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LABUAN, Dec 17 -- Neurogine Capital (L) Ltd, the developer and operator of Neurogine nTrade®, a money broking and trading platform serving financial institutions (FIs) and corporations, has terminated a relationship with Manila-based Emas Fintech Inc. (EFI).
Chief executive officer Owen Chen, in a statement, said a police report has been made against EFI and Neurogine Capital is now in the midst of working with its legal counsels in filing a civil suit against EFI for, amongst others, fraud, slander and the abuse of its brand, logo and technology, known as Neurogine nTrade®.
He said said the incident would not dampen the growth of Neurogine Capital, which operates in the jurisdiction of Labuan International Business and Financial Centre (Labuan IBFC) and licensed by its regulator, Labuan Financial Services Authority (Labuan FSA), to provide Labuan money broking services.
Neurogine Capital is represented by the firm of Messrs Anton and Chen.
Neurogine Capital’s lead counsel Alex Anton Netto said much unverified news were circulating on various media platforms aimed at discrediting the goodwill and good standing of Neurogine Capital on account of its dealings with EFI.
“We seek not to say much on this topic save and except that our client is currently fully cooperating with the relevant authorities and will, in the very near future, be instituting a civil action which is well within the rights of Neurogine Capital.
“We urge all inflammatory and unverified information about Neurogine Capital to cease immediately as such action could likely bring about other legal ramifications,” he said.
He said details of EFI’s nature of relationship with Neurogine Capital, transaction details from May 2020 to November 2020, digital wallet address and other information could not be publicly revealed due to a confidentiality clause between both parties, which Neurogine Capital continues to uphold.
“The procedure on Neurogine nTrade® is based on a self-served concept where users log in, enquire about the most favourable exchange rates of one currency to be exchanged into another currency at their convenience and execute the transaction, which takes seconds to complete.
“The exchanged amount is then transferred to the user’s designated account,” he said.
The termination of relationship took effect on the Dec 4, 2020 following a two-week suspension upon its discovery of alleged several transactional discrepancies.
“We refute all claims made by EFI chief executive officer Jason Kellady in his videos on social media platforms recently, where he blamed the disappearance of EFI’s US$30 million due to an alleged security breach on Neurogine nTrade® and will rightly address the same through the relevant legal platforms,” Netto said.
Neurogine nTrade® is a highly secured platform and delivers price improvement with multi-pairing features.
Neurogine Capital is a start-up techfin providing a business–to-business technology service, branded as Neurogine nTrade®, to Financial Institutions (FIs) and corporations for money broking activities.
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