+65 6745 5280 | enquiry@invictus.sg

Follow Us On



Utility token developed for Procure2Pay Making Blockchain Real for Business. Finote assists in addressing the financing issues between buyers and sellers.


  • Facilitates better data control, transparency and enhanced security against fraud empower trust and smooth payment.
  • 24/7 access real-time transactions.
  • Cross border transaction with low remittance fees.
  • Enables businesses to stay competitive and reduce bottlenecks.


  • Greater adoption of Procure2Pay will drive demand, use and value of Finote.
  • SME Buyer received a loan of ‘X’ amount from a 3rd Party Liquidity Provider to purchase supplies, After ‘Y’ days, Buyer repays Liquidity Provider ‘X’ amount + interest + transaction fees. Over time, demand for Finote will far exceed the supply as the volume of transactions increase.”
  • Regional Expansion
    • Phase 1, 4 countries: Singapore, Thailand, Indonesia and India.
    • Phase 2 across APAC -- additional territories JV/LPs must buy Finote from Exchanges.

Why would anyone want to subscribe to our ICO and keep Finote ?

The answer lies in stimulating the demand from increased usage of Finote in Procure 2Pay, making it more attractive to own Finote, as explained in pointers below:
1. There is a hard cap of 990,000,000 Finote when US$50m is raised.
2. Assuming that US$50m has been raised, this must be the minimum value of transactions that we must target to transact every month if we are to be considered successful.
3. Assuming 8,000 SMEs transact 10 times a day for 25 working days per month of an average value of US$50, we will achieve our target minimum value of transactions as per above in point 2. This is not an impossible target to achieve in a steady / equilibrium state.
4. If we assume that each SME would have an average of 10 transactions daily, we will need to have at least 500 of them on board, again, not an impossible target to achieve. Even if the average number of transactions per SME is half, we will need 1000 of them, again a target that can be easily achieved.
5. When the transaction volume exceeds US$50m, there would not be enough to support the daily transactions. The only way for the limited supply of  to support the increase in the value of the transactions is in the appreciation of the value of each Finote in tandem with
the increase in the volume and value of the transactions, as determined by the market forces of demand and supply ( which will always be limited because of the hard cap ).
Our goal for investors must be to increase the demand for the utility tokens, and the only way to achieve this is to offer more services on our P2P / Smart Contract platform. Other than services, we must on board as many SMEs as possible. Tapping South East Asian markets, e.g., focusing on key markets such as Thailand should provide us with sufficient traction to achieve this.

The idea is nothing new. How is your solution different or better than other factoring or invoice financing solutions?

Invoice Factoring or PO Financing itself is not new. What is unique is performing the credit risk assessment by tracking the chain of contracts and its status from the main project initiator, to the downstream suppliers and the SME requesting for financing, using Blockchain Smart Contract.
Financing can be provided based on the project itself and not based primarily on the SME Contractors’ financials. This is especially so in Singapore, where as many as 4-5 levels of subcontracts are involved. This anchor for financing does not rely solely on the SMEs’ relation with their purchasers or with banks that often limit the abilities for SMEs to secure financing. Transparency from Blockchain technology promotes trust, which should result in lower risks, and hence lower costs/fees/haircuts.  There is a better assurance that they do have abilities to pay off loans that are being requested, especially in Project and PO financing.  No other company is offering the same solution. Press releases regarding our partnership with IBM on Blockchain Smart Contract have generated a lot of interest among financial institutions (FI) and Fintech companies.

Please explain clearly the technical solution provided by Blockchain Smart Contract.

The plan is to use a private, permissioned Blockchain, as shown below:

Traditionally, financing decisions are based solely on the immediate SME as the borrowers for project financing. The ultimate goal of Blockchain Smart Contract is to take the chronic pain out of the last mile of a transaction by opening up more access to financing by  3rd Party Liquidity Providers, to complement banks, even at the PO stage rather than at the time of invoicing or at any stage of a transaction. Our proposal is unique for the following reasons:
-       Front-end will be the INVICTUS Procure2Pay platform that captures all transactions
-       Blockchain provides secure and documented transactions
-       Smart Contract bundles the financing into the transactions
-       The Anchor is the project initiator (who is likely to be a larger organization)
-       The Borrower is the SME
-       Reliance solely or primarily on the SME itself is not required.
The Blockchain Payment Schematic Flow is as follows:

By anchoring onto the project initiator and having greater visibility on the contractual obligations, from the project initiator down to the SME, that is requesting the financing, 3 rd Party Liquidity Providers would be in a better position to assess the credit risk of financing the project.  Often this is critical in project financing, which frequently is difficult for the SME to secure. It also takes too long and is expensive.

The Blockchain wireframe diagrams for the supplier, customer and financial institution would mean the platform maintaining a continuously growing list of blocks, secured from tampering and revisions, with each block time-stamped and linked to a previously secured transaction.

The transactions will be resistant to modifications or alterations unilaterally and/or retroactively, thereby tracking all change orders, maintaining security and transparency to all parties involved.

Using the Blockchain distributed server, trust and security can be achieved, especially in multiple parties and multiple layers of transactions. All transactions are "open, distributed and verified” across all parties and every step is traceable and verifiable in a permanent way.

In partnership with IBM, we aim to transform this and scale it further into a Global Blockchain.

How does the liquidity provider assess the creditworthiness of the project that the SME is doing for its customer? If this is left unhinged, there is no way liquidity providers will step in and start paying the bills of the SME without any collateral.

The creditworthiness of the project is determined by the bank and liquidity provider, working within existing banking and financing guidelines, looking at the following factors:

-       Project Initiator, SME Contractors, track record and financials.
-       The Project and contracts involved.
-       The upstream purchasers and project initiators.

Once credit assessments have been done by the banks/liquidity providers, the Blockchain provides a secure and documented platform for transactions.  Blockchain does not solve simple payments currently. Payment can now be made using existing payment mechanism with Blockchain Smart Contract providing the secure and documented platform.  There will be risks but they can be mitigated by Blockchain technology. This is the disruption offered by our Blockchain Smart Contract.

How will fees be collected to provide the credit facility? Will it be better than a term loan and how are these rates kept in line with the risk taken?

A term loan is not recommended, as it:
-       Encourages unnecessary and/or excessive spending with minimal control.
-       Adds to business costs.
-       Increases companies’ liabilities.
-       At the bottom of the chain, when the SME need the project financing, they may not get the liquidity they need.

The collections will be based on the existing systems of the banks and the 3rd Party Liquidity Providers. We do not expect changes. Blockchain does not provide rates, which is left to all the parties.
By enabling trust and secured transactions, by anchoring on the most secured asset and by achieving transparency with Blockchain Smart Contract on INVICTUS Procure2Pay, the risks will be lowered. Banks and 3rd Party Liquidity Providers can provide financing in a more secure, safe and transparent manner. This will shorten the processing time, reduce costs, reduce risks, enhance transparency that will result in:
-       Opening access to SME financing at all stages of the project.
-       Reducing financing costs.

Doesn’t the proposal fall short in convincing that the proposed solution is going to create trust among the players?

The Blockchain enables trust among multi-party transactions through transparent orchestration and provides an immutable, distributed, shared ledger of records. It will also attract more purchasers and suppliers and increase the target clients' base for the banks and the liquidity providers.

Who will pay for the costs of the platform and who will pay for credit loss/leakage?

The platform is not free but will cost INVICTUS a capital investment of more than $400,000 to develop and to roll out secured transactions and financings.  Open source encourages wider adoption of innovations in the Blockchain, much like the “WhatsApp” of Blockchain applications.

As this is a 4-node Blockchain, INVICTUS will charge licensing and subscription fees to all users, with co-financing fees.
The revenues can be derived from:
-       Sign-up Fees for our e-Procurement software
-       Maintenance Fee
-       Transaction Fees for our Blockchain Smart Contract
-       Interests sharing with 3rd Party Liquidity Providers for PO/Invoice Financing loans
        (small margin)
-       Commissions for usage of e-Logistics service from 3rd Party Logistics Companies
-       Customization Fees, if needed
-       Commission/Professional Fees
-       Advertising Fees
-       Insurance commissions

It will be hosted on IBM Bluemix and on IBM mainframe for auto and real resource configurations, as the number of users and transaction increases.

What are the fundamental issues that Procure2Pay will address and how the technology used will address these issues?

The proposed solution provides a framework for banks/liquidity providers to assess risks based on their insights into the upstream project information. It does not rely only on assessing the risks of the POs to the SME. The contract documents and associated transactions across the entire value chain from the project initiator to the downstream suppliers and the SME are recorded as transactions on the Blockchain.

With this, the Third Party Liquidity Providers will be able to improve their abilities to assess the risks for the project, as they would now have greater and faster insights on the progress and status of the main project in almost real time. The Blockchain is not mere infrastructure components here. Procure2Pay aims to enable the creation and presence of a trusted business network among suppliers, purchasers and liquidity providers.

It leverages existing payment mechanisms rather than to just create digital cash/currency. We are modelling the Procure2Pay related documents as assets on a private and permission Blockchain. We hope this will be the killer app to take the chronic pain out of the last mile of a transaction, which till today remains unsolved, in so far as financing is concerned.
The focus of the Procure2Pay is to provide greater transparency on the contracts among the chain of suppliers and buyers in the entire value chain, to facilitate financings for SMEs. The approach is to provide collectively defined memberships and authorized access rights within the business network with known parties in a private, permission Blockchain. The plan is to leverage a Byzantine Fault Tolerant algorithm to guard against malicious peers.

The new Blockchain Smart Contract Processes will:
-      Reduce transaction time from weeks/months to almost real time.
-      Reduce overhead costs and duplicate checks.
-      Reduce the risk of frauds, events, tampering etc. for secured financing.
-      Enable greater transparency, as all authorized users can view the transactions involved.
-     Increase trust and purchasing capacity of SMEs through shared processes and documented records, at each stage of transactions.