Asia

China: WeiyangX Fintech Review

Xiong’an to Launch “Financial Island” and Regulation Sandbox On November 13th, Zhu Zhongwen, deputy director of the Reform and Development Bureau of Xiong’an New Area Administrative Committee, revealed that a “Financial Island” of about 2.5 square kilometers would be built in the Xiong’an New Area… Read More

China Rapid Finance Regains Compliance With New York Stock Exchange’s Continued Listing Requirements

China Rapid Finance Limited (NYSE: XRF), one of China’s largest consumer lending marketplaces, announced on Thursday two developments that mark significant progress in regaining compliance with the New York Stock Exchange’s Continued Listing requirements. China Rapid Finance reported that it completed its 2018 financial statement audit… Read More

China Orders “Rectification” of Shanghai Crypto Sector, Shutdowns Expected

The People’s Bank of China (PBOC) and the Shanghai Municipal Financial Regulatory Bureau have ordered securities regulators in Shanghai to identify cryptocurrency exchanges, token issuers, and distributors of foreign ICO’s in the city so they can be shut down, The Block reports. According to Chinese… Read More

Binance and Tron Lose Important Weibo Social Media Accounts

Malta-based Binance, one of the world’s busiest cryptocurrency exchanges, and Tron, the 11th largest blockchain project, have had their accounts blocked on Weibo, a Chinese social media site similar to Twitter, The Block reports. According to the outlet, all content, including the follower count, has… Read More

OpenVASP Initiative: Consortium Expects to Coordinate Solution to Travel Rule with FATF

Earlier this year there was a good amount of debate and discussion regarding the Financial Action Task Force’s (FATF) move to apply traditional KYC/AML requirements to digital asset transactions.  As one would expect, FATF got what it wanted and now “virtual asset service providers” or… Read More

Regtech: AML and Counter-Terrorism Financing Firm Silent Eight Raises $6.2 Million via Series A Round

Silent Eight, a Singapore-based regulatory technology (Regtech) company, announced on November 14 that it had raised an oversubscribed $6.2 million through a Series A investment round. The funds raised will be used to recruit new talent in order to support Silent Eight’s new clients who… Read More

Fintech Cashwagon Recognized as Fastest Growing Fintech Company

Cashwagon, a Fintech company, offering a range of consumer financial products to underbanked populations, has been recognized at the International Business Magazine Awards in Sri Lanka.  Cashwagon Sri Lanka received the Fastest Growing Fintech Company Award. Cashwagon has previously raised US$29 million in Seed Round… Read More

Crypto Leaders Propose Protocol to Comply with FATF Requirements on VASPs

In the midst of the Blockshow Asia Conference crypto industry representatives have announced a movement create an open protocol designed to comply with FATF  demands impacting VASPs or Virtual Asset Service Providers. According to a release, representatives of the Swiss-based Crypto Valley Association (CVA), International Digital… Read More

State Bank of Pakistan Announces New Digital Payments Adoption Strategy to Enable Greater Financial Inclusion, Especially for Women

The State Bank of Pakistan, the nation’s central bank, has announced the development of a new national digital payment systems strategy that is aimed at promoting financial inclusion, especially for women. Cash transactions dominate Pakistan’s $300+ billion economy, with most people receiving their salaries in… Read More

Challenger Bank Tandem Hires Former HSBC Head of Banking Products

Tandem Bank has hired the former HSBC Head of Banking Products Kunal Malani as Chief Growth Officer. The appointment comes at a time when the challenger bank is planning an expansion into Hong Kong. Ricky Knox, Tandem Bank CEO, said he was delighted to bring… Read More

Executives Behind $342 Million USD Crypto Scam Jailed in Korea

Executives who allegedly ran a fraudulent $342 million USD (400 billion won) cryptocurrency scam called Coin Up in Korea from August of last year until this past February have received significant prison sentences, Yonhap News reports. 53-year-old Coin Up executive Kang-mo, who allegedly displayed a… Read More

People’s Bank of China Denies It Has Begun Circulating a National Digital Currency

Officials at the People’s Bank of China have issued an official statement disclaiming rumours that China has begun issuing a central bank digital currency (CBDC). “Recently, the net news said that the People’s Bank of China has issued (a) legal digital currency,” the communiqué states,… Read More

Beware the Tinder Cryptocurrency Seductress

A poster on Reddit is warning that “Asian Girls” on Tinder are engaging in sometimes month-long seductions to lure marks and their money to unreliable cryptocurrency projects. In the post titled, “PSA: Watch out for girls from Tinder who like fashion, hiking, investing and other… Read More

Monetary Authority of Singapore Works with Financial Sector on Framework for AI and Big Data

The Monetary Authority of Singapore (MAS) is working with financial industry partners to create a framework for financial institutions on the responsible adoption of Artificial Intelligence (AI) and Data Analytics (AIDA). The new framework has been given the name “Veritas.” The goal is to enable… Read More

Crypto.com Announces New Partnership With Singapore’s Payment Processing Gateway Xfers

Hong Kong-based cryptocurrency platform Crypto.com announced on Wednesday it has formed a new partnership with Xfers, a Singapore-based payment processing gateway, to enable its users to buy and sell crypto in SGD by December 2019. According to Crypto.com, users will be able to instantly buy crypto… Read More

Robocash Tops $500 Million Loans Issued

Robocash Group is reporting that during Q3 of 2019 cumulative loan volume across their lending platforms amounted to $500 million. According to Robocash, in Q3 2019 Russia had 63% of all loans issued, Kazakhstan – 15% and Spain – 4%. At the same time, the… Read More

China’s Blockchain Industry Is Expected to be Valued at Over $2 Billion By 2023: Report

A recent report published by global market intelligence company IDC has revealed that China’s blockchain industry is on track to experience substantial growth in the next few years. As reported by Xinhuanet, China’s blockchain ecosystem is expected to be valued at more than $2 billion… Read More

NIUM, formerly InstaReM, Expands into Indonesia

The recently-rebranded NIUM, formerly InstaReM, has received the Fund Transfers license from the Bank Indonesia and will now offer cross border digital payments. NIUM’s Indonesian operations will be headed by Vadyo Munaan, who comes with experience in financial services and payments industry at organizations including… Read More

Monetary Authority of Singapore Boosts Fintech Cooperation with Canada, Tightens Relationship with Banque de France

The Monetary Authority of Singapore (MAS), the leading financial regulator and central bank of Singapore, has announced renewed cooperation on Fintech with Canadian Securities Regulators while simultaneously announcing a tighter relationship with the Banque de France. The announcements were released during Singapore’s annual Fintech Week… Read More

Open Financial Technologies and MEDICI Release Banking-as-a-Service Report at Singapore Fintech Festival

Open Financial Technologies Pvt Ltd, Asia’s first neobank for small and medium enterprises (SMEs) and startups, and MEDICI Global Inc, a Fintech research and innovation advisory company, have unveiled an extensive report on Banking-as-a-Service (BaaS) at the Singapore FinTech Festival. According to a release, the… Read More

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