The Silicon Review - Best Business Review Magazine Super 30 Companies of the Year 2019 | Page 58

A Revolutionary
New Way to Build
On Blockchain
Finterra
Finterra ‘super’ is its vision,
capability, and dedication in solving
real-world problem statements
and delivering blockchain-based
solutions.
F
interra started operations
in October 2017, at a time
when the knowledge of
blockchain was scarce. As a
FinTech company, Finterra
was designed to establish
real-world solutions, to be
the frontrunner for change.
Finterra adopted the
groundbreaking blockchain
technology to pave the way to
a transparent and sustainable
future, as well as to focus on
the development of its digital
banking solution and the range
of services it provides.
Under the leadership of Hamid
Rashid, Finterra has been
reaching users across the board
and continues to advocate the
mass adoption of blockchain-
based solutions. With existing
offices in Singapore, Malaysia,
Hong Kong, and UAE, Finterra
is heading towards further
expansion into the Middle East
and Africa, where financial
transparency, traceability
and impact has been a major
concern. Furthermore, Finterra
is a pioneer in Islamic Social
Finance, which guarantees
sustainable growth and this
ties in with one of Finterra’s
flagship products, WAQF Chain,
which is recognized today as
the world’s only Waqf financing
platform.
Deep dive into
Finterra
Hamid Rashid, Founder
“Our powerful open-source
development platform offers unique
opportunities to deliver never
before seen user experiences to their
apps, whilst maintaining the highest
levels of integration.”
The Finterra ecosystem, which
comprises of core banking,
digital banking and blockchain
solutions, was created with
the objective to bridge the
gap between consumers,
merchants and financial
institutions as a global inclusive
platform. Designed to enable
users to transfer, borrow and
trade FIN instruments (Cash
Waqf, Mudarabah, Musharakah,
Sukuk, Wakalah), the
ecosystem saw the registration
of over 700K users on its first
year alone.
Finterra was a FinTech startup
with a group of 12 engineers
and, over time, it has become
the corporation it is today,
with flagship products like
GALLACTIC Blockchain and
WAQF Chain. The success of
the company is, in part, due
to the feedback and advice
Finterra has received from
experts in the industry. Its
advisory board consists of
highly qualified experts who
are providing value and
expertise to its core business,
include Finterra’s Waqf Law
Advisor, Dr. Umar Oseni,
Finterra’s Islamic Law and
Islamic FinTech advisor, Dr.
Ahcene Lahsasna, Finterra’s
Waqf Advisor, Prof. Dr. Syed
Khalid Rashid, and last but not
least, Finterra’s Islamic Finance
Advisor, Prof. Dr. Ahamed
Kameel Mydin Meera.
However, the valuable feedback
Finterra has received goes
beyond its advisory board.
To continue fostering its
growth and achieve company
objectives, Finterra also
welcomes and has received
feedback from informal
advisors such as regulators,
government agencies, and
independent board members
from cross-industry.
Challenges on the
stairway to success
In the early days, Finterra
faced a number of challenges
surrounding:
• Blockchain regulations
around Know Your
Customer (KYC) and Anti-
Money Laundering (AML)
procedures. To avoid legal
setbacks, blockchain-
based companies had to
be knowledgeable about
the regulations, especially