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FV Bank 2023 Q1 and Q2 Updates and Announcements - Blog

FV Bank – Updates: Q1 and Q2 2023 Explained

Leave a Comment / Banking, Custody, Leadership, News & Events /

2023 has been a year when the entire cryptosphere has been laser-focused on regulatory battles across the world, with new rules being crafted to govern this fast-growing industry. The last time we released our quarterly update, we observed the FTX exchange’s fall, followed by even more unfortunate events, including the banking collapse of Silicon Valley Bank, Signature Bank, and Silvergate Bank. These incidents raised concerns about the stability and risks associated with the digital asset industry. The contagion fears resulting from these events highlighted the need for robust regulatory frameworks and risk management practices. To prevent such debacles in the future, governments and regulators across the globe are working aggressively to introduce a comprehensive regulatory framework that will bring order to the markets and protect consumers. This move has sparked mixed reactions in the industry, with some calling it https://www.traditionrolex.com/20 “Operation Choke Point 2.0” while others see it as positively impacting the industry. It’s important to note that conclusions on either side may change as global crypto regulations become more transparent and consistent. FV on Compliance and Regulation In a recent interview with FinanceFeeds, CEO Miles emphasized the importance of compliance and regulation in the industry. He urged market participants to take a proactive approach to meet regulatory requirements, including Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. Paschini highlighted that compliance not only protects the company but also ensures the safety and trust of customers and the overall market. In addition to this, CRO Nitin shared his thoughts on MiCA (Markets in Crypto Act), Europe’s first comprehensive package of rules aimed at regulating the cryptocurrency industry. Nitin regarded MiCA as a good starting point, pointing out previous regulations in Europe, such as DLT licenses in Gibraltar, Estonia, and Lithuania. However, he emphasized that creating a comprehensive regulatory framework still requires further work and learning from these experiences. What we’ve been up to in 2023… Expanding Cross-Border Payments Service Despite the regulatory challenges, at FV, we remain committed to expanding our banking and payment solutions to meet the evolving needs of our customers. In line with this commitment, FV introduced a new Cross-Border Payments Service. This service enables FV account holders to make foreign currency payments in nine different local currencies, including Euro (EUR), British Pound Sterling (GBP), Canadian Dollar (CAD), Hong Kong Dollar (HKD), Singapore Dollar (SGD), Japanese Yen (JPY), South African Rand (ZAR), Brazilian Real (BRL), and Mexican Peso (MXN). Read more on our blog. Welcoming New Executives FV Bank welcomed two key executives to its leadership team. Frank J. Serra joined as the Chief Financial Officer (CFO), bringing valuable experience to support FV Bank’s expansion and service offerings. Luz Mabel del Valle assumed the role of Chief Risk Officer and Chief Compliance Officer, ensuring that risk management practices are implemented effectively as the bank expands its geographical reach. Participation in Global Events and Conferences The FV team continued its active involvement in prominent fintech and Web3 events & conferences worldwide. Our team represented FV at various industry gatherings, including Consensus by Coindesk and Bitcoin 2023 Miami. These events provided opportunities for insightful discussions, interviews, and networking within the digital asset and fintech communities. Consensus’ Coindesk, 2023 recap blog. Bitcoin 2023 Miami recap blog. Check our events gallery page for some snippets from the events we attended:  Interviews and Webinars Our leadership team has been actively participating in interviews and webinars to share their expertise and perspectives. These engagements allowed FV to contribute to the knowledge-sharing and collaborative efforts within the fintech and digital asset space. https://youtu.be/1dkko4SmQ6ohttps://youtu.be/rsQzuuJwaHohttps://youtu.be/7R7cl1Tvwbk What’s coming next at FV In Miami, our CEO Miles took the main stage of Bitcoin 2023 conference to unveil what’s coming next at FV: FV Bank VISA Debit Cards for Individuals and Corporates Institutionalization of the FVNet platform Introduction of Interest-Bearing Custody Accounts Watch this video from the Bitcoin Conference to listen to the complete announcement 🔽 https://youtu.be/wGYcT6L_gDc Stay tuned for more updates on our journey throughout 2023, and don’t forget to follow us on our social channels for breaking news!

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FV Bank is heading to BTC Miami 2023. Read the blog post for booth info and a promocode.

Meet FV Bank at Bitcoin 2023 in Miami!

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FV Bank is set to appear at the world’s largest annual Bitcoin celebration – Bitcoin 2023 in Miami! FV Bank is excited to be part of this important gathering as a bank that recognizes the unique banking requirements of fintech and blockchain businesses. The Bitcoin 2023 conference is designed to bring together industry leaders, activists, and enthusiasts to network, learn, and explore all Bitcoin offers. This year’s Bitcoin conference will feature 150+ speakers and showcase 2000+ companies. If you’re a fintech, blockchain, or digital asset-focused business looking for a dedicated USD bank account, meet us at the conference and explore our vertically-integrated suite of traditional banking and digital asset custody services. Stop by our booth 732 in the Miami Beach Convention Center. You can also pre-schedule a chat with us here: https://www.fvbank.us/meet-fvbank-at-consensus-2023. Catch us on the Main Stage at the Conference At the conference, FV Bank CEO Miles Paschini will feature in a panel discussion on “The FED vs The Financial System” on the Main Stage alongside Mark Connors, Caitlin Long, and Ram Ahluwalia, moderated by Dylan LeClair from Bitcoin Magazine. The discussion will provide an opportunity for Miles and the other panellists to share their expertise and insights on digital assets and banking with industry leaders and enthusiasts. In addition to the panel discussion, Miles will make an important FV Bank product announcement on the main stage. This announcement is highly anticipated and is sure to attract a lot of attention from conference attendees. FV Bank’s presence at the Bitcoin Miami 2023 conference clearly demonstrates our commitment to supporting the growth and development of the crypto and blockchain industries. We’re a Proud Sponsor of BTC Miami We’ll be sponsoring the Bitcoin Conference this year as well! And if you’re booking your conference passes, use our promo code “FVBANK” at the time of the purchase to receive 10% off your ticket purchase. See you in Miami The Countdown to BTC Miami is ON! Days Hours Minutes Seconds Join us! 📍 Miami Beach Convention Center, booth 732 🗓️ May 18 to 20, 2023 🎟️ Get Your Tickets and don’t forget to use promocode FVBANK for a discount

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Celebrating Women's History Month and International Women's Day at FV Bank

Celebrating Women’s History Month and International Women’s Day at FV Bank

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We’ve seen a lot of the preformative content that’s hit the web over the past few days and including today, International Women’s Day. The truth is, we can all do better. Supporting women and minorities is important to FV Bank, and we’d like to recognize the women who make FV Bank a better place. How is FV Bank making a difference? FV Bank is an equal opportunity employer with a leadership team that includes both men and women. We believe in all our people, so we offer flexible work arrangements to help balance family life, professional growth and commitment to the bank’s overall success. Meet the women of FV Bank Ada Casiano, Chief Compliance Officer With over seven years in compliance and banking regulation, Ada has brought her expertise to FV Bank to establish standards and ensure compliance with laws, regulatory requirements, policies, and procedures. She is skilled in statutes, risk management, banking, finance, legal research, and legal issues. Ada has held various compliance positions with financial institutions in New York and Connecticut, including but not limited to Regulatory Compliance Counsel and VP Compliance Officer, and has worked with banking regulators. Her professional background also includes working for Fairfield County Bank, McConnell Valdes, and the Office of the Governor of Puerto Rico. Ada has also worked as an attorney in the private and public sectors. Luiselle De La Rosa, Director of Operations​ Luiselle is an experienced Operations & Customer Service Manager with over 15 years of experience in the banking industry in all areas of operational processes, AML/KYC and sanctions program requirements. Her skill set includes credit analysis, international business, credit cards, sales management, and commercial banking. She has become an expert on Travel Rule requirements, SWIFT, ACH Payments, and both manual and online Federal Reserve Bank Wire Processes. A graduate of the Universidad InterAmericana Metro, Luiselle is highly oriented in all banking, compliance processes and policies. She holds certificates relating to cryptocurrency investigations, blockchain foundations and use cases, e-com regulatory compliance, and information classification and procedure, among others. Before joining FV Bank, Luiselle worked for leading financial organizations such as AndCapital Bank International Corp and Banco Popular de Puerto Rico. Esther Guttman, Head of Trust Services​ Esther is a seasoned executive with over 20 years of experience working with startups in the processing and financial services industry. She is highly experienced in building operations from the ground up while managing cross-functional teams across different geographies. Esther held a position as COO managing operations in ten different countries while participating with different players – including regulators – in the mobile payments ecosystems arena. Esther has joined FV Bank to operate as head contact and division manager for internal and external administration of the FV Bank Trust Division and preside over the product offering, implementation, safety and security of assets, asset servicing, and asset reporting. Carol Carrero, Senior Trust Officer​ Carol has over ten years of experience in traditional and digital banking. She has extensive knowledge in the administration and accounting of investment funds, custody matters, cash management, forecasting and banking regulations. She also has extensive knowledge of finance, SOX, PCI DSS audits, and managing digital banking solutions projects. As a multi-skilled treasury professional, Carol drives the development of new processes and infrastructure at FV Bank to support all aspects of Digital Asset Custody services across Trust functions. She leads the Trust Risk Assessment process to identify key risk indicators, build robust risk mitigation strategies, and design the control framework. Are you interested in being a part of change? Join the FV Bank Team! Here are some opportunities that might interest you.

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Make cross-border payments in EUR, GBP, SGD & more with FV Bank

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We are pleased to announce FV Bank’s cross-border foreign currency payments service for our U.S. and international customers. With this new offering, we enable our account holders to make frictionless international payments in seven currency options  –  EUR, GBP, CAD, HKD, SGD, ZAR and JPY, with more foreign currencies to be added in the coming weeks. The new payment facility creates a competitive advantage for our global clients, allowing them to transact internationally in seven different local currencies quickly, securely, and at lower cost through our market-leading competitive FX rates. This opens up new market opportunities for global merchants and customers needing to send or receive international payments to their vendors, consumers, friends, family, and other counterparties. Benefits to CASPs and Blockchain Companies When combined with our existing service of USDC stablecoin deposits, the cross-border payment service provides a new benefit to our clients operating in the digital asset industry for managing international payroll expenses, corporate expenses, payment service provider (PSP) conversions, and more. Clients can directly deposit USDC stablecoin into their FV bank account and have it instantly converted into U.S. dollars (USD) upon deposit. Customers can then send foreign currency cross-border payments in the currently supported seven currency options via the FV Bank platform. How does FV Bank integrate cross-border payments service We have integrated the cross-border payments service within our regulated and compliant banking and payments infrastructure. This means, similar to making USD payments via domestic and international wire transfers and the ACH network, account holders can now transfer money in seven different local currencies without the need to trade in foreign currencies, open additional accounts, or be forced to hold foreign currency balances. To execute a foreign currency payment request, simply choose from the seven available foreign currencies and provide the payment details of the beneficiary. This can be accomplished via the FV Bank portal or API. While processing the payment, you can confirm the FX rate in the payment dashboard, providing transparency and certainty. Check out our user guide to know more: https://www.fvbank.us/resources/fvbank-banking-payments.pdf “…Adding cross-border payment options to our suite of digital banking products provides our clients with increased efficiencies, convenience, cost-savings and reliability for their international payment processing requirements…. Miles Paschini, FV Bank CEO Tweet

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