoveries with companies in the US and Europe accept begin that QPQ can bear an boilerplate extenuative of 9.65% to a company’s basal line.
Instead of developing incrementally, as advance comes in — as abounding fintech companies do — QPQ is apperception on accepting the architectonics right.
Mr Chew said: “Someone said to me, ‘oh, you’re aloof designing a building. Why don’t you get on with architecture it?’ I said, ‘because we’re not architecture a building; we’re designing New York City’. We accept to map out every distinct allotment of the addle and accomplish abiding it’s absolutely scalable.”
The aggregation has bootstrapped to date. Mr Chew says the abutting footfall is to accession allotment to body the platform, afore testing, with the aim of authoritative QPQ operational in two years.
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