THIRD PARTY OUTSOURCING STATEMENT
Fastex Exchange FZE provides Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services (the “Services”). In the provision of these Services, Fastex Exchange FZE outsources certain functions to intra-group entities (“Fastex Affiliate(s)”) and external third-party vendors in accordance with its outsourcing, third-party, and vendor risk management policy (“Outsourcing Policy”).
This document contains a list of the Fastex Affiliates and external vendors with whom Fastex Exchange FZE has entered into a written outsourcing agreement for the provision of specific functions relevant to the Services provided by Fastex Exchange FZE, together with a brief description of the outsourced service/function.
Fastex Exchange FZE regularly reviews and updates the list of outsourced functions contained in this document to ensure it remains up to date. Any new outsourcing arrangements will be added to this document.
Intra-group outsourcings
Please note that where the outsourcing of a function is marked as ‘internal’, this indicates that it is an intra-group outsourcing to a Fastex Affiliate. You will note that Imagine Hub by Soft LLC (“IH”) is listed as the relevant service provider for the internal outsourcings. IH is the relevant shared services provider under the written outsourcing agreement with Fastex Exchange FZE, and all invoices are settled between IH as the shared services provider and Fastex Exchange FZE.
External vendors
The external vendors displayed in the document below constitute those vendors with whom Fastex has entered into a written outsourcing agreement for the provision of certain functions (as described below). All these external vendors have been screened and selected in accordance with the Fastex Exchange FZE Outsourcing Policy.
Fastex Exchange FZE - Table of outsourced functions
| Function | Description | Internal or External | Contracting Entity | Service Provider |
|---|---|---|---|---|
| Customer Service | The customer support desk that handles and processes customer enquiries directed at Fastex Exchange FZE. | Internal | Fastex Exchange FZE | IH |
| Internal Audit | To check and control functionality, regulatory compliance, security and efficiency of internal processes and procedures within Fastex Exchange FZE. | Internal | Fastex Exchange FZE | IH |
| Human Resources | The Human Resources team is responsible for managing the employees of the company, including remuneration (employee benefits and compensation), recruiting, hiring and retaining talent, employee engagement, performance management and development and training. | Internal | Fastex Exchange FZE | IH |
| IT Operations | This includes IT Operations for cloud infrastructure, custody service infrastructure, and ID and access management. The IT Operations team is responsible for defining the way in which Fastex Exchange FZE manages software and hardware. | Internal | Fastex Exchange FZE | IH |
| Finance, Accounting and Tax Support Services | This function involves invoice processing and employee claims, exception handling/discrepancy resolution, payment processing, vendor issue resolution, global funding and group tax services. | Internal | Fastex Exchange FZE | IH |
| Marketing | Support or consultation for the ideation of business priorities, growth strategy planning based on business gap analysis reports or relevant data sources, deal sourcing and negotiation, building of strategic partnerships and the identification of new market opportunities. Support for the design of new product solutions, provision of website and marketing content, including paid social media performance. | Internal | Fastex Exchange FZE | IH |
| Information Security | Protection of sensitive information and the integrity of data maintained by Fastex Exchange FZE. | Internal | Fastex Exchange FZE | IH |
| Treasury | The management of liquidity, capital and financial risks within Fastex Exchange FZE. | Internal | Fastex Exchange FZE | IH |
| Risk and Compliance Services | General risk management and compliance support, including for the outsourcing of functions to third parties, onboarding of customers (KYC and KYB), internal suspicious transaction monitoring and reporting, compliance investigations, adherence to local law and regulation. | Internal | Fastex Exchange FZE | IH |
| Legal and Regulatory Services | Regulatory analysis and advice, litigation and dispute resolution, drafting and negotiating contracts with third parties and Fastex Affiliates, general legal research and analysis, processing formations and dissolution of legal entities, company records, registrations and filings, instructing and managing external counsel. | Internal | Fastex Exchange FZE | IH |
| Fiat Services | Fiat withdrawals and deposits (on/off ramp), convert fiat trading pairs and the one-click buy/sell support to enable a smooth customer experience for deposits and withdrawals to and from the Fastex Exchange FZE platform. | External | Fastex Exchange FZE | TBD |
| Audit services | External auditing services to ensure Fastex Exchange FZE’s internal controls, processes, guidelines and policies are adequate, effective and in compliance with VARA requirements, industry standards and company policies. | External | Fastex Exchange FZE | TBD |
| Enterprise resource planning services | Software utilised by Fastex Exchange FZE to manage key parts of operations, including accounting and resource management. | External | Fastex Exchange FZE | TBD |
| Virtual asset custody support service | Technical service provision to facilitate the provision of custodial services by Fastex Exchange FZE as the custody provider. | Internal | Fastex Exchange FZE | IH |
| Launchpad | Development and operation of the launchpad platform which helps blockchain projects raise funds and increase their reach across the virtual asset ecosystem. | Internal | Fastex Exchange FZE | IH |
| Group Strategy and Operations and Project and Transaction Management | Group strategy and operations services and project and transaction management. | Internal | Fastex Exchange FZE | IH |
| Platform operations and maintenance | Platform development, configuration changes, service requests and testing. | Internal | Fastex Exchange FZE | IH |