Just two years ago, eNotes were not on the agenda of most finance players. Since then, leading nations such as Singapore, the UK, the US, and the UAE (supported by UNCITRAL, ICC, BAFT and ITFA), have made a Blockchain-based solution for trade finance and money markets a top priority, enacting or initiating legislations that are supposed to govern electronic promissory notes. FQX, with its live and running eNote infrastructure, is the leading tech company at the epicentre of a pivotal and exponentially growing market.
In essence, an eNote is an unconditional promise to pay a specific sum to another party at a specific future date. The eNote is based on Blockchain technology and can be flexibly sold and transferred to any third party (i.e. an investor). When compared to other financing options, eNotes as negotiable instruments outperform through their financial steering capabilities and global transferability.
eNotes are based on the globally proven, formerly paper-based “promissory notes”. The enforcement regime applicable to eNotes is recognized in over 165 countries. FQX is the first market-ready solution for eNotes built on a banking-grade Blockchain (Swiss Trust Chain) with a unique, patent-pending authentication mechanism (based on regulated and qualified electronic signatures provided by Swisscom). The eNote infrastructure can be integrated into financing platforms of banks and Fintechs, allowing their customers to benefit from the entire eNote lifecycle from issuance to settlement.
Frank Wendt, FQX’s Chairman & Co-Founder comments: “As a team, we’re immensely proud to have built an eNote technology infrastructure we envisaged two years ago that is now uniquely positioned to transform trade finance and money markets. This funding enables us to scale our transaction volume over the years to come.” Earlybird led the round with participation of SIX Fintech Ventures, the non-strategic corporate venture arm of SIX, and the unicorn founder Carsten Thoma (ex Hybris).
Christian Nagel, Co-Founder and Partner of Earlybird adds: “Short-term financing markets are widely fragmented and inefficient today, with $65tn+ in annual transaction volumes globally. The eNote by FQX is a truly disruptive instrument to untap liquidity in those markets. As a first-mover, FQX has the potential to become the leading tech infrastructure and set the de-facto standard for eNotes globally. We are very excited to join their journey early on.”
(Press release / SK)