Marex Finance operates cross-border payment corridors between the UK, India, UAE and Singapore. Traditional SWIFT-based remittance routes required 3–5 correspondent banks per transaction — each extracting fees and float — resulting in 4–7% end-to-end costs and 3–5 day settlement windows.
They needed a purpose-built blockchain layer that would reduce fees, compress settlement time to minutes, and satisfy FCA and FINTRAC compliance requirements without the manual burden of traditional compliance workflows.
The additional complexity: they wanted to tokenise and trade verified carbon credits on the same rails, so the platform needed to handle two distinct asset classes with different regulatory treatment.
Worked with Marex's compliance team and external legal counsel to map FCA and FINTRAC requirements into smart contract logic. Defined the architecture for dual-asset rails (fiat remittance + carbon credits).
Solidity contracts for KYC state, AML transaction limits, sanctions screening hooks and carbon credit tokenisation (ERC-1155). Test suite with 98% coverage before external audit engagement.
Engaged CertiK for independent smart contract audit. Received A− grade with 2 medium and 4 low findings. All findings remediated within the audit window — no critical vulnerabilities.
Phased rollout: UK→India corridor first, UAE and Singapore in subsequent weeks. Real-time FX oracle integration, regulator read-only portal and 24/7 alerting for anomalous transaction patterns.
The platform went live on schedule and has now processed over 100,000 transactions across four corridors. Average settlement time is under 4 minutes. End-to-end fees average 0.9% versus the 4–7% of the correspondent banking route.
The compliance portal — giving regulators real-time read access to transaction data, KYC status and AML flags — has been cited in two FCA correspondence documents as a model for blockchain compliance transparency.
"They understood the regulatory constraints as well as we did, which made the compliance design fast. The audit result surprised even us." — CTO, Marex Finance