Mark Vernon is an active Angel Investor in multiple startups in the Philippines and the founder of the upcoming crowdfunding platform on Tagcash. Just like any other entrepreneur, he does not give up, despite the challenges.
When he formed Tagcash, Mark recognized that he needed to apply for an EMI License. In order to run the business legitimately, he worked with Banko Sentral ng Pilipinas (BSP). Tagcash was created in 2014, but at that time Amazon AWS Cloud for Banking was not compliant with the BSP, so the application was put on hold. Mark restarted the process in late 2017 when AWS became compliant. He says that the team at BSP are good to work with; they are open to meetings, discussions and new ideas that include blockchain based initiatives. Tagcash uses Multichain Open Source Private Permissioned Blockchain software to meet the requirements of the BSP for the EMI License, which was granted in June.
Mark Vernon is also known for investing in different startups that have the potential to move people away from paper money into cashless transactions. However, he says, “Once I have invested, it is difficult to divest and re-invest in other startups. This is where crowdfunding comes to the rescue as investors can sell their share tokens on the secondary market” He also added, “One of the biggest issues is deal flow. And while quality tech startups are important, consideration must also be given to agricultural and social projects.
Though many circumstances have occurred while achieving his goal, he did not lose hope and continued to reach for success. He fully deserves his title The Tokenizer!