Marcel van Oost is the founder of several (FinTech-) startups, including Qantani . He is also the CEO of Fintechfans, a decentralized staffing platform for the financial technology industry. In this interview with TechBullion, Marcel shares their plan for this amazing blockchain project and the benefits of the FintechFans Token and token sale.
1) Can you tell us more about yourself and why you started FintechFans? What was the motivation?
After we sold the collecting payment provider services Qantani (I co-founded in 2012) at the beginning of 2017, I was looking for a new challenge in Fintech. First thing I did was starting the fintechfans.com job board, as I knew from experience how hard it was for a Fintech company to find the right and skilled staff. There were some FInTech/payments recruiters, but they cost a lot of money and did not really show real advantage. I figured that I could not be the only one having this problem, so I started with a simple job board. As the success grew also came the idea of an addition to this job board; a decentralized marketplace for freelance Fintech specialists. When we were talking to investors for the funding of this project, the ICO space was booming. I had a lot of contact with some successful ICO’s and I got more and more convinced we should use a token sale for the funding of our decentralized platform. In September 2017 we started this adventure and we feel like riding a roller coaster ever since. But let’s be clear: it is a crazy but magnificent ride!
2) What do you think is the biggest problem FintechFans will solve and why is the problem important to solve?
We cut out the middle man in our decentralized marketplace; the recruiter. This saves money, time and useless communications.
Besides this advantage we do not ask for the high commission fees on the payments to the freelancer through our platform. Like other well-known marketplaces do. So this saves a lot of money as well.
But saving money is only a short term result of using our platform. I am convinced that with our decentralized marketplace and job board we provide the best tools in the market for matching (FinTech-) talent with the right companies. And this is what will really make an impact on the long run for companies using our platform.
3) FintechFans intends to harness the power of the Blockchain. How does the infusion of blockchain technology in the fintech sector help companies and job seekers?
When it comes to selecting candidates and determining the relevancy of a job or skillset, existing platforms have a centrally designed review structure. It is very hard for an intermediary to offer a format for reviewing specialists’ work. Only the people involved are able to define the format and criteria for a specific collaboration. That’s why communication and review of performed work is user defined within our system. This is why our application doesn’t have the common drawbacks that dApps have.
Apart from the fact that our business logic works well within a decentralized ecosystem. The lack of an intermediary saves resources for both parties involved, but that also brings new problems with it. Problems of which the solution fit so beautifully within a peer-to-peer infrastructure that, when we first came to the idea, we were immediately committed to this plan with the whole team.
Where people work and get paid, conflicts arise. And whoever settles the difference, the most important thing is building up a record of communication and contracts. The system we designed allows parties to communicate in a simple and effective manner. And while the interface is not complex or hard to learn, it enables contractors and companies to record the whole process of working together, from the first point of contact up to the payment. This dossier of all actions within the collaboration is stored within the blockchain, while ownership of the data lies with the person or entity who contributed it. Not because an intermediary says so, but because mathematic allows the creator (and only the creator) to hide and publish data for the rest of the world.
4) What do you think is the biggest challenge FintechFans will face? How do you plan to tackle that challenge?
We obviously need FinTech companies to provide us with jobs. At the moment we already have a job board running with lots of jobs at www.fintechfans.com And we hope to convince them to start using our new decentralized marketplace once it is live.
But most of all we think we can influence the companies by our network in the worldwide FinTech sector. For example; We have people on our Board of Advisors from RegTech, Insurtech, Payments etc. And from Fintech hubs from all over the world, like London, Boston, Singapore, Hong Kong, Amsterdam and Tel Aviv.
But the biggest challenge might be providing our marketplace with talented Fintech specialists. We aim to push big on marketing on that part by sponsoring events and partnerships with Universities. We will announce big news on that part very soon!
5) The FintechFans Crowdsale is already taking place. Explains why you’re doing an ICO instead of venture fundraising.
We think a token sale really fits our blockchain based decentralized marketplace. And this way we can also get the FinTech community itself to fund the platform. What makes the chances of success much bigger as they are also the end users.
6) What do ICO participants get by joining your ICO?
With the FINC they buy, they can pay for products at our new decentralized marketplace, and our existing job board www.fintechfans.com as well. So this is the advantage for Fintech Companies. These FinTech companies can get a very interesting pre-sale deal by the way, so they should definitely sign up!
7) Where do you see the value of the FintechCoin (FINC) in the medium to long term and the ultimate benefit for token holders?
Our FINC token will be partly burned as they are used for transactions on our platform, and the rest goes back to the community. So the Fintech community that steps in will definitely benefit from using the marketplace in many ways. As the demand on our coins grow, the supply will lower by every transaction made on our platform. This will create scarcity and ultimately will bring value to our coin. It all comes down to the success of the decentralized marketplace in the future, but I am sure it will bring a lot of value to the FINC on the long term.
8) How do you see FintechFans project running after it completes its ICO?
Soon after the token sale ends we will start accepting FINC on our existing job board. About six months after that we plan to launch our decentralized marketplace.
9) For potential investors out there who might not fully grasp how to participate in your taken sale, give us a step-by-step guide on how one could participate in the crowdsale?
We are currently in our pre-sale phase, which will continue until the 30st of March, 2018. During the pre-sale, participating is also possible using wire transfer in USD, GBP and EUR. Our token sale is primarily aimed at FinTech companies who are not by definition experienced in performing cryptocurrency payments, which is different from most token sales.
After the pre-sale, when the decentralized crowd sale starts, investors can only participate by performing an Ethereum transaction. The process can be summarized as follows:
- You check the contribution address on our website (https secured website under the domain name ‘fintechfans.com’)
- You send ETH to this address
- FINC will be sent to your Ethereum address automatically
This process is part the result of code in a smart contract. Thanks to this smart contract, the FINC will be automatically sent to your ether address.
We strongly recommend investors who have problems understanding cryptocurrency payments and do not feel comfortable participating in a decentralized crowd sale to join our pre-sale.
10) What can you tell us about your team?
We are a highly skilled team of professionals that know each other from the blockchain community and our work at Payment Service Provider Qantani in the past. So we are well known with the Fintech space and working on blockchain projects. Our team combined with our worldwide-spread advisory board forms the perfect mix. I think this makes us the best team for the job, and gives me the confidence to make this project a big success.
11) Anything else you’d like to add/we should have asked?
At this moment we are validating our ideas and prototype with our customers and partners all over the world. To make sure we launch the platform with as much traction as possible. It is a fantastic experience to travel around the world and polish this magnificent product. We will announce some great partnerships and products in the near future.
Make sure to follow us and register at tokensale.fintechfans.com