Platform technology specialist Yoni Avital founds new regulatory technology enterprise in Singapore
RegTech most certainly is the new FinTech. Building on Tradesmarter’s back end system, trading platform technologist Yoni Avital has launched Backpack.io today in Singapore
Tradesmarter Holdings, founded some time ago by Yoni Avital in Tel Aviv, has always stood apart from its peers in that its ethos has been on technlogical development rather than sales and marketing.
Today, building on that ethos, Mr. Avital has launched Backack.io in Singapore, which is a regulatory technology firm that has its roots in the proprietary back end system developed by Tradesmarter.
Speaking to FinanceFeeds during the summer of this year, Mr. Avital stated his intentions to move to Singapore and take his part in building further on the FinTech revolution that has taken place in the institutional technology and banking center for the Asia Pacific region.
While Tradesmarter provides its webtrader front end technology, Backpack will provide a complete back office solution for capital markets. The action by Tradesmarter to separate the two and manage them completely separately ensures a neutral platform and neutral industry.
“We believe tighter regulations will benefit the industry over time, for many companies those demands are a business killer, The technology utilized by Backpack has been built fully from bottom up to support our regulated companies over the years,” said Yoni Avital, Founder of Backpack and CEO of Tradesmarter Holdings. “Our multifaceted approach through our array of products, which include Backpack CRM, Backpack Reporting, Backpack Pay, Backpack Compliance, Backpack API Marketing, and Backpack BI, enables a turn-key solution for the financial industry.”
RegTech companies often use works like automation, and efficiency to discuss processes; however, this is approach only solves one piece of a larger puzzle if they truly want to improve and comply with the demand for tighter regulation. Additionally, these companies have spent huge amounts of money integrating everything from top to bottom with the belief that it will make everything faster, more effective, and more connected, but problems arise due to the integrated nature of any IT infrastructure. As such, Backpack connects all the parts by having one solid solution that was built to save cost and improve processes.
“Backpacks truly stands apart from other RegTech companies searching to achieve similar results,” continue Avital. “We’re looking forward to using our unique approach to continue to rise above our competition, and to merge and acquire several technologies within our space to become the strongest and leading company with the vast expertise and reputation, providing unparalleled service and solution.”