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Tag: currency

  • Vietnam to trial virtual currency

    Vietnam to trial virtual currency

    The Vietnamese government has ordered its central bank to study virtual money using blockchain technology over three years amid rising interests in this type of currency.

    The State Bank of Vietnam will be in charge of studying and trialing the use of virtual money from this year until 2023 as part of key objects in mastering core technologies, according to a government decision.

    The government does not give a clear definition of virtual currency and assets.

    For now, cryptocurrencies remain an illegal means of transaction in Vietnam. However, the trading of Bitcoin and the like is popular with many investors using foreign platforms and social media to make money from this asset.

    Vietnam has the second-highest rate of cryptocurrency usage among 74 economies, according to a survey by market researcher Statista.

  • Hong Kong Explores Central Bank Digital Currency

    Hong Kong Explores Central Bank Digital Currency

    The Hong Kong Monetary Authority is exploring the feasibility of issuing a digital currency for the city, joining central banking efforts worldwide to create electronic money.

    A paper exploring the feasibility of issuing a retail-focused central bank digital currency (CBDC) will be delivered within 12 months, according to the HKMA at a recent media briefing.

    Issues that will be considered in the paper include potential use cases, data privacy, anti-money laundering standards, and more.

    In addition, HKMA officials also announced a new trial to explore how Hong Kong residents can top up a digital yuan wallet using the city’s local payment system.

    People are now a lot more used to digital payments and if other central banks are exploring possible use cases for CBDCs you have to try out to see whether you can make it successful, said HKMA chief executive Eddie Yue at the briefing.

    This marks the second stage of e-CNY trials in Hong Kong following a smaller scale trial also focused on the usage of digital yuan wallets in Hong Kong.

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  • MAS Teases Multi-Currency Payment System for Digital Currencies

    MAS Teases Multi-Currency Payment System for Digital Currencies

    The Monetary Authority of Singapore (MAS) discussed the creation of a common platform for international payment settlements that will be more efficient than current arrangements.

    While there is growing global interest in the issuance of Central Bank Digital Currencies (CBDCs) for domestic payments, multiple CBDC (m-CBDC) arrangements could lead to a significant improvement in the speed, cost and transparency of cross-border payments, MAS said.

    In a blog post on Thursday by Toh Wee Kee, specialist leader (distributed ledger technology), MAS discussed unbundling the digital currency stack to improve governability of m-CBDC networks and create a viable path towards making m-CBDC arrangements a reality.

    MAS is partnering with the BIS Innovation Hub and the central banking community on Project Dunbar to design, develop and test new m-CBDC models for cross-border settlement, Toh said in the blog post.

    The central bank previously developed a prototype multi-currency wholesale settlement network, which enabled issuance or distribution of different digital currencies on a common network, as part of Project Ubin.

    You will soon hear about the commercial launch of a multi-currency payment system for digital currencies, Sopnendu Mohanty, MAS chief fintech officer, said in a LinkedIn post.

    We feel strongly about sharing our experience and contribute towards advancing central banks’ interest on m-CBDCs, he added.

  • HSBC Swims Against Crypto Tide

    HSBC Swims Against Crypto Tide

    The bank banned customers of its online trading platform InvestDirect from adding MicroStrategy stock to their portfolios, calling them a «virtual currency product.

    HSBC has no appetite for direct exposure to virtual currencies [VCs] and limited appetite to facilitate products or securities that derive their value from VCs,» a HSBC spokesperson said in a statement.

    Last week, a message from the bank to InvestDirect customers dated March 29 surfaced on social media, saying that it will only allow the holding, sale and outgoing transfer of MicroStrategy shares, and will ban new purchases or incoming transfers.

    MicroStrategy, a business intelligence and cloud-based software company founded in 1989 by bitcoin evangelist Michael Saylor, currently holds about $5.5 billion in bitcoin, or about 80 percent of its $6.8 billion market capitalization.

    The company adopted a policy last year to primarily hold bitcoin instead of cash, and has been purchasing the cryptocurrency with its extra cash and paying its directors in BTC.

    HSBC said the ban on MicroStrategy follows its policy on cryptocurrencies, which has been in place since 2018. Its move comes against the growing number of financial firms and companies that are embracing cryptocurrencies.

    Other companies that also have large holdings of bitcoin on their balance sheets include carmaker Tesla and payments processor Square, though it is not clear if a similar ban would apply to their shares.

    Goldman Sachs has said it would offer investments in bitcoin and other digital assets to its wealth clients, while Morgan Stanley will roll out a bitcoin offering to wealth management clients.

    Outside of the U.S., notable global banks that have also launched crypto offerings include Standard Chartered and DBS.

    MicroStrategy shares soared on Tuesday, up about 18 percent to $848.5, as the price of bitcoin reached a new high of $63,000, 7 percent higher than the day before.

    The surge in investor interest comes ahead of a hotly anticipated direct listing of CoinBase, the U.S.’ largest cryptocurrency exchange, on Nasdaq on Wednesday.

  • GIC Bets on Digital Assets

    GIC Bets on Digital Assets

    The blue chip-focused Singapore sovereign wealth fund has invested in a crypto bank, in a signal that digital assets are here to stay.

    In an announcement on its blog last week, U.S.-based digital asset bank Anchorage said it raised $80 million in a Series C funding round led by GIC.

    Joining the sovereign wealth fund were U.S. venture capital firms Andreessen Horowitz, Blockchain Capital, and Lux, as well as Portuguese fund Indico.

    Anchorage said the new capital will allow it to «rapidly scale to meet the rising demand for participation in the digital asset space, particularly among corporations and traditional financial institutions.»

    It also said that it wants to be a crypto partner to neo banks, challenger banks, and traditional banks, and make institutional decentralized finance (DeFi) participation accessible.

    In 2018, GIC was among investors who raised $300 million for Coinbase, a digital currency exchange headquartered in San Francisco, California.

    The news came as a surprise as CEO Lim Chow Kiat previously said that GIC would avoid crypto-related investments as it goes against GIC’s investment mandate, which is «to preserve and enhance the international purchasing power of Singapore’s financial reserves.»

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  • Google Pay continues to expand in the US, nearly 90 new banks now supported

    Google Pay continues to expand in the US, nearly 90 new banks now supported

    Google Pay is pretty big in the US, and starting this week it will get even bigger. Currently, thousands of banks and financial institutions offer customers support for Google Pay, so the 89 names added this week will probably feel like a grain in the sand.

    The list of 89 banks that now support Google Pay is below, so if you didn’t find yours among the 3,000 supported banks listed on Google’s support site, you can look for it here. The list is ordered alphabetically for easier reading

    1st Trust Bank, Inc. (KY), Algonquin State Bank, Alliance Bank Central Texas (TX), Bank of Advance (MO), Bank of Herscher (IL), Bank of Newington (GA), Bank of Old Monroe (MO), Bossier Federal Credit Union (LA), Buckeye State Bank (OH), Central Valley Community Bank, Clean Energy Federal Credit Union (CO), Clearwater Credit Union, Community Partners Savings Bank (IL), Dover Federal Credit Union (DE), E-Central Credit Union, Exchange Bank of Northeast Missouri (MO), Families and Schools Together Federal Credit Union, Farmers – Merchants Bank of Illinois (IL), Farmers and Drovers Bank, Financial Horizons Credit Union, First Century Bank (TN), First Federal Savings Bank (IN), First Financial Bank, NA.

    First Nebraska Bank, FirstCapital Bank of Texas, Fort Davis State Bank Franklin Mint Federal Credit Union, Gateway Metro Federal Credit Union, Genoa Community Bank, Gowanda Area Federal Credit Union, GreenState Credit Union (IA), Greenville Heritage Federal Credit Union, Gulf Capital Bank (TX), HNB First Bank (AL), Hardin County Savings Bank (IA), Harris County Federal Credit Union (TX), Heartland Credit Union (IL), Heartland Credit Union (MI), Honolulu Fire Department FCU (HI), Hurricane Creek Federal Credit Union (AR)

    Jersey State Bank (IL), Jolt Credit Union (MI), KSW Federal Credit Union, Lakeview Federal Credit Union, Latrobe Area Hospital FCU (PA), Live Life Federal Credit Union, Magnolia Bank (KY), Martha’s Vineyard Savings Bank (MA), Millyard Bank (NH), Minnwest Bank (MN), Mountain Credit Union (NC), Mt. McKinley Bank, Needham Bank (MA), Northwest Christian Credit Union, One Community Bank (WI), One Source Federal Credit Union (TX), Partners Bank of California, Pawtucket Credit Union, People’s United Bank, National Association (CT).

    Peoples Bank & Trust Co (MO), Plains Commerce Bank Raritan Bay Federal Credit Union Rio Grande Valley Credit Union, Rollstone Bank & Trust (MA), SPE Federal Credit Union (PA), Sabine Federal Credit Union, Saco Valley Credit Union, Safra National Bank of New York (NY), San Luis Valley Federal Bank, Savings Bank of Walpole (NH), Secured Advantage, Federal Credit Union, Sentry Credit Union (WI), Southbridge Credit Union (MA).

    Springfield First Community Bank, St. Louis Bank, Susquehanna Valley Federal Credit Union, Taunton Federal Credit Union, Telcomm Credit Union (MO), Texas Regional Bank, The Bank of Salem (MO), The New Orleans Firemen’s Federal Credit Union, Treasury Department Federal Credit Union (DC), TruStar Federal Credit Union (MN), United Credit Union, Varo Bank, National Association, WESLA Federal Credit Union, WESTcoasin Credit Union (WI), Wells River Savings Bank (VT), and WestStar Bank (TX).

    Ok, 3,000 is a big number, but there’s a chance that many Google Pay users won’t find their banks on this huge list. Well, judging by the constant wave of banks and financial institutions that are getting Google Pay support each month, sooner or later we’ll be able to use the mobile payment service across all America.

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  • DBS Mulls Crypto Exchange Launch

    DBS Mulls Crypto Exchange Launch

    DBS’ plans for a digital exchange are still work in process, and have not received regulatory approvals. Until such time as approvals are in place, no further announcements will be made. DBS is planning to launch a crypto exchange that will allow four digital currencies – Bitcoin, Bitcoin Cash, Etheerum, and Ripple – to trade against the Singapore dollar, Hong Kong dollar, Japanese yen or U.S. dollar, according to a report by digital asset media firm The Block. 

    Dubbed DBS Digital Exchange, the initiative was first unveiled through a website seen by The Block which cached the now removed website.

    Regulated by the Monetary Authority of Singapore, the crypt exchange will be made accessible to institutional investors, including financial institutions and market makers. Retail investors will have access via DBS entities like their securities or private banking arm.

    While most exchanges can execute orders at any time and any day, DBS will similarly follow the same trading hours as stock exchanges, allowing for less than seven hours per day, according to the report.

    In addition to standard trading, the bank will also provide institutional-grade custody solutions for safekeeping digital assets and, in due time, conduct security token offerings to help small and medium-sized firms raise funds.

    Digital assets are poised to be the future of tomorrow’s digital economy, the website originally read.

    With DBS Digital Exchange, a bank-backed digital exchange, companies, and investors can now leverage an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies.

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  • Crypto Finance Opens Singapore Branch

    Crypto Finance Opens Singapore Branch

    Swiss digital investment specialist Crypto Finance has opened a branch in the Lion City. The company sees itself as a provider of services to the banking industry.

    Crypto Finance’s representative office in Singapore opens this month and will be led by the head of Asia, Alisher Tashpulatov, according to a media release on Wednesday.

    Tashpulatov previously worked in the crypto fund business of the firm and was involved in getting a license from the Swiss regulator as a crypto wealth manager. He then opened its Hong Kong office. He is being backed up by the crypto finance team, which has several team members with Asian experience, for instance, CEO and founder Jan Brzezek.

    The Zurich-based group will serve the demand for digital asset products and services, and attempt to bridge the gap between traditional banks and the crypto market.

    I believe that the Singaporean and Swiss business environment and orientation share many characteristics, including respect for diverse cultures and a work ethic that values merit, excellence, self-reliance, and hard work. The two countries share a great rapport, and it is almost intuitive for us as a Swiss business to establish ourselves in a like-minded and innovative country like Singapore, Tashpulatov said.

    Having spent years conquering new frontiers and climbing new peaks within the Swiss market, I am now happy to make a transition into a new, yet familiar, land, he added.

    Crypto Finance’s current activities in Singapore are focused on the areas of business that do not require regulatory supervision, and the firm plans to launch best-fit models of its offering in other Asian business hubs in the near future.

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  • Vietnam currency to remain stable throughout the year

    Vietnam currency to remain stable throughout the year

    Vietnam’s currency will likely remain stable this year as the greenback weakens and foreign exchange reserves rise, experts say. The reference rate set by the State Bank of Vietnam (SBV) has remained mostly stable this year and was at VND23,205 Tuesday.

    Rates at commercial banks for the last two months have also been stable. Vietcombank was selling the dollar for VND23,270 Tuesday morning. Ngo Dang Khoa, head of global markets at HSBC Vietnam, said that the VND/USD exchange rate will remain stable for the last four months thanks to a weakened dollar, Vietnam’s record-high trade surplus in the first eight months, and the record-high currency exchange reserves of the SBV.

    A poll of 75 foreign exchange strategists showed that 45 of them, or 60 percent, said the dollar would weaken slightly over the coming year. Analysts said the U.S. Federal Reserve’s policies have been the main reason for the dollar weakening sharply over the last four or five months. The Fed announced last week that it would tolerate periods of higher inflation and focus on employment.

    “So they’ve basically slashed rates to zero, that yield differential in America over the rest of the world is compressed and that obviously helped keep the dollar at such strong levels in previous years, which is no longer the case,”  quoted currency economist Lee Hardman as saying.

    Vietnam’s trade surplus climbed to a new peak of $11.9 billion in the first eight months as imports declined due to the fallout of the novel coronavirus pandemic, according to the General Statistics Office. A trade surplus increases the country’s supply of foreign currency.

    Prime Minister Nguyen Xuan Phuc on September 4 said that Vietnam’s foreign exchange reserves were at nearly $92 billion and could reach $100 billion by the end of the year.

    However, analysts from brokerage Bao Viet Securities said the SBV could slightly weaken the dong in the upcoming months amid the U.S. watching several countries, including Vietnam, for currency manipulation, or the use of unfair currency practices to gain trade advantages.

    A Vietnamese currency expert who asked not to be identified said that although Vietnam’s currency reserves have been increasing, it was still lower than other countries.

    The government has also been working closely with American authorities to prove that Vietnam is not intentionally using currency as a tool to boost exports, he added.

    Vietnamese authorities have repeatedly affirmed that the country does not use monetary policies to unfairly compete with trading partners.

  • Libra Poaches Top Credit Suisse Crime-Fighter

    Libra Poaches Top Credit Suisse Crime-Fighter

    The bank’s top anti-money laundering executive is leaving for Facebook-backed payments project Libra.

    Sterling Daines is leaving Credit Suisse for Libra, a source familiar with the matter said on Tuesday. The bank had poached Daines three years ago from Goldman Sachs to run its financial crime compliance, or FCC, activities under top compliance boss Lydie Hudson.

    He is the latest representative from traditional finance to head for Libra, an upstart payments system governed by a Swiss-based association. Last month, Libra said it is hiring HSBC’s top lawyer Stuart Levey as its CEO, and also tapped the weighty support of Singapore’s sovereign wealth fund.

    Neither Daines nor Libra responded to a request for comment. A 2018 sanction from Swiss watchdog Finma for several money-laundering scandals fell in the early days of Daines’ tenure at Credit Suisse.

    The Swiss bank is poised to replace him with Tam Ludford, a 12-year Credit Suisse veteran who will add the job to his current role as global head of core compliance, surveillance, and investigations.

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  • Binance Unveils Singapore Crypto License Ambitions

    Binance Unveils Singapore Crypto License Ambitions

    Cryptocurrency exchange giant, Binance, has applied for an operating license in Singapore which continues to lure new players following the recent progressive developments in its regulatory regime.

    Founded in 2017, Binance experienced extremely rapid growth before achieving an estimated market cap of $1.3 billion by early January 2018. The Malta-headquartered exchange now has offices located globally including in Singapore where it is backed by Temasek’s venture capital arm Vertex Venture.

    Whilst initially focused only on crypto-to-crypto trading platforms, which allowed Binance to grow without dealing with banks and regulators, the firm began to focus on the development of formal exchanges in jurisdictions with a relevant regulatory regime like Singapore.

    We have already applied,» said Binance co-founder and CEO Zhao Changpeng. «We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

    Last month, Singapore introduced the Payment Services Act which will formally regulate companies engaging in activities ranging from digital payments to the trading of tokens like Bitcoin or Ether. In addition to an expanded regime, the Monetary Authority of Singapore’s supervisory powers were also enlarged to cover cybersecurity risks and controls on money laundering and terrorism financing from such activities.

    Greater clarity for businesses through explicit regulation was expected to be a key driver for new entrants. Other reported applicants thus far include Tokyo-based crypto exchange operator Liquid Group Inc and London-based Luno.

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  • Cambodia Readies Digital Currency

    Cambodia Readies Digital Currency

    Cambodia is set to roll out Project Bakong, the country’s blockchain-based payment network that features a central bank digital currency (CBDC) payment system.

    The platform, trialed in July 2019 and set to go live this quarter, already has the backing of 11 banks, with others to join soon, Serey Chea, National Bank of Cambodia (NBC) assistant governor and director-general of central banking said.

    NBC will maintain centralized control of the proposed CBDC with a closed system that will include participants like banks and other financial institutions in the country, the report said.

    Serey called the currency the national payment gateway for Cambodia. Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with.

    Cambodia’s launch of the CBDC comes amid the launch of other state-backed digital currency projects, as central banks come under pressure from private digital currency projects like Facebook’s Libra.

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  • Stack Launches Asia’s First Bitcoin Index Fund

    Stack Launches Asia’s First Bitcoin Index Fund

    Stack, an Asia-based provider of cryptocurrency trackers and index funds, has launched the single-asset index fund in response to investor demand. It expects to capture $750 million in assets under management within 2020, Matthew Dibb, co-founder of Stack said.

    The firm hopes to surpass $2 billion in assets under management next year by tapping into the unmet demand from traditional investment vehicles in Asia’s digital asset space. Stack’s list of partners includes financial services providers, BitGo, Silvergate Bank, and Coin Metrics for a custodian, banking, and index solutions, respectively.

    We’ve seen a dramatic increase in the number of investors seeking to diversify their portfolios using bitcoin. Fears of a global recession, combined with deteriorating trade relations globally, are accelerating this process considerably. Bitcoin is one of the best-performing assets in history—with 19x returns since 2014—and is uncorrelated with traditional markets, making it an attractive prospective investment for both individuals and institutions, said Matthew Dibb, co-founder of Stack.

    The launch of Stack comes as the number of long positions being taken within the bitcoin market and demand from institutional investors for access to the digital asset economy increase. In Asia, however, there are virtually no risk-adjusted investment portals for the bitcoin market, leaving investors in Asia with no opportunity to access the potential returns, said Dibb.

    Currently, investors purchasing and custody bitcoin through digital asset management portals or traditionally structured funds pay premiums of 20 to 40 percent over the underlying asset. Wealth management firms have also been capable of charging exorbitant management and performance fees, even for passively-managed single asset portfolios.

    In contrast, Stack’s flagship Bitcoin Index fund (BTCX100) gives investors in Asia a flexible and cost-effective means of gaining exposure to bitcoin which complies with the financial industry’s standards while mitigating the risks inherent to purchasing, transacting, and storing digital assets. With a minimum investment of S$100,000 at 2.25 percent management fee, Stack provides an institutional-grade alternative to the high premiums and barriers to entry which come with current digital asset hedge funds.

    Those who wish to purchase BTC and other digital assets through other available exchanges and portals are often forced to bear the risks of poor security in custody these assets. With the launch of Stack’s Bitcoin Index Fund, investors now have an alternative to these channels, and can now enjoy secure custody with insurance coverage, weekly contributions, redemptions, and reporting, mitigating the risks that come with buying and holding digital assets through other means, said Dibb said.

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  • Hong Kong-Thailand Digital Currency Underway

    Hong Kong-Thailand Digital Currency Underway

    The central banks of Hong Kong and Thailand are working to launch a digital currency to facilitate cross-border trade.

    Following a signed agreement to bolster financial technology collaboration, the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) will jointly launch a digital currency to enhance cross-border trade, valued at $19.6 billion in 2018.

    HKMA’a cross-border payment platform leverages blockchain and the «depositary receipt corridor network» to enable companies in both markets to settle wholesale payments with one another directly, as opposed to the current conventional method of using multiple intermediaries that often cause delays.

    The roll-out will include a two-tier digital token with one focused on the issuance of tokens to Hong Kong banks participating in the pilot program (called «Project LionRock-Inthanon»); and another for banks to distribute to their corporate customers to settle wholesale payments with other banks or companies, according to an SCMP report.

    HKMA is currently working with HSBC and ZhongAn Technologies International while BOT is working with HSBC, Standard Chartered, and a handful of local lenders such as Kasikorn Bank and Krungthai Bank to further research and develop the project. More details on a proof-of-concept study are expected to be unveiled in the first quarter of 2020.

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  • China’s Crypto Crackdown Hits Five Exchanges

    China’s Crypto Crackdown Hits Five Exchanges

    China’s crackdown on cryptocurrencies has led at least five local exchanges to halt servicing of domestic users or their whole operations altogether.

    Last week, Chinese exchange operators Bitsoda and Akdex announced that it would cease its operations. Btuex and Idax said they would close domestic operations and focus on overseas users. Biss said it had halted ops while it cooperates in investigations with local authorities.

    The exchanges account for the five known exchanges that have suspended or shut down their operations. Other players that are believed to be affected include Binance and Tron whose Webio accounts have reportedly been suspended.

    Weeks after Beijing declared support for blockchain technology, the market has been rushing to capitalize on perceived opportunities from digital currencies. This subsequently led regulators in Shanghai, Shenzhen, and Beijing to ramp up efforts to probe or shut down exchanges.

    Concurrently, China is readying to realize part of its blockchain ambitions with the launch of its own central bank-backed digital currency. It is already making accelerated efforts to ready the regulatory grounds for the launch including the introduction of new standards in 17 areas of emerging technologies which include not only blockchain but also cloud services and artificial intelligence.

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