Neurogine terminates relationship with Emas Fintech
The termination of relationship took effect December 4, 2020 following a two-week suspension. “We are a Business–to-Business technology service provider to FIs and corporations providing money broking services. This means we only serve corporates users, and not individuals,” said Neurogine Capital Chief Executive Officer Owen Chen. “Our money broking procedure on our Neurogine nTrade® is entirely self-served. Our clients exchange their default currency to another currency at their convenience. They present an incoming amount needed for the exchange and immediately receive the corresponding outgoing exchanged amount. The transaction takes only seconds to complete and this amount is then sent to their designated bank account. We do not provide fund management services.“
He said Neurogine Capital decided to terminate its relationship with EFI and cancel their access to Neurogine nTrade® after receiving unsatisfactory responses from EFI. “On record, EFI is our first user and our audit log has recorded EFI performing 3,743 transactions from May to November 2020 with their first transaction on May 6, 2020.”
”While we do not interfere with the operations and policies of our numerous clients, it has come to our attention that EFI has been abusing the use of our brand, logo without our permission and adopting business practices that can be constructed as misleading by guaranteeing extraordinary returns to their clients. Despite repeated reassurances from EFI, we have discovered they are still continuing this practice.”
He said EFI has also misrepresented Neurogine Capital is various manners, including depicting EFI as a partner to Neurogine Capital and that Neurogine Capital is managing EFI’s funds. “These statements are misleading. EFI is a customer of Neurogine Capital. We do not manage funds, do hold any equity in EFI and play no role whatsoever in EFI’s operations.“
”Our records show EFI’s last transactions amounted transferring USD303,961.18 to its designated bank account in USA and USDT1,634,683.35 to its designated eWallet, of which these transactions were acknowledged. ” he explained. “It is false for EFI to repeatedly accuse us of withholding their funds – or any funds - when our records show their funds have been successfully received by EFI and acknowledged. EFI’s clients have been misinformed by the posting of videos on social media that amounts were transferred and retained by Neurogine Capital."
“Our decision to closely examine EFI’s practices stemmed from alerts received from our regulator, Labuan Financial Services Authority (LFSA). Our Board of Directors, supported with advice from our legal counsel, Anton & Chen, failed to receive satisfactory responses from EFI.”
As next step, he said, “We will file a police report against EFI, the threats and postings on our social media accounts. We make it clear EFI would continue to indemnify Neurogine Capital from all losses and liabilities, be it current, future or prospective.”
He added, “Our Neurogine nTrade® is a highly secured platform and delivers price improvement with multi-pairing features. EFI has alleged it suffered losses due to a security breach in our platform. This is false. We are operating safely, securely and there has been no security breach.”
He said this episode with EFI serves as a learning point for Neurogine Capital, which operates in the jurisdiction of Labuan International Business and Financial Centre and licensed by its regulator, LFSA, to provide Labuan money broking services.
“Despite the Covid-19 pandemic in 2020, we are exploring ways to expand and provide our money broking services to FIs and corporations in North America, Europe and Central Asia. We are projecting an annual transaction volume growth of about three times compared in 2021 compared with 2020. Our prospects are bright and we look forward to an exciting 2021.”
Neurogine Capital (L) Ltd (LL15607)
A: Office 2, Room 5, City Cubicles Centre 1, Lot 17, 1st Floor, U0404 Jalan Bunga Dahlia, 87000 Labuan, Malaysia
HQ: B-3A-16, Block Bougainvillea, 10 Boulevard, PJU 6A, Sprint Highway, 47400 Petaling Jaya, Selangor, Malaysia.
Owen Chen, Chief Executive Officer
About Neurogine Capital (L) Ltd
Neurogine Capital (L) Ltd is a techfin, a fully owned subsidiary and part of Neurogine Group, which developed and operating Neurogine nTrade(R), an AI-driven, self-served money broking platform with multi-pairing and multi-routing features. Neurogine Capital is licensed by Labuan Financial Services Authority (LFSA) to operate a Labuan money brokering services (License No: MB/19/0033) since 2019. LFSA is the Malaysian statutory body, responsible for the development and administration of Labuan International Business and Financial Centre.
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