Singapore has disowned the activities of the collapsed cryptocurrency project Terraform Labs, saying the platform was not performing activities requiring a license from MAS and was neither licensed nor exempted from licensing by the regulator. The City state has also downplayed the impact of the Terraform Labs saga on its financial systems. Responding to a question by a member of parliament, Lawrence Wong, the Deputy Prime Minister and Minister for Finance and Chairman of MAS, said that the collapse of Terraform Labs sparked concerns about regulatory oversight and investor protection in the cr ..read more

For those weary of the tap-and-pay ballet or the insecure online card shuffle, a new dawn is breaking in the land Down Under. A strategic partnership between global fintech leader Banked and the established National Australia Bank (NAB) is poised to resurrect a long-dormant contender in the payments arena: Pay by Bank, powered by Australian Payments Plus’ (AP+) PayTo services. This phoenix of the financial world promises not just a faster and more secure way to pay, but a potential paradigm shift in Australian commerce. While credit cards have long dominated the retail landscape, Pay by Bank o ..read more

In the dimly lit corners of the digital frontier, a silent war rages. Here, thieves with nimble fingers and even nimbler code prowl the back alleys of the internet, armed not with jimmies and crowbars, but with automated scripts and ever-evolving algorithms. Their target? Not gold bullion or jewels, but the far more common, and far more lucrative, quarry of credit card numbers. These digital bandits aren't after your average smash-and-grab operation. Their method is more akin to a slow, methodical poisoning. They employ a technique known as enumeration attacks, essentially a brute-force attemp ..read more

In a rebuttal against accusations of bribery levelled by Binance Holdings Ltd, Nigeria has refuted claims made by the cryptocurrency firm, dismissing them as a diversionary tactic. The West African nation has been involved in a boisterous saga with Binance. Binance's Allegations of Bribery in Nigeria The rift deepened following a blog post penned by Binance's Chief Executive Officer, Richard Teng, alleging coercive demands for a "secret" payment to resolve issues within Nigeria. Teng's revelation ignited a firestorm, casting a shadow over the already strained relationship between Binance and N ..read more

Mastercard and CrediMax, a credit card issuer in the Kingdom of Bahrain, have teamed up to launch a payment solution powered by Mastercard Gateway. Dubbed Click to Pay, the new checkout solution enables users to complete purchases across various devices. It promises to save time and reduce the likelihood of errors by eliminating the need for manual password entry. Enhancing Security Measures CrediMax has implemented encryption and tokenization technologies to safeguard customer data and boost security in online transactions. With these security measures, the company aims to ensure the safety o ..read more

In a legal blow to Cristiano Ronaldo, the famed Portuguese soccer star, the judge overseeing the $1 billion class action lawsuit against him has rejected his motion to dismiss the case. The lawsuit, filed in Florida, accuses Ronaldo of endorsing Binance, which allegedly led investors into making costly and risky investments. Ronaldo's Motion Denied in Binance NFT Lawsuit Judge Roy Altman's ruling, issued on May 4, followed a request from the plaintiffs to stay proceedings until a ruling on a motion to compel arbitration. Simultaneously, the judge denied Ronaldo's motion to dismiss the case, st ..read more

The final countdown is underway with only twelve days to go until the highly anticipated Finance Magnates Africa Summit (FMAS:24). Taking place on May 20-22 in Sandton City, South Africa, prospective attendees can expect to engage, meet, and network with plenty of regional and local players as well as global brands and speakers. No premium event in 2024 would be complete without discussing Bitcoin and FMAS:24 will be no exception. This includes the notable panel, ‘The Wild Ride: Bitcoin Outlook for 2024 H2’. FMAS:24 has plenty in store for all attendees with two full days of panels, workshops ..read more

“The stock research market is broken and highly concentrated,” Bridgewise’s CEO, Gaby Diamant, pointed out while speaking to Finance Magnates recently after raising $21 million, adding: “Only 20 percent of global companies are covered by analysts. While the situation is slightly better in the US, it is dire in Europe, Latin America, and Asia.” Bridgewise is addressing this gap by generating stock analysis reports in over 22 languages across 15 countries. Founded in 2019, the Israeli company employs proprietary generative artificial intelligence (AI) models to produce analyses and reports. “We ..read more

Regulatory change in the crypto realm has been a subject of heated debate for many years. The general ethos of cryptocurrency is one of anarchism or anarcho-capitalism. Proponents of the tech tend to be adamantly against any type of governmental intervention into markets or technology. However, as digital assets and blockchain technology find themselves thrust into the mainstream, governments must respond. They must either incorporate these assets into existing regulations or create a new regulatory framework altogether. Lets look at how crypto regulations have evolved over the years, with a f ..read more

The UK and Singapore have reaffirmed their dedication to fostering financing solutions that are aligned with sustainable finance. Key discussions in a recent meeting between the two nations revolved around the necessity of robust transition planning, standardized disclosure frameworks, and the mobilization of private capital for green finance initiatives. During the 9th UK-Singapore Financial Dialogue held on May 8, both countries acknowledged the ongoing efforts of international bodies like the G20 and FSB in shaping the regulatory landscape for sustainable finance, emphasizing the importance ..read more