HelloGold, Blockchain & the Accounting Profession 8 February 2018
Robin Lee Co-Founder, CEO Robin is the former CFO of the World Gold Council (WGC) where he was also the principal accounting officer for SPDR Gold Trust, the world s largest nongovernment gold fund, with US$30b+ in gold under management. He also worked with Industrial and Commerce Bank of China to introduce the US$6.5b gold savings program. Before the WGC, Robin was SVP of Finance for Millennium & Copthorne Hotels PLC, a consultant with Boston Consulting Group and Head of Research and Strategy at Securities Commission Malaysia. He is a chartered accountant by training and a graduate of Oxford University.
Audit opinion? Off balance sheet debt Inflated income by $500m Inflated assets by $11b Earnings misstated by $5b $3.9b accounting fraud Source: various
Expensive audit mistakes
Blockchain to the rescue TRUSTLESS State of the chain is arrived at by consensus and ensured by mathematics TRANSPARENCY Open SECURITY Irrevocable and tamper-resistant ROBUSTNESS Multiple copies on a distributed network SCALABILITY Simpler and cheaper architecture for expansion
About HelloGold and HelloGold Foundation Headquartered in Singapore and Malaysia Backed by TheFinLab, a joint venture between the United Overseas Bank Ltd (U11.SI) and Singapore Government s SGInnovate In partnership with Axiata Digital (6888.KL) and Aeon Credit Services (5139.KL) Named the world s first shariah-compliant gold platform Source: Finextra Winner of Cambridge Analytica s Most Innovative Islamic Retail Product Award in 2017 Selected for the TenXClub - Malaysia s 6 most scalable startups - by Malaysia s Ministry of Finance 12,000 approved customers Headquartered in Singapore Company limited by guarantee Set up by HelloGold for the purpose of accelerating the use of blockchain technology by the mass market Completed token sale in Oct 17 Sold $5m HelloGold tokens
Financial services platform for mass retail consumers in emerging markets to save, borrow and send real assets eg investment-grade gold
START WITH RM1
Why HelloGold Will Be Big 815 million $440 billion 500 million Total Number of Savers in Asia 1 Total Annual Savings Held in Cash 2 Total Number of People in Asia who could not borrow from Financial Institutions 1 1. ASEAN & China - World Bank Data 2. ASEAN & China - World Bank Data, Manulife Report on Asia
HelloGold Solves Three Key Problems Over-reliance on cash savings Lack of access to personal credit Traditional remittance is costly - 42% of household savings is in cash (1) - Cash savings yield less than 0.5% return (2) Diversify savings from cash to gold (1) Manulife on Asia (2) Malaysian example: various financial institutions (3) World Bank - Less than 20% of loans granted to individuals were from financial institutions (3) Access gold- - 15% - 25% costs for unsecured backed loans loans (2) - Average transaction cost of 5% - 10% assuming minimum transaction of US$200 Cost-free gold (3) remittance - Average settlement cycle of 2 5 days (3)
THE GAME HAS CHANGED
HelloGold Framework INTERNAL EXTERNAL Backend (Ruby on Rails) Blockchain (Ethereum) Agent (Go) 3 rd Parties API HelloGold App - Android - ios CWS Exchange Rates FOREX service Client Engine Cash in/out Database - KYC All financial transactions and account management Contract Agent Gold prices Banks Operations Panels - Customer service - KYC - Accounting - Customer financial data - HelloGold financial data - Fee calculation & charging Gold redemption Bullion Agent UN Consolidated Sanction List
Ethereum Blockchain Blockchain (Ethereum) Core features / functions CWS Financial Transactions Account Management Fee Calculation Client Engine All financial transactions and account management Contract Agent - Customer financial data - HelloGold financial data - Fee calculation & charging Private network Faster transaction speed Cheaper Role-based permission model Open read access via blockchain explorer
GOLDX An Introduction To The World s Gold Backed Token
DEMOCRATISATION
LIQUIDITY
NATIONAL DEVELOPMENT - FUNDING
Thank you! For more information, contact robin@hellogold.com