LeapRate Exclusive… LeapRate has learned that Binary Options platform provider TradeSmarter is spinning off a new RegTech company called Backpack. Based in Singapore, Backpack will provide turnkey back office solutions for brokers.
Yoni Avital, TradeSmarter
While Tradesmarter provides its webtrader front end technology, Backpack will provide a complete back office solution for capital markets. The decision by TradeSmarter to separate the two and manage them completely separately ensures a neutral platform and neutral industry.
Yoni Avital, founder of Backpack and CEO of Tradesmarter Holdings told LeapRate:
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. 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.
According to Mr. Avital,
Backpacks truly stands apart from other RegTech companies searching to achieve similar results. 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.