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FreeCoin BASS Platform by E.F.H Co., Ltd. Integrates 8 major industries with blockchain to create billions of business growth and opportunities

Vlad Poptamas

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Freecoin launch ceremony - Source: Every Family Have Co., Ltd
Reading Time: 4 minutes

 

Talking about the most eye-catching innovation trend this year, BLOCKCHAIN is definitely in the top. Many have agreed that 2018 is the first year of commercialization of blockchain. E.F.H Co., Ltd. combines electronic invoice, blockchain and FinTech to create FreeCoin cryptocurrency reward mechanism and FreeCoin BASS (Blockchain As Service), a blockchain-based service platform. With blockchain technoloy as the core, 8 major businesses will be connected as a whole. Another highlight of the FreeCoin ecosystem is the mechanism of double rewards for using e-invoices. In response to the Ministry of Economic Affairs’ “paperless transation” policy, the real application of blockchain will be implemented and matured into a “blockchain economy” blueprint.

High efficiency with low cost, win-win-win situation for consumer, business and government

FreeCoin BASS has three major functions: one is to help businesses with blockchain technology, and optimize from the three aspects of cost, technology and service to achieve low-cost and high-efficiency/adaptability benefits. Second, through the FreeCoin BASS connecting industries to create a blockchain ecosystem. In the end, it will fully integrate online and offline financial transactions, and achieve a win-win-win situation for consumers, businesses and the government. In the FreeCoin blockchain ecosystem, consumers can get different amount of FreeCoin rewards based on various activities such as scanning electronic invoices, participating in activities, sports and fitness, charity and other events. In addition to traditional discount/coupon services, FreeCoin provides cross-platform, cross-enterprise and cross-nation integration of coupon/cryptocurrency conversion.

Consumers holding FreeCoin can enjoy any services in the ecosystem; while the store and the company accept FreeCoin as the transaction standard, replacing the discounts and profit deductions caused by the original loyalty program, bringing new business models for consumers, stores and enterprises. In addition, consumer’s behavior and consumption details can be aggregated into reliable big-data, database, providing companies/enterprises as the basis for R&D, marketing, and CRM operations; The combination of electronic invoice and blockchain is a complete fiscal and taxation control system that realizes the concept of smart taxation and directly enhances national taxation and tax efficiency.

FreeCoin BASS platform greatly enhances corporate value in all directions

The FreeCoin BASS (blockchain as service) platform launched by E.F.H Co., Ltd. provides a total solution and assists enterprises in optimizing products and services from three major aspects: cost, technology and service. It aims to make enterprises embrace the blockchain without groping from scratch, and only needs to focus on improving corporate value and provide better products and services for customers and markets.

FreeCoin BASS provides a complete, documented, open and friendly API service, which is mainly based on the underlying services of the fcBlockchain and its extended services, including fcToken (Payment Service), fcWallet (Account, Transaction and Authorization Services), fcCredit (Credit, Credit Rating, Loan, Insurance Services), fcTax (Full-Automation and Smart Taxation) and fcInsight (Business AI Consultant) modules. FreeCoin BASS has a full-stack platform solution with general blockchain and cloud advantages, eventually bringing all industries to a new era with this new business model and achieving a wonderful smart lifestyle for the society.

Invite all industries to create a win-win situation and join the new age of global blockchain economic

E.F.H Co., Ltd. has launched the FreeCoin BASS platform, inviting major industries to use the innovative core technologies of the blockchain to jointly create a smart ecosystem with great commercial value and to expand the huge international business opportunities of various industries. E.F.H Co., Ltd. currently covers several business units, including blockchain business with FreeCoin, a business model that revolutionizes global consumption, and FreeCoin BASS; FreeCoin BASS platform also optimizes system hardware, construction, smart home, agricultural and fishery production and marketing, leisure sports, entertainment, education, medical care, e-commerce industry and form the E.F.H Co., Ltd. Holdings. Strategy partners include many high-quality enterprises such as entertainment investment platform – Fansdaq Co., Ltd., Beijing Tianfu Cloud Information Science Research Institute, Taiwan Health and Medical Industry Association, Taiwan Agriculture and Fisheries Alliance, China Product Quality Retrospective Policy Association, Global International News Media, etc.

With blockchain technology, it aims to create a world-class smart ecosystem with transparency, trustworthiness. It is also worth mentioning that FreeCoin BASS platform provides a total solution, which enables enterprise to use one-stop service in the application of blockchain and the practice of integrated technology management; it assists in integration and internalization. With the help with blockchain technology, each industry can create a win-win situation and fight for the economic miracle of the new generation.

E.F.H Co., Ltd.dedicates to promote the innovational blockchain-based invoice system, also aims to bring a good applications of blockchain economic services. And everyone is invited to take the lead.

E.F.H Co., Ltd. has deployed services based on FreeCoin BASS platform in Taiwan, mainland China, Southeast Asia and the US market. At the same time, it plans to launch a listing in the US and expects to complete the listing and go public in the next one or two fiscal years. Our sufficient funds will help to promote the various stages of planning including social welfare and charity, and will also establish charity and youth entrepreneurship support programs supported by the FreeCoin blockchain surplus, and it’s honored to have the Queen of Taiwanese dramas — Joanne Lien, to be our charity ambassador.

E.F.H Co., Ltd. expects to continue putting business models that contribute to the market and society in practice in the future, and invites all industries to join to make the future better and brighter, contributing back to the society with the core concept of “welfare, entrepreneurship, sharing, and love” hold by E.F.H Co., Ltd., inviting home and abroad industries to promote shared economic lifestyle.

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There a many things that shape a man, but the carving is done by the hobbies and passions. I've pursued two main careers, professional photography and webdesign, while also keeping a passion for automobiles, technology and games. At PICANTE NEWS, I take care of news editing and press release publishing in se
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Artificial Intelligence

Chinsay’s Intelligent Contract Platform Enables Rio Tinto & Cargill to Complete the First Fully Digitalised Iron Ore Trade

Vlad Poptamas

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Photo source: salestechstar.com
Reading Time: 1 minute

 

Chinsay, the leading provider of contract digitalisation solutions in the commodity and freight markets, is announcing today the completion of the first fully digitalised iron ore trade, through a trial achieved in partnership with Rio Tinto and Cargill‘s Metals business on Chinsay’s Intelligent Contract Platform (ICP).

In using ICP, Rio Tinto and Cargill collaborated on a single platform to dramatically reduce the time it takes to create, issue and approve commodity contracts from several days to under two hours. The digitalisation of this fundamental trade process creates the opportunity to automate and deliver post-trade efficiencies by linking front-, middle- and back-office functions.

Colin Hayward, Chinsay CEO, said: “This is a technological milestone for the industry, and we are delighted Rio Tinto and Cargill Metals chose to partner with us and use our ICP as the core technology to create this advance. We are constantly collaborating with clients, market participants, tech vendors and industry consortia to extend digitalisation further along the commodity trade lifecycle.”

“The Intelligent Contract Platform is a great tool that has the potential to benefit the entire ferrous industry,” said Lee Kirk, Managing Director for Cargill’s Metals business. “This is a great example of how we can leverage advancements in technology to benefit from increased speed, transparency and efficiencies that enable us to serve our customers and suppliers better.”

ICP is state-of-the-art technology which allows companies to digitalise pre-trade processes early in the deal lifecycle, creating an agreed contract dataset that can be seamlessly integrated with other operational systems, functions and processes, enabling transparency and traceability across the supply chain.  ICP prepares clients for the use of technologies such as blockchain, ML, AI and electronic trade documentation solutions.

 

SOURCE Chinsay

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Blockchain

Intertrust acquires Viteos for USD 330 million

Vlad Poptamas

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Photo source: poundsterlingforecast.com
Reading Time: 5 minutes

 

Intertrust N.V. (“Intertrust”), a leading global provider of expert administrative services to corporate, fund, capital markets and private wealth clients, today announces the acquisition of Viteos1, a provider of leading-edge technology solutions for U.S. funds, from PPC Enterprises LLC, FiveW Capital LLC (an affiliate of 22C Capital) and Viteos management.

Viteos is a tech-enabled alternative funds industry leader providing end-to-end middle and back office administration for top tier hedge funds, private equity, real estate, private debt and other alternative asset managers. Viteos has approximately 715 employees and operates a global delivery model with its headquarters and sales team in the U.S. supported by Centres of Excellence in India. Viteos delivered revenues of USD 52 million2, 94% in the U.S., having grown at an organic CAGR of 22% over the last two years, and an EBITDA margin of 36.6%.

Transaction highlights

  • Competitive game-changer for Intertrust, accelerating our strategy to become a global leader in tech-enabled corporate and fund solutions through:
    • Gaining a material presence in the U.S., increasing exposure to funds and accelerating our growth potential
    • Leveraging Viteos’ digitalisation and automation technology
    •  Building on Viteos’ offshore Centres of Excellence
  • Enterprise value of USD 330 million (EUR 294 million3), resulting in a post-synergy multiple of 8.0x FYE March 2019EBITDA
  • Significant net run-rate annual cost synergies of approximately USD 22 million4 expected primarily from offshoring
  • ROIC expected to exceed Intertrust’s WACC by 2021 and reach double-digits by 2022
  • Mid-single digit EPS accretion expected by 2020 with double- digit accretion expected by 2021
  • Sound financing structure: approximately 4.1x leverage ratio5 at closing, with strong cash generation expected to drive leverage ratio below 3.0x by 2021
  • Medium-term guidance increased to reflect enhanced revenue growth and cost synergies
  • Viteos’ co-founders, Shankar Iyer and Chitra Baskar (formerly CEO and COO, respectively), will join our Executive Committee and, along with other key employees, have reinvested approximately 35% of their after-tax proceeds in Intertrust shares

Strategic rationale

The acquisition of Viteos is an acceleration of our strategy to become a global leader in tech-enabled corporate and fund solutions, adding a high growth provider of leading-edge technology solutions with a top 10 position in U.S. fund administration and over 80 top tier clients.

The combined group will build on the existing technology partnership between the two companies and the professional relationships between the management teams to drive further growth and lead the digitalisation and innovation of the industry. Viteos’ world-class client base and technology solutions, developed by a team of 130 technology experts, significantly expand the market potential for Intertrust into higher growth adjacencies with attractive cross-selling and upselling opportunities.

The acquisition of Viteos meets the strategic and M&A objectives set out in our Capital Markets Day and, in particular, delivers:

  • Meaningful presence in the U.S. and increased exposure to funds – the combined group will hold a top 10 position in U.S. fund administration providing mission-critical services to asset managers.
  • Accelerated growth potential – Viteos brings new clients, services and technology solutions which expand Intertrust’s market potential into higher growth adjacencies with an annual market value of >EUR 3.5 billion, resulting in a total market potential in excess of EUR 10.0 billion growing at 4-6% per annum (up from EUR 6.5 billion growing at 3-5%).  
  • Strengthened technology foundation – Viteos is at the forefront of digitising and automating fund administration with leading-edge technologies including blockchain, workflow automation, RPA6, and digitalisation/OCR7. Leveraging these tools, the combined group will have the potential to drive incremental revenue growth through service innovation and reduce costs through service automation.
  • Significant step towards operational excellence – building on Viteos’ offshore Centres of Excellence in India will allow us to fast-track our standardisation, centralisation and shared services initiatives, improving the efficiency and quality of our services.

Commenting on today’s announcement, Stephanie Miller, CEO of Intertrust, said:

“Today I am thrilled to announce the acquisition of Viteos. This is a significant leap forward for Intertrust which will accelerate our strategy in every way.

The combination of these world-class businesses enhances our global position in fund services, expands our presence in the U.S. and unlocks many opportunities to cross sell our products and services. It will provide tremendous benefits to our existing clients through advanced technology, a digitised delivery model and a solution-oriented service suite. With the addition of over 700 employees including 130 technology experts, I am particularly excited for the future innovations that our combined organisation will bring to the industry.

These benefits are reflected in the strong value creation from the transaction in the form of double-digit ROIC, double-digit EPS accretion as well as increased growth and margin guidance.

Furthermore, we welcome a Viteos team who is dynamic, engaged and will further our goal of becoming the employer of choice in our industry. Earlier this year Intertrust started a powerful collaboration with Viteos. Today we move forward together as one company to lead the digitalisation and innovation of our industry.”

Shankar Iyer, CEO of Viteos, said:

“This is a very exciting opportunity for Viteos to become an integral part of a successful, global business. We have longstanding relationships with the Intertrust team who are familiar with our industry-leading technology solutions. By bringing together our complementary strengths and capabilities, we will significantly enhance the future prospects for the combined group. We look forward to working with Stephanie and her team and are deeply committed to delivering on our shared strategic objectives.”

Financial benefits

The acquisition of Viteos has compelling financial benefits. The transaction is expected to deliver mid single-digit EPS accretion in the first full year of ownership (2020) and double-digit EPS accretion by 2021 including phased synergies. The ROIC of the transaction is expected to exceed Intertrust’s WACC by 2021 and reach double-digits by 2022 including phased synergies.

USD 22 million of net run-rate annual cost synergies have been identified on a detailed bottom-up basis by Intertrust, Viteos and an expert offshoring consultancy. The synergies will primarily come from offshoring selected support functions for client-facing teams, back office and IT support, with India Centres of Excellence balancing existing jurisdictions and enabling 24-hour support for our clients. We expect to deliver approximately 90% of the synergies by 2021 with approximately 20% coming through by 2020. The aggregate one-off costs over the period to deliver the synergies are estimated at approximately USD 30 million.

Terms and financing

The enterprise value for the acquisition is USD 330 million (EUR 294 million), resulting in a pre-synergy multiple of 17.3x FYE March 2019 EBITDA. Including net run-rate annual cost synergies of USD 22 million, the equivalent post-synergy multiple is 8.0x FYE March 2019 EBITDA.

The acquisition was funded through debt (new USD 150 million term loan plus RCF) and cash on balance sheet with USD 11 million re-invested by Viteos’ management and key employees in Intertrust shares. Leverage ratio8 at closing amounts to approximately 4.1x and is expected to decrease to below 3.0x by 2021.

Following receipt of regulatory approvals, simultaneous signing and closing of the transaction occurred on 17 June 2019.

Guidance

In connection with the acquisition of Viteos, Intertrust is increasing its medium-term guidance as follows:

  • 4-6% underlying revenue growth year-on-year9 (increased from 3-5%);
  • Adjusted EBITA margin of at least 40% for 2021 (increased from at least 38%), from at least 36% in 2019 (unchanged);
  • Capex around 2% of revenue in the medium-term (unchanged) and up to 3% in early years to deliver the Centres of Excellence;
  • Effective tax rate of around 21% (19% previously);
  • Dividend policy and target leverage ratio remain unchanged.

 

SOURCE Intertrust

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Blockchain

Blockchain Platform FLETA and Security Auditor CertiK Forming a Strategic Partnership

Vlad Poptamas

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Reading Time: 2 minutes

 

A blockchain platform FLETA announced a partnership with CertiK, a leading blockchain security auditor. The partnership agreement started to be discussed since April 2019 when FLETA’s smart contract audit was verified with a high score of 99 out of 100. Not only do both companies expect FLETA’s blockchain infrastructure to be reinforced, but they also plan to offer effective security service to blockchain projects in FLETA’s ecosystem.

CertiK is a blockchain and smart contract audit platform, led by prestigious experts and computer engineers including Dr. Zhong Shao, a professor of computer science at Yale and Dr. Ronghui Gu, an assistant professor of computer science at Columbia University. It offers a service that can effectively strengthen blockchain’s security and credibility through mathematical proofs. It has audited more than 175 projects and cooperated with many top companies of the industry such as Ethereum Foundation, IBM, and Universal Protocol and well-known exchanges like Binance, and OKEx. Recently, on June 1st, the company announced that it was selected as an EOS Block Producer.

FLETA is a blockchain platform that offers a fast and stable service with reasonable fees to both developers and users so that it can create a user-friendly ecosystem. It aims to solve problems that existing platforms have such as slow speeds, scalability limitation, and excessive fees. By doing so, FLETA is aiming to drive the commercialization of the blockchain with its own core technologies. FLETA has developed outstanding blockchain technologies like Independent multi-chain Structure, Block Redesign, and PoF (Proof-of-Formulation) which is its own consensus algorithm.

Paul Park, CEO of FLETA, said, “FLETA’s advanced blockchain technology and its stability were verified by CertiK, one of the world’s best blockchain security company.” He also added, “As a blockchain platform, security is something that we never compromise. This FLETA-CertiK partnership will allow both DApp developers and users to use the blockchain platform with high-quality security.”

Meanwhile, FLETA plans to launch its mainnet in August after it successfully launched its testnet in last March. Through the testnet launch in March, FLETA demonstrated its performances by achieving 10,000 average TPS and 15,000 peak TPS with 6 core CPU.

 

SOURCE FLETA

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