Development Progress Update #1

Flac Finance
2 min readAug 14, 2022

Hello Flacers! While the FLAC ISPO is in progress, we wanted to provide some updates on what the team had been up to the last month. The goal for this quarter is to reach out to local exchanges, and banks to form MOUs and work towards integration as the platform development progresses.

⏳ Bank Partnerships

We have been in talks with some of the banks for potential partnerships, many of which work friendly with the crypto businesses in India, mostly exchanges. Though this is a lengthy process as we understand, the goal is to start reaching out at this time meanwhile we continue to build the platform. We do not have any concrete good news at this time, and we will announce any details as soon as we can.

✅ Platform Architecture Review Complete

While the team with their experience is already building the platform components, we just completed a third-party architecture review by the IT industry veterans and professionals who work with banks. It is necessary to make sure we build the platform correctly right from the foundation, which involves important criteria such as,

✓ Security

✓ Scalability

✓ Asset Auditability

⏳ Crypto Deposits and Withdrawl (review in progress)

✓ Modularity

✓ Transaction Finality (Flac-to-Flac)

Flac Finance platform is being built to be available in 2 different user interfaces, a web-based application for users on laptops/computers and a mobile application for on-the-go use and for payments. With that, the technologies to be used for building the applications are also finalised and already in the building.

Web Platform — Vue.js, Rest APIs, JWT Secure Auth

Mobile App — Flutter by Google (iOS, Android), Rest APIs, JWT Secure Auth

The backend system is made of the microservices architecture, you can read more about the Flac architecture and different components in detail in the whitepaper,

We are looking forward to sharing more updates on project development as we progress.