FUSANG VAULT LAUNCHES ASIA'S DIGITAL CUSTODY PLATFORM
HONG KONG / LABUAN / SINGAPORE, 2 APRIL 2019 — Asian institutional investors now have an opportunity to participate in the digital asset industry with the launch of the Fusang Vault, which offers custody and digital asset services. Having been in beta since the start of the year with an invitation-only group of institutional investors, the platform is now ready for investors across Asia.
“As more and more stories of the mismanagement of digital assets come to light, a conversation around digital asset custody becomes essential,” said Henry Chong, Chief Executive Officer of Fusang. “There are serious security risks that are often overlooked, but these are similar to the security risks our clients face even with traditional assets. We approach digital asset custody from a financial and operational point of view, not just a technological one.”
Working together with the Portcullis Group, an affiliated financial services group, Fusang leverages over 30 years’ experience in the institutional custody and trustee space. By applying this knowledge and experience to the digital asset industry, Fusang will bring best practices from mainstream financial services that will enable the digital asset industry to flourish.
“We want asset owners and managers to focus their resources on investment management, not administrative activities,” continued Chong. “We approached our solution by considering three main roles: the technology of our platform and its security, the need for our platform to be customised to our clients’ processes, and the role that Fusang will play to ensure we do our job as custodian as efficiently as possible.”
The Fusang Vault platform was designed to minimise human error, relying on customised processes and automation. Private keys are generated offline, split up using advanced cryptography, and then placed in various geographical locations. This ensures that no individual has direct access to clients’ private keys, including any Fusang staff. In addition, real-time backup of data and private keys ensures a further level of security and peace of mind.
For client onboarding, a two-stage process has been developed. Firstly, Fusang Vault clients undergo KYC/AML checks before any account is created. Secondly, approved individuals are included in the system based on user roles, with access to wallets and transaction flows customised to each account based on processes established during onboarding.
With its highly customisable platform, Fusang Vault allows clients to set policies in accordance with their internal signatory and authorisation processes. Once the policies have been established on the platform, clients are able to make transactions within set parameters at any time of day, without having to wait hours for cumbersome manual processes.
The Fusang Vault platform has undergone Vulnerability Assessment and Penetration Testing (VAPT), following OWASP Top 10 2017/OWASP Testing Guide v4 by third-party independent auditors.
“Fusang Vault demonstrates our commitment to creating financial infrastructure for the digital asset economy,” said Chong. “Combined with our other initiatives, we will be able to provide a comprehensive platform for institutional investors to invest safely and securely in digital assets across Asia.”
ABOUT FUSANG GROUP
Fusang Group was established in 2015 and is dedicated to providing Asian markets with institutional financial infrastructure for the digital asset economy. With offices in Hong Kong, Malaysia, and Singapore, the team works to fulfill its mission of serving investors in a secure, compliant and convenient way.
ABOUT FUSANG VAULT PTE. LTD.
Fusang Vault Pte. Ltd., a subsidiary of the Fusang Group, offers institutions and accredited investors a proprietary digital custody solution. Leveraging over 30 years’ experience in the institutional custody and trustee space, Fusang Vault is your professional asset servicing partner. For more information, visit https://www.fusang.co/vault.
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