If we go all the way back, I was a Lieutenant in the Australian Army Reserve both during and after earning my degree in Electrical and Computer Systems Engineering, Computer Science at Monash University in Melbourne. I was then an IBM big blue man for just over ten years before embarking on my entrepreneurial journey.
With my brother Paul, we founded Paritech in 1998. Paritech focusses on developing market data and platforms for financial markets. The company’s technology has underpinned all of my enterprises since — including MDX. Our first project was building a market data and platform for , Australia’s largest Stockbroker. Following this, we founded D2MX, an independent Australian direct execution stockbroking firm, which went on to trade over $700 million of assets per month. Next, we launched Bespoke Portfolio, a dealer group focusing on and Robo Advice (using technology to drive wealth management).
However, what I’m best known for in the global financial community is founding OpenMarkets, Australia’s largest independent platform by volume of over AU $50 billion per year. OpenMarkets, an execution-only firm focussed on the wholesale, active trader space using state of the art API technology. We opened our doors in 2013 and helped transform the Australian stockbroking industry over the past five years.
It’s the natural progression of my two abiding interests — financial markets and ground-breaking technology.
During my time at IBM, I was investing, backtesting and analysing shares during my downtime. This was an interest and passion which led me to found Paritech as I’d become frustrated with the expense and inefficiencies of the options available to me at the time.
I was intrigued by and became an early investor, but it was the underlying technology that got me really excited; I realised the potential innovation that could bring to the securities market. Paritech began building the underlying technology to drive a security exchange back in 2017. We were excited by the disruptive possibilities that the ’s immutability, decentralisation, and smart contracts could bring to capital markets. This then led to the founding of MDX which I’ll talk more about next.
What led you to start the Malta Digital Exchange, and why exactly this kind of company?
In a nutshell, it was the prospect of taking a brand-new technology and using it to apply a blow-torch to an old world system. I’ve been entrenched in the financial markets for a long time and it seemed to me that the frustrations, inefficiencies and inflated cost structures could be remediated by using . But no-one was doing it so I saw a huge early mover opportunity to take all the things we learned from a highly regulated, 50-billion-dollar stockbroking firm and apply the same knowledge and structures and distribution with a much more efficient technology stack. I knew we could make it cheaper, easier and faster to raise capital in a decentralized world. I’m a builder and disruptor at heart and there’s nothing better than taking a blank sheet of paper and reimagining a business from scratch to make it better.
And what’s the overall vision for the company?
We aim to be the most significant crypto and security players in the world. On the crypto side, we’ll be working in regulated markets to make simpler and more accessible in order to drive the acceptance and growth of crypto as a valid asset class. On the security side, our strategy will be to drive the global implementation of security exchanges in regulated markets around the world to help companies raise money in a cost-effective and leverage decentralised capital around the world.
What has been the biggest challenges since you started your company?
Unquestionably the dynamics around regulatory frameworks globally. We’re working hand-in-hand with regulators around the world but is a steep learning curve as it’s a new asset class with some legacy issues and forward-thinking innovative concepts to grapple with. It’s intellectually rewarding as there’s no cut and pastes thinking around it — but this can also mean slow progress when it comes to ensuring that it implemented correctly and clients aren’t disadvantaged.
What has been your greatest achievement personally, and with the company? Try to separate the two.
Company wise, I’m incredibly proud of the strong team that we’ve built (and continue to build). We’ve got one of the best teams in the industry that incorporates technology, regulatory and financial experts — and we’re now being recognised as thought leaders by the international entities and enterprises that are beginning to seek our advice and partnership.
As readers will know, the and crypto industry has been variously over-hyped and maligned so we’re conscious of providing insightful, informed and evidence-based solutions and consulting. But given the potential has to shift the ways global economies work, what we’re doing could genuinely help to change the world when it comes to financial markets.
As a serial entrepreneur who believes passionately in what we’re doing, it’s actually pretty hard to separate the personal from the company. I take great satisfaction in building things — reinventing the mousetrap if you will — and the excitement and energy that comes with using new technology to disrupt an industry never get old. What’s even more exciting with MDX is that I can already see future opportunities and avenues for it. It’s a great place to be both personally and professionally.
What are your plans with the company for the next 2–3 years?
We’re already seeing significant momentum, so watch this space for future announcements regarding new partnerships, new territories, and an expanded team.
However, I’ll try and give you a sense of what we want to achieve in the short to medium term. On the crypto side of the business, we’ll be seeking to become a significant exchange for the major coins, whilst seeking to validate crypto as a more accessible and legitimate asset class. Our team in Malta, led by Johan Ditz Lemche are doing a terrific job in building up the OTC business. On the security side, we’ll be looking at around 50 to 100 listings to raise capital for high-quality companies — each of which should bring thousands of clients to the exchange.
Moreover, we’ll be looking to partner in other key geographies to ultimately build out a 24/7 global operation.
If you had to give props to one other project or company apart from your own, who would it be and why?
It’s not so much a specific project or company, but I’m incredibly interested in the concept of tokenized ‘natural capital’ (broadly be defined as the world’s stocks of natural assets which include geology, soil, air, water, and all living things).
This makes it possible to tokenise natural environments and conservation and social projects with significant potential as a force for good. For example, take the Borneo rainforest — there’s potential there to tokenise it in some way to make it more valuable intact then denuded. There is also potential to democratise and widen philanthropic projects by tokenising — it’s an evolving area but one that has my absolute attention.
Where can we connect with you or support your business?
MDX on , or
Lastly, will we meet you at the ?
We’re definitely keeping an eye on more details around this event.
Thank you for your time — any final words?
The and crypto industry is entering a new phase as governments and regulators around the world are racing to catch up. There’s a widespread notion that innovation and new technologies need a regulatory-free environment in which to thrive and that government intervention leads to roadblocks and impacts innovation — but this isn’t necessarily the case.
We still need rules and in place to protect the interests of Investors to ensure we maintain their confidence in these innovative new financial markets.
Companies like Uber and Skype (and even Napster in its way, which paved the way for things like Apple Music) which were originally without , continue to drive disruption post . My view is that we need to drive the next stage of evolution — which in turn will lead to unprecedented innovation across multiple industry sectors.
Published at Sun, 24 Feb 2019 08:07:09 +0000
