A Guide to Anti-Money Laundering for Crypto Firms

ComplyLaunch Customer Spotlight: Finblox


On a mission to help the next 100 million people build their wealth with crypto, Finblox is a Hong Kong-based startup aiming to help people protect their savings from inflation. While digital asset savings have become increasingly popular in South East Asia as inflation rates repeatedly outpace fixed-term savings rates, Finblox allows users to earn a higher yield on their digital assets via a secure and compliant platform with no added fees. 

We caught up with co-founder Peter Hoang to learn more. 

Facilitating financial freedom

“Starting Finblox came out of my passion for building products that help users accelerate financial freedom. My previous FinTech startup, GoTrade, was all about building an inclusive product with a commission-free stock trading platform. With Finblox, I preferred to focus on the savings angle where our users can enjoy the upside of decentralized finance with higher security and lower complexity.

“The average return in the US stock market over the past 100 years is 10%, and that’s with all the booms and busts that have occurred during that time. But with crypto and platforms like Finblox, users can earn up to 15% annual percentage yield on stablecoins with less volatility. ”

A sustainable savings alternative

Hoang shared that he first identified a gap in the market back in 2019 and 2020. 

“I was traveling throughout Southeast Asia and observed that users in this region had a far greater exposure to crypto than they did in stocks and mutual funds. In countries such as Indonesia and Vietnam, crypto was the gateway to the world of investing, and I first saw the opportunity to build something valuable in space.

“Since 2020, rising unemployment, declining interest rates, and high inflation due to the pandemic have had a big impact on people’s savings, with their money losing value in an unprecedented way.   

“On the one side, sophisticated crypto natives in decentralized finance markets were earning up to 12% annual yields on the stablecoins, and on the other side, people in the emerging markets were desperately looking for a savings alternative to the 3% they were earning at a traditional bank. A bridge was needed to connect the two worlds. Hence, together with my co-founder Dmitriy, we decided to build Finblox – an alternative savings account for the emerging markets powered by crypto. ”

Making a positive impact

“The thing I love most about building Finblox is working with an all-star team we’ve put together. Our co-founder Dmitriy Paunin was previously the Chief Technology Officer of Coins.ph, an exchange in Southeast Asia that has amassed over 16M users. The rest of our team comes from unicorns such as Lazada, Gojek, and Grab – and are really awesome to work with.

“We are fortunate enough to have some amazing investors and advisors – including Three Arrows Capital, Dragonfly Capital, Sequoia Capital India, MSA Capital, Venturra Capital, Coinfund, and more. We also have great angels such as Ron Hose, the founder of Coins.ph and Xinshu Dong, the co-founder of Ziliqa and now IOSG partner.”

What’s next for Finblox?

“Our main priorities are to build a great product with features that people want, introduce new assets, and solidify our community with a secure and compliant platform to democratize wealth building for all of our users.”

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Originally published July 4, 2022, updated August 2, 2022

Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.

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