[ANN] Finterra : The Social Solution for Blockchain

[finterra]

Introduction

Finterra is a cloud based financial services platform designed to harness both individual and corporate financial needs in a seamless and integrated platform. The creative brainchild of a round table of visionaries set out to make finance simple again, Finterra integrates time tested financial services and cutting edge financial technology on a blockchain ecosystem enabling transparent, accountable and secure financial services.

Headquartered in Hong Kong, Finterra’s global presence includes Singapore and Malaysia. The next stage of scheduled expansion kicks off in Abu Dhabi, Dubai, Geneva, and New York. Established with the aim to promote community growth and development, Finterra offers a truly global, fully inclusive financial platform that aims to bridge the gap between consumers and providers. Users in the Finterra ecosystem are able to use their FIN on e-commerce platforms for a wide range of financial services. It offers the world’s first borderless block chain driven, zero fee cloud based platform.

Finterra currently has an extensive network across Asia which comprises of the following financial hubs:

Finterra Ventures Ltd Hong Kong
Finterra Ptd Ltd Singapore
Finterra Technologies Sdn Bhd Malaysia
Vision

We at FINTERRA are proud to have reached the point where we can share a new vision with the world.

Our vision is to become a global technology leader in financial services, promoting community growth and development.

Mission

The journey although long has been well worth it, an idea brought from the cloud has grounded and moulded our thought process into the company we are today.  We have handpicked our international team of advisers, directors and specialists, who are passionate about our vision of what our company will be.

Our mission is to create a platform that educates, informs and inspires, while enabling freedom to earn, save and spend.

Main site:
http://finterra.org/

IO site
https://finterra.io/index

Facebook
https://www.facebook.com/finterra2u/

Twitter
https://twitter.com/Finterra2u

Youtube
https://www.youtube.com/channel/UCHG9Lq3s7psrMVNDuf3A6rQ/featured?disable_polymer=1

Telegram
T.me/finterra2u

WeChat
Finterra

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[finterra]

An Article by Reuters
https://www.reuters.com/article/us-islamic-finance-fintech/blockchain-venture-aims-to-modernize-islamic-endowments-idUSKBN1FW0C8

Blockchain venture aims to modernize Islamic endowments



SYDNEY (Reuters) - A new venture aims to use blockchain technology to modernize the management and investments of Islamic charitable endowments, called waqf, that would tap into a vast but underutilized pool of assets across the Muslim world.
Singapore-based financial technology company Finterra has developed a crowdfunding platform that uses digital ledger technology, or blockchain, to create “smart contracts” that would be tied to specific waqf projects, said Finterra founder and Chief Executive Officer Hamid Rashid.
The firm hopes this can provide a more efficient way to raise money, manage and transfer ownership of waqf, which receive donations from Muslims to operate social projects, such as mosques, schools and welfare schemes.
“We are trying to change the financial terrain in its approach to crowdfunding and development of waqf,” said Rashid in a telephone interview.
Finterra’s plans reflects the interest that a number of fintech companies have in broadening their footprint to include core Islamic finance markets in the Middle East and Southeast Asia.
The company started developing its blockchain platform in October, with pilot projects currently being studied from endowments in Singapore, Malaysia and Indonesia, said Rashid.
“By June we hope to have the product fully up and running and we can then start onboarding clients. We can then promote to global waqf boards and to regulators.”
The firm will host a forum in Kuala Lumpur, the capital of predominately Muslim Malaysia, next month to discuss the applications of blockchain for waqf, having attracted interest from waqf bodies in Brunei and India.
Islamic endowments are believed to hold large portfolios of real estate, commercial businesses and other assets, with an estimate of as much as $1 trillion of assets held in waqf globally.
The waqf concept dates back more than a thousand years, reaching its heyday during the Ottoman empire.
But, the assets in many waqf are underutilized and earn low returns because of ineffective management, with some waqf requiring further donations to keep running.
Donations must be pledged to specific goals making it difficult to repurpose a waqf, limiting fundraising from banks which can find it difficult to liquidate such assets.
The use of blockchain could address this by tracking each contract electronically across the lifespan of the investment, said Rashid.
A potential waqf project being currently studied involves the redevelopment of a school in Jakarta, Indonesia, into a commercially-viable property, he added.


Reporting by Bernardo Vizcaino; Editing by Christian Schmollinger

[finterra]

Decoding Modern Waqf : A Social Blockchain Solution for Saudi Arabia




There has been a gradual realization of Waqf  as a pertinent tool that has the potential to enhance economic, financial, social and other aspects of human life.  Waqf  has taken place in many Islamic countries for centuries and as in definition, Waqf  is the holding of one’s property and preserving it for confined benefits of certain philanthropy with no divergence.

A new venture aims to use blockchain technology to modernize the management and investments of Waqf , that would tap into a vast but underutilized pool of assets across the Muslim world.

Singapore-based financial technology company Finterra has developed a platform that is socially, economically and, morally viable for the global development of Endowment (Waqf ) assets, via crowdfunding, and under the privy of regulatory compliances.

“Finterra’s Blockchain solution is developing and growing, we are finding new and innovative ways of using our BlockChain platform to implement new solutions in various business lines. But our main aim is to re-invigorate and bring a solution to the 800 year old problem of Waqf . Through our platform we will make it easier for Land/Property Trustees, Waqf  Boards and even individuals to develop and realise monetary values on their assets that will benefit the communities and societies that the Waqf  was intended for,” said Hamid Rashid, Founder and CEO of Finterra, who will also be speaking at Decoding Blockchain KSA this April.

Waqf  in Saudi Arabia is well organized across the public and private sectors generally; yet, this organized structure of Waqf  does not keep pace with the growing and diversified nature of Waqf  as a whole sector which requires reconsideration of the managerial aspects of Waqf  in Saudi Arabia.

According to the Awqaf Board in Saudi Arabia there are approx 124,000 Waqf  properties and land parcels in the country, and a BlockChain platform could help develop, re-develop and  build new projects using  Shariah compliant Smart Contracts.

The Waqf  Blockchain solution can give users financial freedom by making transactions more efficient and transparent. Users in their ecosystem are able to use their platforms for a range of activities like utility payments, telco top up purchases and flight and hotel bookings, all at a discounted rate. Finterra’s fully inclusive financial platform that aims to bridge the gap between consumers and providers, offers the world’s first borderless blockchain driven, zero fee cloud based platform.

“The Waqf  BlockChain solution is really a first, we have spent a lot of time and consultation with various Waqf  Boards and experts in Waqf  & Shariah to create a solution that will work and more importantly be Shariah compliant,” added Hamid Rashid.

He firmly believes that blockchain solutions are definitely the way forward with regards to Waqf  management and that its efficiency, transparency, and cost effectiveness will benefit the society at large.

In light of these developments, Bizwingz Production House is hosting Saudi Arabia’s very first blockchain conference, Decoding Blockchain KSA 2018. The conference offers unique networking opportunities for attendees to connect with Fintech and Blockchain industry leaders and innovators who are looking to explore the distributed ledger technology, while providing an ideal platform to understand the promising technology of Blockchain in the modern Middle East world.

The conference offers VCs, bankers, government officials, payment companies and more the opportunity to not only actively exchange information but to also establish powerful strategic alliances.

The conference will present a range of speaker sessions through which participants are given the opportunity to meet with innovators who offer business solutions that will help banks and financial institutions reduce costs and improve efficiency and integrity.

Come watch the best minds in the blockchain industry from across the pan-Saudi region, as well as the rest of the world, convene on a single platform on the 23rd and 24th of April, 2018 at (venue).

Registrations are open – Ensure your participation for the ultimate knowledge-sharing conference at the earliest.

Register Your Interest (http://www.decodingblockchain.com/)

Feel free to reach out to the below contact for further discussion concerning your attendance at the conference.

Source
http://www.eyeofdubai.ae/news/details/decoding-modern-waqf-a-social-blockchain-solution-for-saudi-arabia

[supernva]

Too much text but I still can't understand what do we need your project for

[3dyx]

can you describe to me about the focus and purpose of this project. thank you

[Freaks]

can you describe to me about the focus and purpose of this project. thank you

I also have the same question into my mind what is purpose of this project and how could they make involve the community into this project. They are planning to launch ICO or directly put this token to exchanges still nothing clear about that.

[finterra]

Too much text but I still can't understand what do we need your project for

Please do check out our corporate video.
https://www.youtube.com/watch?v=BSYDYOmJrdo

[finterra]

can you describe to me about the focus and purpose of this project. thank you

I also have the same question into my mind what is purpose of this project and how could they make involve the community into this project. They are planning to launch ICO or directly put this token to exchanges still nothing clear about that.

Please have a look at our corporate video and sites, we are essentially a platform that allows people to crowdfund endowment projects & create their own smart contracts through an intuitive easy to use GUI/developers environment, loyalty points exchange, global crypto Exchange Integration and Blockchain integration(through COSMOS).

[starblocks]

How does this project compare to ArabianChain who are developing blockchain solutions for government and enterprise use in the middle east?

[finterra]

Finterra aims to put Waqf/Endowments on the blockchain, imagine if money didn't need to be squandered, money that was supposed to be used for charity. This could be the game changer we need in the endowment sector as it will bring about the transparency of transactions which can avoid misappropriation of funds by project managers, endowment managers, and stakeholders as well. The transparency will also allow the public to regulate the projects and call out any discrepancies they find in project proposals. Finterra also plans on having a loyalty point exchange that allows users to trade loyalty points for other points, therefore not limiting users' loyalty points to only one brand or company but allowing them to freely use it within our E-cosystem which will have vendors and services like flights & hotel bookings, utility bill payments, telco top-ups, and so much more.

Not to mention that Finterra will feature an open source developers environment complete with an easy to use GUI with will allow even the layman to make their own smart contracts, therefore allow the ease of use for endowments and business smart contracts. Finterra doesn't just plan on changing the business industry but rather bringing the old world into the new one beginning with the endowment sector. Finterra already has over 70,000 users on their ecosystem.

[finterra]

FINTERRA signs with PALMEX Exchange for listing in Middle East

[finterra]

At the World Blockchain Forum 2018, in Moscow (26th April). FINTERRA showcased as a true Social Solution for Blockchain.

[finterra]

With the increase in demand for equity-based funding, Musharakah will aim to help alleviate the Islam banking industry and lead Malaysia into a new dimension of innovative and attractive product offerings.



Musharakah: An Islamic term for partnership. It refers to two or more persons jointly owning an item or contracting jointly for profit



Shirkat-ul-‘aqd: A partnership created through a contract. This can also be translated to mean a type of joint commercial enterprise.

The breakdown of Shirkat-ul-‘aqd
a) Shirkat-ul-amwaal (Partnership by investment):
This shirkah or partnership is formed when partners invest some small capital into a business.



b) Shirkat-ul-a‘maal (Partnership by work):
This is where all the partners jointly undertake to render some services for their customers, and the fee charged from them is distributed among them according to an agreed ratio.

c) Shirkat-ul-wujooh (Partnership by face):
Here the partners have no investment at all. All they do is that they purchase items on credit and attempt to resell them for cash at a higher price. The resulting profit is shared among the partners after the debt is repaid from the proceeds.



Shirkat-ul-milk: Joint ownership between the parties involved, where each party has provided capital in order to purchase a particular property.

This implies that one partner is buying another partnership’s share gradually and the process continues until full ownership belongs to a partner. Once all shares of one partner has been bought by his/her partner then Musharakah is no longer exist.

Finterra’s Endowment Chain community are in an essence, contributing capital to develop land provided by a waqf agent into commercial properties. It is worth to understand that once the partnership has been set up, all partners are co-owners. Based on this premise, there is a need to provide a broad framework to facilitate the healthy involvement of such contracts in the Islamic banking industry.

[rachelshineofstar]

Where we can find your concept and test it? When you add more information about project and team?

[murphylovelyly]

The team members should be listed on the website. It's hard to totally believe when I do not have a good know about the team - that should be the first thing on the website.

[finterra]

The team members should be listed on the website. It's hard to totally believe when I do not have a good know about the team - that should be the first thing on the website.

The team can be found here and on linkedin actually.
http://finterra.org/about/#our-team

[finterra]

Where we can find your concept and test it? When you add more information about project and team?

The Open test net will be available soon.

[saobien1920]

Good project! I'm waiting for good news and a bright future!

[inigoes]

Good project! I'm waiting for good news and a bright future!

https://i.imgur.com/dVC2Pph.png

Nairobi, Kenya – Finterra is pleased to announce that we have officially launched our fintech services in Kenya today. The block chain summit last month inspired our entry to the Kenyan market where we noticed increased interest and uses cases in sectors that would benefit from the blockchain technology.

Kenya is the first country in Africa to set shop in. Finterra’s motivation to launch their services here in Kenya is due to the technology advancement and high rate of adoption of new technology case in point M-PESA.

“Surprisingly very many institutions are running on block chain, the New York stock exchange, standard chartered bank remittances and Singapore airlines all run on blockchain technologies. There many use cases coming up, which will bring blockchain to the mainstream giving value to the technology.” Hamid Rashid CEO Finterra.

Finterra is set to meet with various stakeholders and regulators in the country and discuss more on blockchain technology user cases and streamlining efficiency.

“I hope to share with the regulators that they should not to worry about the technology, earlier use cases where initial coin offers (ICO’s) were raised outside the regulatory frame work and social security’s which money laundering activities.” Hamid Rashid CEO Finterra

“Finterra has been in operation for the last six month with about 400,000+ users on the platform, with registered presence in 5 countries namely Singapore, Kuala Lumpur, Hong Kong, Abu Dhabi and New York.” adds Mr. Rashid

The Fintech company plan to introduce Land management and Ecommerce use cases in the country.

Land registries will be able to run on blockchain technology doing away with cases of duplication of title deeds under different names.

“To make the best use of these endowed gifts, the Endowment Chain allows participants to create project proposals to develop and invigorate endowment properties. Others can fund these project proposals by contributing funds. If the project goals are met, the project proposal is accepted and a certain number of Endowment tokens are created and distributed to the participating funders.” Hamid Rashid CEO Finterra.

The e-commerce platform Finterra subscribers will be able to exchange goods or services online without having to deal with of time or distance. The company will partner with telco services, carriers, hotels and pre-pay T.V Channels.

 

ABOUT FINTERRA

Finterra aims to be a global leader in next generation Fintech, providing “Social Solutions for Blockchain”. We are committed to the continuous growth of our community and the technical advancement of the Finterra Blockchain model. Our ongoing purpose is to promote community growth and development, offering a truly global, fully inclusive platform, bridging the gap between consumers and providers through multiple services that include an Open Source Development platform, Loyalty Points Exchange and an environment that supports the development of Endowment (WAQF) assets.

The Foundation is headquartered in Geneva with satellite offices and teams across Singapore, Kuala Lumpur, Hong Kong, Abu Dhabi and New York.

[AmoreJaz]

this project has so much happenings going on but why it doesnt attract users here? they are posting photos but are all authentic? because if all info posted here are legit then the team needs to market this as their mission is really nice even for ordinary individuals.