The Entrepreneur’s Voice
After more than a year of development, Saltrex was officially launched in March 2017. A former lawyer, Michael Hajdasinski used his extensive experience and intellectual form to take up the mantle of leadership of his venture, Saltrex.
Saltrex’s core philosophy is built around trust, simplicity, transparency, safety and compliance. It was developed by incorporating all these principles which makes Saltrex the first secure, compliant and independent B2B auction platform for the international trading, shipping and insurance industry.
With sustainability at the heart of the business, their policy of “no goods should go to waste” is the driving factor for making such goods, the market for which is generally not widely known, available to interested parties.
Saltrex upped its security measures by forging a partnership with Netverify for the identity verification process to meet the ‘Know Your Customer (KYC)’ and ‘Anti-Money Laundering (AML)’ compliance requirements.
Though a niche market, Saltrex has not only grown in strength but in operation and credibility. Michael Hajdasinski is here to briefly share his real-life experience and thoughts on building his business.
What were the main changes or challenges that happened last year that you had to overcome?
We officially started our Business in 2017 and our very first auction went live in March 2017. One of the biggest challenges we face is the regulation on waste. Waste is a sensitive topic. The classification of waste is an especially significant challenge due to several regulatory frameworks, such as the EU or OECD frameworks, that all must be considered. Without proper classification of the waste, the project cannot succeed. Since we are trying to build a system in which both waste specialists and generalists (such as cargo surveyors) will be able to easily determine the correct codes that adhere to the regulations, this, so far have proved quite challenging.
‘HITs’ n ‘MISSes’ in your business for 2017
( What business tactics etc. worked and what didn’t?)
We thought that registering buyers and sellers will only happen online but 80% of our database still feels more confident to register their company by offering them an offline registration form when registering online.
What works is having a wide variety of commodities and a large network of active buyers as well as maintaining low fees for buyers and sellers.
What technology is changing your business?
(What’s made the biggest impact on your business?)
Escrow – Fraud-proof payment system and Blockchain
What new technology would you like to see become mainstream and easily accessible in 2018?
UBO databank /UBO register