Billon Group Wins BakerADVANCE Award Under Global Fintech Hackcelerator Programme Of Singapore FinTech Festival.
Legal News & Analysis - Asia Pacific - Singapore
4 December, 2018
Billon Group Ltd ("Billon") has won the BakerADVANCE Award, under the Global FinTech Hackcelerator Programme. Spearheaded by global law firm Baker McKenzie, the BakerADVANCE Award entitles Billon to a complimentary global business mentorship programme with Baker McKenzie lawyers worth USD 30,000.
As part of the BakerADVANCE Award, Billon will have the unique opportunity to consult and gain the insights and tailored recommendations of Baker McKenzie lawyers specializing in FinTech globally as aligned to Billon's overall goals. Billon will be meeting Baker McKenzie lawyers at a bespoke face-to-face workshop at one of the global law firm's offices.
Baker McKenzie is one of the leading global legal services providers to FinTech companies, and is focused on helping start-ups and fast growth companies meet the multitude of legal requirements that these entities typically encounter when they move into new markets. As such, Baker McKenzie has designed the BakerADVANCE legal services package to provide support for start-ups and fast growth companies as they seek to make their mark in the FinTech industry.
Billon is one of the three winners of the Global FinTech Hackcelerator at this year's Singapore FinTech Festival. It was awarded for its zero-cost transaction distributed ledger technology platform, which opens the $3 trillion micropayments market to financial institutions. Billon's technology encodes national currencies via blockchain. The system is composed of blockchain nodes, where each node is essentially an application installed on an end-user device (smartphone, tablet, computer, server) and each new user brings its own device, which adds processing power to the system as a whole. Currency, thanks to blockchain, gets transferred peer to peer with no third party intervention, no intermediaries, hence flowing at zero cost. Consequently, the systems scales without any incremental transaction costs, and recent tests proved the ability to process over 160 million payment transactions per day.
The other two winners of the Global FinTech Hackcelerator are BetterTradeOff and Mosabi. The two companies, together with Billon, were selected out of 20 ‘Hackcelerator’ finalists during the third Singapore FinTech Festival, which saw an impressive field of highly innovative fintech companies that are distinguishing themselves in the financial services sector and beyond.