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Cryptocurrency, Blockchain, and Fintech News Headlines Update on December 17, 2020

The hacker managed to install a compromised version of MetaMask that tricked Hugh Karp into signing a transaction that redirected 370,000 NXM (Nexus Mutual) tokens to an attacker-controlled address, worth $8.2 million as of press time, around 6% of all tokens.

November 2020 report penned by BraveNewCoin analyst Xavier Meegan, has identifies 18 serious ‘non-financial’ risks in decentralized finance (DeFi), especially technical concerns associated with Ethereum blockchain.

Taiwan’s FSC (Financial Supervisory Commission) Chairman Thomas Huang has warned new digital-only banks should offer innovative products and services instead of protracted price war to attract clients, as it would disrupt the market. Read more at Taiwan Times > FSC warns digital banks on price wars

Singapore agreed to review e-wallet payment limits in 2021 to consider to raise the payment limits under the Payment Services Act (PS Act), e-wallet users in Singapore can hold up to SGD 5,000 in their accounts at any one time, and transactions are capped at SGD 30,000 per year, or its equivalent in foreign currency, on their e-wallet each year. Read more at Revolut Blog > Singapore and the UK to embark on digital economy talks in 2021

Hong Kong’s SFC (Securities and Futures Commission) has issued a Type 1 (dealing in securities) and Type 7 (automated trading service) to OSL Digital Securities, permit to operate regulated brokerage and automated trading services for digital assets. Read more at OSL Press Release > OSL RECEIVES LICENSE FROM HONG KONG REGULATOR, BECOMES WORLD’S FIRST SFC-LICENSED, LISTED, INSURED & BIG-4 AUDITED DIGITAL ASSET TRADING PLATFORM

Due to COVID-19 and difficult in capital raising environment, Xinja decided to close all high interest ‘Stash’ accounts, refund customer savings and relinquish banking licence, under monitoring by APRA will for returning customer funds. Media Release: Xinja Bank withdraws deposit accounts and will hand back ADI licence

Standard Chartered Singapore was awarded enhanced “Significantly Rooted Foreign Bank” (SRFB) privileges by MAS (Monetary Authority of Singapore). The enhanced SRFB privileges allow StanChart Singapore to secure an additional full bank licence to establish a subsidiary to operate new or alternative business models, such as a digital-led bank with ecosystem partners. Read more at Standard Chartered awarded enhanced Significantly Rooted Foreign Bank privileges

Hong Leong Bank (HLB) has introduced Earth Hero on HLB Pocket Connect app to encourages kids to be environmentally conscious while practicing good money habits. A new Task embedded under Earth Hero in the HLB Pocket Connect app, linked to an eco-friendly mission aimed at reforestation in Borneo. The child will earn the opportunity to plant 20 virtual trees after achieved a task and receive a certificate with GPS coordinates of the real tree planted in their name by HLB. Read more at HongLeong Bank news update > BANKING ON OUR CHILDREN TO BE FINANCIALLY & SUSTAINABILITY SMART ‘EARTH HEROES’

Mastercard and Pine Labs will be rolled out an integrated “pay later” solution in Thailand, Philippines, Vietnam, Singapore, and Indonesia in early 2021, aims to offer consumers the flexibility of zero-interest installments on purchases and expand business for merchants. Read more at MasterCard press release > Mastercard and Pine Labs to expand “pay later” instalment solution to five Southeast Asian markets in early 2021

THE Grab-Singtel consortium and a wholly-owned entity from Sea Ltd have received the digital full bank licences (DFBs) awarded by the Monetary Authority of Singapore (MAS), the new digital banks to commence operations from early 2022.

Monetary Authority of Singapore (MAS) embarking on Project Greenprint technology platform, earmark US$37 million to promote a green financial ecosystem by:

  • Mobilizing capital: SMEs and fintech can connect to financial institutions and investors to assess a wider pool of capital and green solutions.
  • Monitoring commitment: Deploy technology at different stages of the supply chain to better monitor commitment to the relevant green standards and requirements.
  • Measuring impact: Explore the use of AI and other technologies such as rating services and crowdsourcing to quantify ESG (environmental, social and governance) impact of potential investments.
  • Establish a consortium of financial institutions, fintechs, and industry players with expertise in green fintech to identify use cases where technology can play a role.

Singapore’s fintech investments rebounded in Q2 2020 to US$278 million (S$371 million), according to the Singapore FinTech Association (SFA) and Oliver Wyman. There are over a thousand of fintech companies in Singapore as of this year with over 10,000 employees in 2020. 23% involved payment and remittance, followed by wealth management and capital market (22%). Singapore government has committed over US$200 million to grow the fintech ecosystem. Read more at:

Singapore’s DBS Group Holdings Ltd announced it has in-principal approval from the Monetary Authority of Singapore (MAS) to set up the DBS Digital Exchange for security token offerings (STOs), a cryptocurrency exchange, and digital asset custody. Institutional and accredited investors are the target clients with both cryptocurrencies and other digital assets to be offered. Additionally, SGX is to take a 10% stake in the Digital Exchange. Read more at SGX media released > DBS to launch full-service digital exchange – providing tokenisation, trading and custody ecosystem for digital assets

GLEIF (Global LEI Foundation) announced to develop fully digitized LEI service called vLEI (Cryptographically Verifiable LEIs), which capable of enabling instant and automated identity verification between counterparties operating across all industries sectors, globally. Read more at GLEIF Advances Digital Trust and Identity for Legal Entities Globally

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