fidentiaX is an insurtech company that adheres to the guiding principle of designing user-centric solutions on the blockchain. They are trying to deliver a trustless tradable policy blockchain platform for the underserved segment within the insurance market. This will be an industry first that allows a $700B USD market (just 5 countries in Asia ex. China) surrender market to connect with buyers worldwide. Below is our interview with Alvin Ang, the Co-Founder of fidentiaX:
Q: What is fidentiaX’s story, how did you start?
A: Both Douglas and I spent most of our careers in some of the largest banks in Singapore handling the daily grinds of running a retail banking operation. Our career crossed paths couple of years ago when both of us were working for the leading bank for Bancassurance (just another word for describing selling of insurance via the banks’ channel) in Singapore. Although both of us were leading different teams within the bank, we had many opportunities to work on cross-functional projects and we found many commonalities between us.
Fast forward to May 2016, I left a Private Bank where I was working as an Executive Director covering Indonesia Market and started exploring deeper into the inefficiencies of the tradable policy market. Douglas and I spent countless hours critiquing our business model and decided we did not have the right technology to develop a marketplace we envisioned. We started getting our feet wet into blockchain when we were looking at companies to acquire for the private fund that we worked for. The journey began as in with most individuals that first hear about the technology. From being early skeptics to crypto holders to ingesting whatever the media could feed us. We then realized that Blockchain Technology could help us realize our dream of building the World’s 1st Marketplace for Tradable Policies and hence the birth of fidentiaX.
Q: Tell us something about the blockchain technology fidentiaX is built on?
A: Our blockchain solution will be built on a heavily customized version of the NXT platform. Through our due diligence, we found some of the working functionalities within NXT acutely similar to our requirements for document security and privacy, trade execution and scalability in the user design. While NXT does not have the given mainstream exposure as a blockchain architecture, the principal it adopts allows workability and reliability to surpass our go to market requirements.
Q: Why is now the time for a technology solution like fidentiaX?
A: We are believers of the technology’s ability to create a more robust eco-system for the tradable insurance market. We have seen a lot of great ideas in the insurance blockchain space and we believe with our unique value proposition, we will be able to enhance the common acceptance of blockchain utility within the insurance industry.
Q: What are your plans for the coming months?
A: We have already established the architectural framework for the on chain functionalities and requirements. The frontend user experience has been defined and we are currently reviewing the user flow and the UX/UI requirements. We are currently focused on cementing cross-border industry relationships to proliferate our cause.