Spondula Offshore Bank - let's discuss anyone using them?

[Spinat]

I see a member around here with a signature link Spondula Offshore Bank - the service claim to be registered as Financial Service company or what?

See below:

Spondula Limited is a company registered in Dominica. Spondula Ltd is part of the iBank Group and regulated as an international bank by the Financial Services Unit of the Commonwealth of Dominica (FSU).
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Beside that I would like to know if someone has used this service and what are your thoughts about it?

There are no contact details at all and I can't find any license number or anything about this service.

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Specialized in advisory service for tailor made Offshore setups with banking and payment processing. Privacy and Anonymity is my priority.
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[Sols]

I'd avoid like it were plague.

They claim to be a part of iBank, which is a licensed offshore bank in Dominica. I want nothing to do with Dominican banks, even less dodgy offshoots. And even less an offshoot whose connection to the parent is entirely unverifiable. There is no mention by iBank that they offer/run/operate Spondula.

The domain name and Facebook page were created less than a week ago.

Everything about it looks terrible. No self-respecting bank would launch something this ugly today. Bright red on bright blue? Who's their designer? Does MS Paint have a random function I wasn't aware of?

High risk of being a scam just to harvest identities.

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This is the probably the answer to your question.

 

[Sols]

Just noticed that the user formerly known as BNero has changed username and switched from advertising Home to now representing this product. Interesting.

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This is the probably the answer to your question.

 

[Spondula]

The main website is in development, as is the app. The current site is nothing more than a placeholder. We are not advertising anywhere yet.

Nor are the services on offer currently, as the app is not done yet.

Please hold your judgement until the product is ready!

 

[JohnSeed]

Is this a fully licensed operation? If so, where is the license number? I'm asking because Im always looking for new opportunities but they need to be real.

 

[Spondula]

moneynetwork said:
Is this a fully licensed operation? If so, where is the license number? I'm asking because Im always looking for new opportunities but they need to be real.
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Hi, iBank is a fully licensed bank by the FSU in Dominica (Offshore Banks - Financial Services Unit). Spondula is the trading name of the app that we are developing. Before the launch and when actual advertising starts it'll all become crystal clear to those interested.

 

[Clip]

Just curious to know why would you open an account in Dominica if they are going to join CRS
https://www.oecd.org/tax/dominica-joins-international-efforts-against-tax-evasion-and-avoidance.htm

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[Spondula]

GiGoGo said:
Just curious to know why would you open an account in Dominica if they are going to join CRS
https://www.oecd.org/tax/dominica-joins-international-efforts-against-tax-evasion-and-avoidance.htm
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Have you seen the list of non participating countries?

 

[Martin Everson]

I will hold judgement on this one. Perhaps you should mention on the client clearly "Coming Soon".

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Spondula]

Martin Everson said:
I will hold judgement on this one. Perhaps you should mention on the client clearly "Coming Soon".
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Thanks Martin, added it to the site.

 

[challenge]

lol these "banks" spring up like mushrooms these days!
domain registered 2019-11-26, first ever post on facebook 2019-12-03, first post on here straight away the same day? coincidence for sure!

 

[Theoffshoreguy69]

blueweb said:
I see a member around here with a signature link Spondula Offshore Bank - the service claim to be registered as Financial Service company or what?

See below:
View attachment 896


Beside that I would like to know if someone has used this service and what are your thoughts about it?

There are no contact details at all and I can't find any license number or anything about this service.
Click to expand...

Be extremely cautious with this corporation, they also incorporated in the UK LTD in sept of this year no banking license exists.

 

[boomy]

Theoffshoreguy69 said:
Be extremely cautious with this corporation, they also incorporated in the UK LTD in sept of this year no banking license exists.
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That is a big warning sign unless they have a licenses in Lithuania or Malta as most of these operations have. Still it require a license in the UK after brexit I believe.

 

[Spon]

Hello Guys, my first post as Director of Spondula
Just to update you all over a year on, we listened to what you said above and took it on board.
Spondula will not operate under a Dominican license
We will operate under a UK EMI also a EU EMI and a Singapore major payments licence
We will be launching May or June this year, we look forward to hearing from you then.

 

[Don]

Spon said:
Hello Guys, my first post as Director of Spondula
Just to update you all over a year on, we listened to what you said above and took it on board.
Spondula will not operate under a Dominican license
We will operate under a UK EMI also a EU EMI and a Singapore major payments licence
We will be launching May or June this year, we look forward to hearing from you then.
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That's great news!
Can you please let us know who are the beneficial owners behind Spondula and how do you intend to succeed in this competitive market? Perhaps you can elaborate on the business model a bit.

 

[Spon]

Don said:
That's great news!
Can you please let us know who are the beneficial owners behind Spondula and how do you intend to succeed in this competitive market? Perhaps you can elaborate on the business model a bit.
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Hi Don,
The owner is British.
Have a look at our site.
We will be more payments and international payment than just pure banking , with very competitive Fx rates. And transfer rates.
We will accept both personal and business accounts.

 

[Don]

It looks more like a website for data mining than a financial institution, to be honest.

 

[Spon]

Don said:
It looks more like a website for data mining than a financial institution, to be honest.
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As you can read above we are live May/ June. All depending on Visa and how fast they authorise our issuing.

 

[Martin Everson]

Lets wait and see. June is not far off but website seems a bit lacking.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Sols]

Some interesting details here: Future Fintech and Spondula Signed Term Sheet for Potential Acquisition

The negotiations were terminated: Future Fintech and Spondula Terminated the Negotiation of Potential Acquisition

None of this indicates anything wrong. Deals fall through all the time. It's just interesting information about the company and its plans.

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This is the probably the answer to your question.