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December 3, 2018
4 min read
(Warsaw / London, December 3, 2018) Billon Group 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 Billion, 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.
Stephanie Magnus, Head of Financial Institutions, Asia Pacific, Baker McKenzie, commented: "We are delighted to present the BakerADVANCE Award to Billon. In the fast evolving FinTech landscape, Billon punches above its weight in providing exceptionally innovative solutions to provide their customers with improved security, cost savings, and an enhanced user experience. As a premier FinTech legal practice, we are delighted to share our expertise and support Billon in continuing to achieve greater heights to provide inclusive financial solutions."
Michal Pakuła, MD, Business Delivery & Financial Infrastructure, Billon, commented: "We are thrilled to start working with one of the most reputable law firms worldwide. Baker McKenzie will provide invaluable advice on legal and regulatory issues in various jurisdictions – something indispensable to Billon as we expand to new markets in 2019. I am certain this will foster the growth of our business as providers of the unique blockchain technology: regulated and ready for the mass market use."
About Baker McKenzie
Baker McKenzie helps clients overcome the challenges of competing in the global economy. We solve complex legal problems across borders and practice areas. Our unique culture, developed over 65 years, enables our 13,000 people to understand local markets and navigate multiple jurisdictions, working together as trusted colleagues and friends to instil confidence in our clients. (www.bakermckenzie.com)
About Baker McKenzie Wong & Leow
Baker McKenzie Wong & Leow is a joint law venture between Baker McKenzie International and Wong & Leow LLC, a Singapore law firm. This enables us to advise on both domestic and cross-border issues. Through Wong & Leow LLC, the firm has full rights of audience before the Singapore courts and can therefore also assist with any contentious issues that clients may be facing. Our team includes locally admitted and internationally qualified lawyers who mix local know-how with a global outlook, placing us in an excellent position to provide multinational, regional or domestic advice that is strategic and commercial. Any contentious work is carried out by Singapore qualified lawyers employed by Wong & Leow LLC. (www.bakermckenzie.com/Singapore)
Billon was founded with the vision to civilize blockchain so that each business and their every customer can benefit from the improved security, cost, and user experience. The unique distributed ledger architecture relies on national currencies and stores money, documents and identity directly on-chain, fully protected by the power of blockchain. Billon works with clients through modular building blocks that already enabled solutions such as trusted document management, content monetisation and corporate motivation. Founded in 2012, Billon is an FCA registered eMoney institution with a global team across its offices in the UK and Poland.
For more information, visit www.billongroup.com