Centralization of modern banking systems
The banking system has been centralized since its advent. Power over the entire structure belongs to a few people. In the hands of these people, all decisions regarding the conditions for using the system and its participants. The banking scheme of the work is very simple: it takes money with payment of commissions for the use of some people and gives the same money to other people with a higher markup, that is, banks are engaged in redistributing the money of the population.
For an established financial system, this process is quite simple, but for ordinary people, the resolution of questions about the timing of repayment, creditworthiness of the borrower, security of the transaction turns into a very difficult task.
Therefore, banks have become such a popular resource, and so they evolved into something more. Now the banks decide who, how and how much to render financial services, banks have become a sort of intermediary of the financial world and the population and this fact is very depressing, because all centralized structures are working to develop themselves, and not to provide the best quality services for the benefit of the consumer.
That is why all those who have small savings or income, all who have unstable, illiquid or unacceptable income will be denied the extension of financial services by the bank.
Local problems of banks
One of the problems of banks is their limited field of action. Banks focus on their nearby zone. They are not interested in the general picture of resource allocation, banks will not operate in places where their services are really needed by people to improve their standards of living. And all because banks adhere to only the most reliable and creditworthy regions and consumers. Cryptocurrency systems have long negotiated with large banks and payment systems, but they refuse to cooperate with decentralized systems, citing problems of scalability and security of blockchain technology.
Advisory Board
Advisors are a powerful support of project managers, they are people with vast experience, able to direct and help in the necessary issues like no one else. The best projects become those only with the help of competent and experienced advisors.
Hoe Lon Leng is motivated to create new inspiring technologies to help people using deep learning technology. Hoe began his career in 1997, when he settled down as an analyst at Deutsche Bank, where he has worked for five and a half years. In March 2003, he became Vice President of J.P. Morgan. In June 2004, Hoe became a director at ABN AMRO Bank N.V., and three years later took up the post of managing director at Goldman Sachs. After almost four years, Mr. Leng became a CEO of Tudor Capital Singapore, he work here from 2013 to 2015. At the same time, Hoe was a portfolio manager at Tudor Investment Corporation, and then, in 2016, he became a co-founded of TrackRecords Asia. He had possibility to work as CEO of Shentilium Technologies, and now he takes a place on the advisory board of DigixGlobal, as well as the post of executive adviser at Kyber Network. Leng Hoe Lon has traveled a very long way, building his career ladder, and by doing so he will help the BridgeX project with his experience and expert opinion.
Kai C. Chng is a co-founder and a CEO of DigixGlobal, an organizer of Ethereum Singapore Co. Kai graduated from the Melbourne Business School in 2008, received a bachelor’s degree from the Wharton School, and a bachelor's degree from the University of New York in Finance and Economics. Even before he began his studies at the Melbourne Business School, Kai worked as an accountant at Goodyear Tire & Rubber Company. In 2008, he passed internship in SGX. From July to August 2009 he had a temporary place at Visa Comtrade. Another three months in 2010 he worked as a trading assistant at the Matrix Capital Group. From March 2011 to December 2014 Kai was an assistant of vice president at HSBC Securities. At the moment, Kai is an advisor of Swypecrypto.com, CanYa, Indorse, DigixGlobal and an organizer of the official meeting of Ethereum network in Singapore. In addition, Kai is a regional partner of Kenetic. From a junior associate to an assistant of vice president, from an assistant to a professional advisor of decentralized startups — a person with such experience will accurately bring a great contribution to successful development of the platform.
Conclusion
It’s a financial platform capable of providing any clients with lending, converting and other services, taking into account only the creditworthiness of the client at the moment. Holders of digital assets have not been considered for a long time for creditworthy customers because of low liquidity, high volatility of their assets, but using the BridgeX Network such clients will be able to loan with fiat currencies. And this will attract many new users. The BridgeX Network platform will definitely become one of the most popular lending tools and the tools of any financial services.