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    • Legatus

    Legatus: Driving Epayment Innovation For Cryptocurrencies

    CEO,Kevin Pang, LegatusKevin Pang, CEO
    As part of the initiative to fend off the COVID-19 virus, governments and central banks worldwide have begun to focus on contactless payment practices aggressively. This trend indicates a large-scale shift toward more digitally adept banking ecosystems, which also bodes well for the modern consumer who prefers to conduct all their transactions online. However, aside from the challenges of replacing legacy systems during an institution’s digitalization journey, regulatory compliance also plays a massive role in determining how quickly and effectively new payment processes can be implemented; Especially for companies whose business models involve many digital and cryptocurrency assets. According to Kevin Pang, an experienced IT and telecommunications professional, a strong majority of such enterprises find it difficult to adhere to various financial regulations, which leaves them liable to several legal roadblocks that inevitably hinder their progress. Moreover, legalities aside, epayment solutions to manage currency conversions from crypto-to-fiat and vice versa are not readily accessible and require significant subject matter expertise to execute effectively. Fortunately for companies facing such challenges, Legatus, a payment services network provider, has successfully devised the necessary solutions and practices to tackle this new-age problem and deliver profitable results for all parties involved.

    “Most organizations are not operating in properly regulated spaces, making it difficult for banks to conduct operations without fear of risks and criminal activities like money laundering,” expresses Kevin, who is also the CEO of Legatus. And the constantly changing nature of the policies around blockchain and cryptocurrency technologies in each country further complicates payment management.At this juncture, with its crypto-to-fiat and fiat-to-crypto settlement platform and proprietary digital wallet, Legatus empowers its clients to conduct fully-compliant digital transactions. “We help companies and exchanges better collaborate with integrated APIs for various cryptocurrencies,” adds Kevin.

    We are not disruptors but rather enablers for the adoption of fintech innovation

    Legatus leverages cryptocurrencies like Stablecoins and fiat currencies like central bank digital currency as a form of settlement, which is an extremely speedy process due to blockchain technology. When a client makes a payment, for instance, in fiat currency, Kevin and his team, in accordance to all legalities, quickly work toward converting the money into cryptocurrency by purchasing it. They then send the amount to another country, where the settlement is actually completed, the currency is reverted into fiat, and the client’s bank records the transaction. Additionally, Legatus attempts to carry out the conversion with minimal fees to its client in order to make this system of cross-border crypto settlements a thoroughly viable option.

    Kevin provides some insight into how Japan’s tax rates affect the exchange rates of cryptocurrencies like bitcoin. “The country taxes on capital gains, and if someone intends to sell Bitcoins, they can expect to be taxed up to 50 percent of the amount in question,” he says. By employing the Legatus’ solutions, however, clients experience a nearly tax-free transaction. This is possible due to the company’s extensive economic expertise and where it is headquartered: Singapore. Owing to the country’s taxing policies, it becomes the perfect location to carry out such an operation, further bolstering Legatus’ ability to drive profitable change within the fintech landscape today.

    With such capabilities and regulatory knowledge to support companies all over the world, Legatus is leading the epayment movement in the APAC region. “Everyone says they are disruptors and want to make as many changes as possible. But we do not see ourselves as such. We believe we are enablers and want to help banks and other B2B2C firms overcome all their payment challenges,” states Kevin. Moving forward, the company intends to expand its business into Japan, South Korea, Taiwan, and the UK. Legatus will further continue to incorporate technologies that go beyond payments and seeks to provide a holsitic monetary experience to its clients on a global scale for the years to come.

    Legatus Global, a Singapore Fintech Association Certified Fintech Company, was listed as a recognised blockchain company in the Singapore Blockchain Landscape 2020, by IMDA (Infocomm Media Development Authority of Singapore), and also a successful company onboarded on the DBS Bank Unleashed program, meant for startups with potential to be the next unicorn.

    Kevin Pang, Chairman of SGTECH Blockchain Committee (semi-govt association), Board member of Blockchain Association of Singapore, Board member of Global Impact Fintech Foundation.
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    Legatus Info

    Company
    Legatus

    Headquarters
    Singapore, Singapore

    Management
    Kevin Pang, CEO

    Description
    Legatus, a payment services network provider, has successfully devised the necessary solutions and practices to tackle this new-age problem and deliver profitable results for all parties involved. With its crypto-to-fiat and fiat-to-crypto settlement platform and proprietary digital wallet, Legatus empowers its clients to conduct fully-compliant digital transactions. The company helps businesses and exchanges better collaborate with integrated APIs for various cryptocurrencies. Legatus leverages cryptocurrencies like Stablecoins and fiat currencies like central bank digital currency as a form of settlement, which is an extremely speedy process due to blockchain technology

    2020

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