Financial Solutions Lab (FinLab) AG, a German financial technology (fintech) developer announced recently that it has entered into a partnership agreement with Block.one, a Blockchain technology developer based in Cayman Islands, Cointelegraph auf Deutsch reported.
FinLab intends to give a fraction of the seed capital amounting to $1 billion funds for the development of the EOS.IO software that is operated by Block.one. EOS.OI is a decentralized application (DApps) developed on the Ethereum ERC20 standard tokens. It’s one of the latest developments in the blockchain and other cryptocurrency innovations that enhance the efficiency of the operations in the emerging markets.
According to JPMorgan Chase, FinLab focuses on developing products and services that meet the needs, wants, and requirements of the underserved clientele in the US market. The Lab is currently searching for fintech products that may enhance the provision of the financial health services. The firm has also launched a $3 million challenge where the applicants are given a chance to share their preferred products and service to help improve their company in serving the diversified market.
The winning teams are promised $250,000 funds and will also be enrolled in the mentorship program and other benefits from FinLab’s advisory council, IDEA.org, Google, and ideas42. Furthermore, the Lab’s founding partners including the Center for Financial Services Innovation (CFSI) and JPMorgan Chase will also support the winning teams. The program has enabled the organizations to reach numerous customers across the US.
According to John Thompson the Chief Program Officer at CFSI, the 26 companies that have participated in the program have enable the Lab to significantly increase the number of its customers to over 2.5 million who will greatly benefit from the improved financial health.
Meanwhile, Senjo Group, a fintech investor based in Singapore is currently searching for joint-investment opportunities with the existing venture capital companies. At the same time, the firm is also considering to reduce some of its portfolio companies. Senjo is a privately-owned business that was established in 2015 and it focuses on fintech.