Make your own bank! PAUL ORFORD Exclusive interview with Zoran Radovanovic Founder and CEO of Breinrock
Zoran Radovanovic has forged an enviable career in banking, and has now gone one step further by launching his own Canadian regulated EMI, under his well respected brand Breinrock. Being a well renowned innovator, Breinrock have designed a solution that can revolutionise the way that your brand navigates its banking needs with ease. Meaning no more multi bank accounts and offshore challenges which can often leads to a huge amount of frustration, and many needless challenges to your brand. By becoming a white label of the Breinrock brand, this solves all your problems and increases your brand’s credibility in the eyes of your clients. Most brokerages only dream of becoming a bank with all the kudos that comes with it. However, what if you could make your brand into a banking institution relatively easily, and at a cost cheaper than when you set up your MT4 based brokerage all those years ago? GC spoke with Zoran to find out more... Q Can you tell us more about the new product from Breinrock? We designed this product based upon my past experiences of working with brokerages as they are facing huge challenges now.on the banking front. To have any chance of success in the modern FX brokerage world, you will need to hold multiple licenses, such as Cyprus,Seychelles or wherever. They sadly are caught in a tough position, as they need these licenses to drive revenue. However. they face huge obstacles with the banks when they look to use their facilities. It is incredibly rare that they will accept all of the offshore licenses that a brand operates under. More often than not, they will tell you that they can onboard your Cyprus entity but not your offshore entity.So this creates for you a number of operational challenges which are an ongoing and frustrating process of opening and closing of accounts.
GAME CHANGERS Issue #32
Based upon this, we designed a product where the purchaser of the whte label can go live in three weeks of the contract being signed. This means that the brokerage will receive their own branded payment platform, along with the Canadian license that Breinrock operates under. So how does this apply for your brand. If you have faced all the challenges that we just outlined, which 99% of successful brokerages have. This means that all the offshore brands of your brokerage can be the clients of your white label, solving all of your banking solutions in just a couple of weeks. So for example let’s use Game Changers. We could create GC PAY where GC FX has licenses in say Cyprus and all the other offshore jurisdictions. You will centralise all the payments for all of your brands. Moreover, it makes it so much easier as an organisation and from an operational perspective for all your brands. Further to this, you will also see a huge reduction in costs by having just one cost of settlement, and having all of your payments held in one central location. Q One huge advantage you have over other EMI’s is the Breintock banking relationships that you have generated over the years. Why is this key to any viable EMI? This is extremely important for the brokerage, especially for their clients where they cannot ask them to send their funds to a bank in a third world country. It is not a good look. Where we are privileged to be regulated in Canada, we are obliged to hold our accounts and client funds in the banks with the same credit rating. So for example, where we are Canadian regulated we can hold the money in banks in the United States, UK, Australia or Europe. Most of our accounts are in the UK and New York, such as Coutts or Bank of America. Moreover, we do a large number of Japanese Yen settlements which are carried out by Credit Suisse. One piece of advice i would give is,If you are looking to use an EMI always check where possible to
