Country: Major banks in Singapore will gradually ban customers who use online tokens for bank accounts logins. This will be gradually implemented over the next three decades and is intended to improve customer protection from phishing scams, according to the statement. the Association of Banks in Singapore ( ABS )Continue Reading
Here’s an extract from the radio:  ,
Andrea Heng:  ,
What is one widespread misunderstanding about being declared destitute that people have?
Claudia Khoo:  ,
One common misconception is that those who reside in HDB ( flats ) believe their homes will be forced to be sold and that they will not be able to live. HDBs are quite unique. The secret trustees and the official trustee are not involved in their vesting. But to put it bluntly, you get to maintain your HDB.
Andrea:
You have to deal with your debt while also having a roof over your scalp.
Claudia:
But this is not the exact if you have a personal home, of course.  ,
Andrea:
Okay, but that private home becomes collateral in the end.  ,
Claudia:
In a way, the personal directors, they are not that tough. In order to ascertain whether or not a personal property may be sold, they will examine a bankrupt’s earnings, expenses, and what they can provide for the household. The proceeds will then be divided between the creditors. So they will conduct a comprehensive analysis of the assets the destitute has. And it’s not often, oh, you own a condo, or you stay in a landed ( property ), and I’m going to sell it and then I’m going to give it to the creditors. It is based on a case by case basis.  ,
Andrea:
Okay… How do we determine finally if bankruptcy or declaring yourself destitute, is the best solution for your loan position?  ,
Claudia:
I did consider self-filing for bankruptcy if I was at my wit’s end and had no money to pay these bankers. There is nothing I can do to get a temporary relief from these money, in my opinion. If for example, I do have probable business offers, I do have probable white warrior traders because, like I mentioned, most of these people who are judged bankrupts are sureties of businesses. Finally, let’s say hang on, try to work out a deal, and then ask your creditor to approve of it. Because at the end of the day, perhaps if I am judged a bankrupt, my bank does not return little, let alone the entire amount. Therefore, it might be wiser for both me and the bank to allow me to take some time to create a plan with a potential buyer to see if all leaves feeling satisfied.
One of the most sought-after jobs for fresh graduates in the 2000s was in contact centers. Malaysia – KL, in particular – had become a regional hub for user support solutions, taking advantage of our fairly high English ability, technological advancements and business facilities.
Like all things tech, call centres have evolved significantly over the past several decades, transitioning from traditional telephone- based support to powerful, technology- driven contact centres.
Business process outsourcing ( BPO ) is the current branch of business process outsourcing in Malaysia, which is growing in Malaysia thanks to the same factors that fueled call centers almost 20 years ago: the country’s strategic investments in digital infrastructure and a highly skilled, multilingual talent pool, beyond just English. The government’s supportive policies and initiatives have likewise played a vital role in this transformation.
Tech businessman Raymond Davadass has been in the forefront of the development of this sector over the past 20 plus years. He is the founder of Daythree Digital Bhd, a company involved in the global business services ( GBS ) and customer lifecycle , management ( CX Management ).
Under his leadership, Daythree has slowly expanded its offerings while utilizing the power of AI to streamline operations and increase customer performance.
Daythree went people last year, quick- forwarding its previously rapid growth. Davadass, whose remarkable salt and pepper moustache has become a personal look, is managing director.
Davadass was eager to study law, like many other young people of his creation in the 1990s, but he made a wrong turn when his three-month accounting trial course turned out to be more exciting. On entering the workforce, the Rawang local spent his early years in PwC, and left in 1997 to devote eight years working in Malaysia’s next- emerging technology scene.
He quotes his late father as saying,” That close affinity to technology has always been there, things I’ve always been fascinated with,” explaining how he came to terms with the transition and how he explained it to technical. He credits his late father for encouraging him to get extra-curricular lessons in BASIC software, deep II, and Lotus 123.
After working for others, Davadass, equipped with tech industry experience, accounting skills and a master’s degree in business administration, was ready to take the plunge.
” Between 2006 and mid 2009, I provided business consulting services. But that first attempt at being an entrepreneur definitely came with a lot of learning, I suppose. He said that some of the projects I was working on included how to finance technology.
He became the CEO of Kannal Solutions Sdn Bhd ( a subsidiary of Kannaltec Bhd, which was then listed on the ACE Market ). He joined the business in June 2009 and is now a director of Kannal Solutions Sdn Bhd.
The corporate journey continued for seven years before Davadass was given the choice to buy Kannal Solutions in 2016, which he chose, and which he did as a result of his second successful venture.
He changed the company from telemarketing, which was a commodity, low margin BPO space, to concentrate on the higher margin Customer Lifecyle Management and Digital Technologies segment. He changed the name to Daythree.
The new focus paid off. ” I started Daythree in April 2016 with a small team, and now here we are with almost 2, 000 staff ( 500 permanent and 1, 400 contract who enjoy full staff benefits as well )”. It recently reported Q1 24 revenue of US$ 5.03 million ( RM23.7 million ) with US$ 500, 000 ( RM2.38 million ) in profit before tax. Since Daythree was listed in July 2023, there is no comparison of the coresponding period.
a leader in digital CX; aspirations
The growth of Daythree is a testament to the evolution of the BPO industry, which has come a long way from its call center roots ( many of us will recall calling 755 2525 for pizza ) and has undergone numerous iterations to now become Global Business Services ( GBS ). The world today allows for multiple ways to reach the customer, from customers who only interact with service providers via phone. And vice versa, and with AI agents on the horizon! However, the challenge for businesses like Daythree is n’t just combining all the data in relation to a particular transaction with real-world storytelling.
” Before the GBS term, contact centres were part of business process outsourcing. However, if the focus of BPO was once on cost, which is why call centers were once so popular in India and the Philippines, there is now a shift to value. It is not just people behind a desk, but better access to quality technology. It also means managing the entire service interaction, supported by technology. And a lot of it”! Davadass says.
With the ( somewhat mouthful ) tagline” Customer Experience Lifecycle Management is our Forte.. with its ambitions of being a Digital CX Leader.  , Delivering Insights &, Innovation is our Differentiator”. Daythree’s service to the market is delivered through three digital tools, all developed in- house.
Davadass chose to build his own solutions, even though it would have been simple to purchase off-the-shelf solutions to shorten its time to market. We are the first to notice the gaps in the processes that cause consumer frustration because we manage customer front-end processes for a living. Very frequently we see agents being lacked the necessary digital tools to get the data and information they need to make quick decisions. This resulted in us seeing the value of expanding the capabilities at Daythree and bringing an improved CX to the market, explains Davadass.
” We are on a relentless search to incorporate technology into every aspect of the business,” he continues. ” I need to be able to do more with less, and that is Daythree’s edge. Malaysia’s other advantage is that we have people who can speak 53 different languages and dialects. At Daythree alone, its 15 languages. India and the Philippines cannot compete with this in any way. Although, these days, less people call in and the focus is more on doing things via chat. One agent can manage four conversations at once, which is a more effective use of my resources.
Not just Daythree makes the most of Malaysia’s advantages as a BPO hub. ByteDance, which runs TikTok and AliBaba, are two notable examples of global tech companies that have tapped these resources. Both companies began with small teams, and over the years, ByteDance’s number has soared to over 4,000 in just four years.
AI or not, human touch will always be needed
According to the joke, Davadass is the last person to worry that robots will eventually rule the world because of how practical and optimistic she is about the future. ” A huge challenge now is generative AI, in the sense that people are concerned about how it will change things”, he says thoughtfully. I firmly believe that more transactional work will be handled by technology, so if you do n’t upskill now, you’ll be left behind. In our industry, we still need that human touch, and I believe we always will. In some situations, AI can perform the job, but in others, the client needs to experience genuine empathy. You need a human right now to find that balance.
Going from founding a tech company in 2016 and getting it listed in 2023 is an impressive feat, but success did n’t necessarily come easy for Davadass. ” I bootstrapped the business”, he laughs.
No banks wanted to lend money to him, and the early stages of the process were challenging. However, Malaysia Digital Economy Corporation ( MDEC ) assisted him in getting assistance. ” Through GAIN and many of their other programs, their support has been instrumental in guiding us in our growth journey”, he acknowledges. They have helped us gain brand visibility in the market where we do business, both regionally and globally, by exposing us on various platforms and forums, including business missions. This has helped us open new markets and , find new partners. They have also offered advice and assistance in assisting us in developing our exclusive digital tools.
As the pandemic hit in 2020,  , Davadass realised that he , had hit a glass ceiling. The realization hit in those early difficult days of the pandemic that Daythree could n’t be an entrepreneur-driven company any more. I needed money and adopt a more professional approach in order to grow. Hence our IPO journey started in 2020 itself, and we got listed in July 2023″, he said.
Relinquishing control of the company born from an idea you’ve had for many years is n’t easy, but in failing an an entrepreneur once before, Davadass, who owns 38 % of Daythree, was able to approach the entire process with a more open mindset: the benefits were very clear and fit into his plan for , Daythree’s growth. Before the IPO, I lost a very big deal because we were n’t “big” enough even though we were technically more than qualified. Because I understood that this business was more than just about me, I had to go through with the IPO. It’s not been too long ( 10 months since listing ), but the difference is very clear – the pipelines I am able to build, and with so many new doors opening. When you can be a part of a much bigger pie, why fight for control over a small pie?
With the experience he has acquired, and looking back, would he have done anything differently? Davadass smiles. ” I do n’t know. There are no decisions I regret. In its own time, everything happened. If I’d done the IPO 10 years ago, I would be a different person today, for example. I think of myself as an accidental entrepreneur, the one who’s always taken the road less travelled– even though as an accountant you’re trained not to do that”, he quips.
His business and life lessons apply to both his business and life lessons. The pillar of doing business for me has always been integrity; I’ve never been one to chase profits. When do you need to, when do you need it, and in the right way, the money will arrive, in my opinion. Being sincere has always paid off, and putting that front and center means that money will come. I also believe humility is critical”.
The three words used a lot in the company are’ Alive’,’ Blessed and ‘ Grateful’.
Davadass looks outside his large office windows, and smiles. I’ve heard this advice to budding businesspeople:” Go with your gut, back it up with as much information as possible, and always be open about what you stand for.”
In recent days, a torrent of torrents have swept through large areas of India, Nepal, and Bangladesh, causing millions of dollars in damage and causing results of deaths.
Officials are conducting extensive rescue operations, sending food and supplies to stranded people, and directing thousands of people to homes.
Major streams, including those that pass through many nations, the Brahmaputra and the Koshi, have overflowed their businesses as a result of heavy rains.
Floods and landslides are no unusual during South Asia’s rain season, when it receives up to 90 % of its annual precipitation.
However, according to authorities, climate change has caused the situation to havegotten worse in recent years.
Officials in Nepal reported 14 deaths over the weekend, with some of the most significant deaths occurring on major highways blocked and some bridge swept aside by swollen rivers.
Specialists say that so far this year’s rainfall has killed more than 40 people. They have urged people to stay alert as the Koshi valley, which passes through Nepal and India, is flowing above the dangerous levels.
” This is not new for us, but the timing is incorrect,” Rajkumar Bk, a native of Kathmandu, told the Reuters news agency.
” The flood caused by heavy rains started in July, earlier this year. Our legs are now at the top of the water. We will have to flee for our life if the rain continues.
About 2.4 million people in the American state of Assam have been affected by storms, and 66 have died since mid-May. Authorities have issued a warning about even more weather, with Brahmaputra water levels expected to rise in the coming weeks.
Roads and large areas of land have been submerged along the institutions of the Brahmaputra, which flows through parts of India and Bangladesh, and other waterways.
In recent days, people were seen removing their belongings and removing their flooded homes by boat. Isolated villages have been cut off from the roads and bridges as a result.
Assam’s Kaziranga character supply, home to nearly 2, 200 one- winged rhinos, was also under waters. So far, there have been four animals and numerous antelope and other wildlife ‘ deaths. According to experts, this inundation incident is one of the worst in recent memory of the number of pets killed.
Authorities in Mumbai’s economic money closed some schools on Monday as heavy rains flooded some roads.
Officials in Bangladesh reported that at least eight people have died as a result of floods that have affected two million people.
A quarter of the towns in the nation have been flooded by the brimming Brahmaputra.
” We live with storms around. However, this time, the ocean was extremely high. In three days, the Brahmaputra rose by 6ft to 8ft ( 2m- 2.5m )”, Abdul Gafur, a local councillor in the district, told the AFP news agency.
” We are attempting to provide food, particularly corn and edible petrol,” the company said. But there is a consuming water issue”.
The UN’s World Meteorological Organization is predicting “above normal” rainfall for the South Asia monsoon season that is expected to last till September.
More than two million people are affected by heavy rains that caused major rivers to burst their banks in Bangladesh this week, according to officials who confirmed the death toll on Saturday ( July 6 ). The South Eastern region of 170 million people, crisscrossed by thousands of river, hasContinue Reading
HONG KONG/SINGAPORE: The Hong Kong unit of DBS Group Holdings, Singapore’s biggest lender, was fined HK$ 10 million ( US$ 1.28 million ) by Hong Kong’s banking regulator for violating anti- money laundering ( AML) and counter- terrorist financing regulations. The Hong Kong Monetary Authority ( HKMA ) conducted anContinue Reading
The Finance Ministry stated that if they have signed up for federal distribution techniques, they will immediately receive the payments if they are qualified recipients of the money and MediSave GSTV payouts.
Citizens can test their enrollment for the rewards at the govbenefits site, govbenefits. gov. roc- by logging in with their Singpass.
Those who have n’t already enrolled in the GSTV program can do so at the govbenefits site by July 9 as they will get their payment in August.
By the end of the month, those who mark up after July 9 and by June 20 may have received their payment.
If someone who has n’t already signed up before August 2024 does n’t have a Singpass app or a Singpass-registered mobile number, they will be notified via the Singpass app, SMS, or hardcopy letters sent to their NRIC address, according to MOF.
The MOF noted that it has been using PayNow as the government’s main repayment method since 2021 for people who have linked their NRICs to Paid Now.
If they have an account with one of the 12 participating lenders in Singapore, MOF said it encourages Singaporeans to reference their NRIC to PayNow by Jul 22 .  , By doing so, they may get their 2024 GSTV in early August.
Those without PayNow- NRIC linked banks accounts you update their bank account information at the , govbenefits , website , by Jul 26 to collect payment from Aug 12.
Starting August 22, users of GovCash, which has replaced checks as a form of payment, may withdraw the funds from OCBC ATMs all over the island.  , An OCBC lender account is not required for transactions, said MOF.
If they immediately enroll for PayNow- NRIC, they may also use the LifeSG app  to move payments to their lender accounts using PayNow or their PayNow QR codes by scanning their PayNow or NETS QR codes.
Available people will be notified in August after the bills have been disbursed,  , either via their Singpass software box, said MOF. Those who have registered their mobile numbers with Singpass but have n’t installed or completed their one-time installation on the Singpass app will receive SMS messages.
Jerome Powell, the head of the Federal Reserve, may be spared a thought if anyone is currently despising their work. Owners can see how unsure Chairman Powell is regarding the US interest rate trend in real time.
The former Treasury Secretary Lawrence Summers ‘ claim that the Fed’s subsequent step will be to strengthen, not simplicity, has sparked a wave of ire among investors. The Fed’s issue is not humored by the dollar’s soaring inflation rate, the dollar’s soars, and US electioneering becoming a laughingstock.
Summers is still a dreamer, according to numerous well-known academics. Among them is Mark Zandi, chief analyst at Moody’s Analytics.
” The Federal Reserve may cut interest rates – now”, Zandi argues. ” The main bank’s present higher- for- longer interest rate plan – firmly holding the , <a href="https://na01.safelinks.protection.outlook.com/?url=https://fred.stlouisfed.org/series/FEDFUNDS&data=05|02||e36ed482867343af9d8d08dc9b7d5bbc|84df9e7fe9f640afb435aaaaaaaaaaaa|1|0|638556209932965310|Unknown|TWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0=|0|||&sdata=rjCCqmnH9a6hcIVdmcYS4IKKF67S/NZSqlJE2cDhhmI=&reserved=0″ target=”_blank” rel=”noreferrer noopener”>federal funds rate that ‘s , immediately controlled by the Fed at a higher 5.5 % – threatens to destroy the business“.
Bill Dudley, former chairman of the Fed Bank of New York, thinks that would be a miscalculation. ” Maybe the Fed’s slogan, instead of ‘ higher for longer,’ if be’ higher continuously’ until inflation moves more persuasively in the desired direction”, Dudley wrote on Bloomberg.
Not just one central bank is in danger of making a major policy mistake, according to the Fed. In addition, the People’s Bank of China and the Bank of Japan may need some major explanations in the coming year for mistakes made today.
For instance, the BOJ has almost surely run out of time to stop quantitative easing and stabilize interest rates. Since taking over the board in April 2023, BOJ Governor Kazuo Ueda has seized every chance to change its mind to a less flexible coverage.
Then, as Japan’s economy deals – by 2.9 % in the first quarter year on year – and inflation surpasses wage growth, it’s an open question whether any climb costs will come in 2024.
As the BOJ flounders, the yen is extending its decline – over 15 % so far this year – in ways that could destroy world businesses. Another important Asian nations may experience declines in exchange rates as a result. And it might make Asia nervous to watch out for before the November US vote.
The BOJ was possibly mess up in both directions. Applying the brakes too quickly may exacerbate the yen’s surge and slam the economy into recession. Act very gently, and Japan will soon become even more entangled in the QE sand, making exiting it even more difficult.
The PBOC must perform a challenging juggling work of its own. Governor Pan Gongsheng has been slower to lower saving costs as Asia’s largest economy slows. Some economists worry that this precaution conflicts with worries about the slowing of economic development.
In June, for example, coast service action grew at the slowest rate in eight weeks. A weaker-than-expected 51.2, compared to 554 in May, was the Caixin China service purchasing managers ‘ indicator.
These data raise concerns that strong export growth is n’t translating into stronger domestic demand. Despite authorities efforts to stabilize the condition, China’s home crisis continues to ponder on growth.
Wang Zhe, an economist at Caixin Insight Group, claims that” the progress speed weakened compared to May.” The business was under tension, the “market was concerned.”
President Xi Jinping’s desire to avoid punishing poor banking decisions or reinflating asset bubbles is one factor making Pan reluctant to lower prices. Xi’s Communist Party really allowed for burst of stimulus. However, the PBOC has been far less confrontational than during earlier slowdowns.
What’s different this time is recession. As China ‘s , home crisis , deepens and its overcapacity woes enhance, some economists worry authorities risk letting this poor- price active take on a life of its own. Xi’s party loathes the Japan comparisons so often leveled Beijing’s way.
Of course, fears about Chinese overcapacity could be overdone. Many economists argue that unfair trade practices and increased production results are the cause of the country’s export success right now.
However, the US Fed may be the one who is most likely to make a significant policy mistake.
In its extreme focus on inflation, the Powell- led Fed risks ignoring dislocations in credit markets. Not of the 2008 Lehman Brothers crisis variety but of a magnitude the Fed’s “higher for longer” yield policy may exacerbate.
Granted, economic conditions have n’t gone to plan as employment growth and wages outpace even the most optimistic forecasts. In May, consumer prices grew at a 2.6 % annual rate. Though coming down toward the Fed’s 2 % target, policymakers are n’t ready to declare victory.
We simply want to make sure that the levels we’re seeing reflect actual inflation, Powell said on Tuesday ( July 2 ).
Last week, Mary Daly, president of the San Francisco Fed, cautioned it’s “hard to know if we are truly on track to sustainable price stability”.
The issue is that the Fed may be supporting the wrong side of the trade-off it faces. Many of the upward pressures on costs are coming from the supply side, post- Covid- 19 pandemic. Government actions to boost domestic productivity and capacity, rather than tighter credit, are more effective at addressing these trends.
The US dollar is rising in ways that are making Asia’s year more difficult and putting strains on the US commercial property sector as the Fed decides a course of action. In the wake of Covid, and the work- from- home boom it unleashed, empty skyscrapers seem sure to be America’s next financial reckoning.
Medium- size banks, meanwhile, are still reeling from the Fed’s failure to cut rates. Back in January, Powell’s team was seen easing between five and seven times in 2024. Now, some fear the higher- yield era is poised to be as indefinite as Japan’s zero- rate period.
The risk posed by high yields is illustrated by the speed with which the Silicon Valley Bank collapse in the early 2023 global markets erupted. That goes, too, for undermining the economy.
Many are taking a wait- and- see approach.  ,” When you have economic growth at a pace under 2 %, that can be considered’ stall speed,'” says strategist Rob Haworth at US Bank Wealth Management. ” But we’re still seeing solid , consumer activity, which has been the most important factor driving the economy to this point”.
But Mohamed El- Erian, president of Queens ‘ College, Cambridge, argues the US is” slowing faster than most economists expect and faster than what the Fed expected”. This “excessively data- dependent” Fed team risks keeping borrowing costs” too high for too long”.
The dollar’s “wrecking ball” tendencies, meanwhile, are shaking up global markets. It’s hoovering up outsized waves of global capital, disadvantaging emerging economies in particular. Political polarization in Washington, meanwhile, does n’t augur well for capping the dollar’s rally.
” In a divided government, there’s less ability to pass a lot of meaningful fiscal measures”, notes strategist Kamakshya Trivedi at Goldman Sachs. ” It’s fair to say that trade policies and fiscal expansion policies will be up for debate and possibly put into action for this particular election. In addition, the rest of the world faces a real risk of managing an even stronger dollar as a result.
The outlook was further muddied by US President Joe Biden’s disastrous debate performance against Donald Trump. Trump’s chances of winning the White House appear to be higher than ever.
Analysts at ING Bank write in a note that “it is now obvious that investors have made the Trump-strong dollar link.” Given Trump’s potential for lower taxes, inflationary protectionist measures, and greater geopolitical risks,” this is also how we interpret it,” we thought.
Periods of extreme dollar strength do n’t tend to go well for Asia’s export- reliant economies. Powerful dollar rallies of the kind that have taken place across the globe over the past few years have tended to squander disproportionate amounts of capital, denying Asia of desperately needed investment.
The Fed’s “taper tantrum” of 2013 is one earlier reminder of this phenomenon. The Fed tightened its last two years with an even greater degree of force than it has in the last two years, which is the real bookend for Asia.
At the time, the Fed doubled short- term interest rates in just 12 months. The tightening set in motion Mexico’s peso crisis, the bankruptcy of , Orange , County, California and the demise of Wall Street securities giant , Kidder,  , Peabody , &,  , Co.
Then developed Asia, which was the biggest casualty of all, arrived. By 1997, a multi- year dollar rally , and rising US yields made Asian currency pegs to the dollar impossible to maintain.
First came Thailand’s chaos- generating devaluation in July 1997. Next, Indonesia and South Korea scrapped dollar pegs. Malaysia and the Philippines were also on the brink as a result of the turbulence. Before long, global investors began worrying Japan and China might stumble, too.
The fear was that , China might devalue, catalyzing a fresh wave of market turbulence. Luckily, Beijing did n’t – just as it has n’t today.
Japan contributed to the drama back then when, in November 1997, Yamaichi Securities collapsed. The failure of a then- 100- year- old Japan Inc icon shook global markets. Thankfully, officials in Tokyo kept the collapse from becoming a systemic shock globally.
Now, Asia faces a giant shock from the other direction. Despite the rally, global investors are no longer confident in the dollar because it poses a greater, immediate systemic risk.
Just as the US national debt reaches the$ 35 trillion mark, the de-dollarization movement is gaining traction. What’s more, Washington’s debt burden is headed to$ 50 trillion by 2034, according to the Congressional Budget Office.
Midway through November, Moody’s Investors Service threatened to downgrade the US, shaking the dollar’s stability. That would mean the loss of Washington’s last AAA rating, which would likely send US 10- year yields skyrocketing.
Is the Fed making an epic , mistake? Only time will tell. But it’s just one of several top central banks whose , mistakes , could shake the global financial system in ways few appear to see coming.
Follow William Pesek on X at @WilliamPesek
The US federal debt, which is currently approaching US$ 35 trillion or 1200 % of GDP, is alarming a growing number of economics and financial analysts. Prior to defence spending and rights, interest payments on the debts have grown to be the most important item in the US federal budget.
In earlier June, previous US House Speaker Paul Ryan proposed that the US government may recognize stablecoins, resource- backed bitcoin, as settlement for US Treasuries. According to Ryan, the initiative would lead to an “immediate, tough increase in demand for US debts, which would lessen the chance of a missed debt auction and an ensuing financial and economic crisis.”
Ryan’s plan serves as a testament to how serious the US loan issue has grown. Cryptocurrencies were conceived as anti- stablecoins currencies. They are modern currencies that are privately issued and can be used anywhere in the world in an anonymous manner. Bitcoin, the first bitcoin, was meant to be a system for a new economic system that could start with a clean slate.
In the US, as of 2024, crypto advocates are calling for the regulation of asset-backed cryptos ( stablecoins ) so that they can be used to buy US Treasuries and pay taxes. Cryptocurrencies may be able to save the imperfect financial system that they were supposed to replace.
US Congressman Matt Gaetz introduced a bill that would allow Americans to give their federal income tax in Bitcoin two days after Ryan submitted his plan. Gaetz claimed that the dramatic change would encourage creativity, increase efficiency, and give Americans more freedom.
This is a courageous step in the direction of a future where digital currencies are essential to maintaining the US’s position as a leader in scientific development, according to Gaetz.
Is it possible for a fiat currency to survive with personally issued currencies? In the last 50 years, the dollar lost 90 % of its value, and it is still losing money annually at a rate of about 10 %.
Altcoins vary widely in price, but almost all of them are priced in dollars. They are therefore susceptible to a potential ( some economists say unavoidable ) devaluation of the dollar.  ,
A bit of bitcoin history. A computer programming using the pseudonym Satoshi Nakamoto published a report on a crypto bulletin board on October 31, 2008, to proclaim Bitcoin, the first peer-to-peer cryptocurrency. People may “mine” Bitcoins by completing complicated mathematical puzzles and receive rewards for the newly created coins.
Nakamura argued that the economic system was corrupt and benefited a tiny elite by using taxpayer money to bail out Wall Street in 2008. Bitcoin would be the person’s income, beyond the power of governments. It may make it possible to pay someone anywhere in the world almost completely for free.
Just 21 million Bitcoin could be mined, making fiat currencies defense to inflation brought on by overwhelming money stamping, a criterion found in fiat currencies.
In 2010, Bitcoin recorded its first commercial exchange. Who delivered two pies to his Florida residence in the form of a Bitcoin worker named Laszlo Hanyecz offered 10, 000 BTC to him?
American computer Jeremy Sturdivant accepted the offer. He had two pies delivered to Hanyecz’s house at a cost of$ 25, and Hanyecz transferred 10.000 bitcoin to Studivant’s Bitcoin budget. Bitcoin was valued at$ 0.0041 during the transaction.
Currency’s initial purchase, remembered as Bitcoin Pizza Day, generated broader involvement in the modern money. Entrepreneurs started crypto exchanges to facilitate the purchase and sale of cryptocurrencies, and they invested in server farms to stone cryptocurrencies. In a simple 15 times, Bitcoin’s cost went from almost zero in 2009 to a maximum of  ,$ 75, 830 in early 2024.
Bitcoin’s potential as a pay method was unsuccessful. Just a small percentage of Bitcoin transactions are made for retail use. The remainder involves crypto investing.
Crypto companies have created a number of different kinds of altcoins. Among them are bitcoins. Some cryptocurrencies are backed by assets like real estate, corporate debts, and even other cryptocurrencies, people are backed by reserves of stablecoins assets held in bank transactions. A bitcoin named DigixDAO has a” stain backed by physical gold” that is supported by 1 ounce of silver that is stored in a bunker.
Ironic is the rise of cryptocurrencies that are gold-backed. The US government’s decision in 1971 to remove the money from the gold standard was largely responsible for the difficulties in the financial system, which allegedly contributed to the development of Bitcoin.
After WWII, the US dollars became the global reserve currency. The dollar was purged from gold at a fixed price of$ 35 per ounce under the Bretton Woods Agreement of 1944.  , The English lb, the French franc and assets of different countries were pegged to the money, and hence indirectly to silver. By limiting the amount of money that can be issued, metal resources impose fiscal discipline on nations.
In the 1960s, many European nations expressed concern that the US state was damaged financially, which was the outcome of a pricey war in Vietnam and the introduction of social plans ( the War on Poverty ). Economists in Europe speculated that the US was printing more money than gold had again.
The French state made its issues known in a serious manner. It demanded ore in exchange for sending a warship full of dollars to New York. Many other countries followed suit, albeit without ships, and they progressively drained US silver resources.
At the end of World War II, the US had 21 measurement tons of gold. In 1971, just 8.133 plenty remained. The US government announced that it would temporarily shut the so-called golden windows, defaulting on the Bretton Woods Agreement, in order to lose its remaining property.
In exchange for military protection, the US in 1974 persuaded Saudi Arabia to buy all of its oil in dollars to maintain the worldwide demand for the currency. The deal mandated that all oil-importing countries keep dollar reserves, leading to an ever-increasing demand for dollars.
The so-called petro-dollar strengthened the status of the US dollars as the world supply money. The oil trade represents only 7 % of the global economy, but it is essential to the other 93 % of the economy.
The US government has quickly increased its bill, no more constrained by the restrictions imposed by the gold standard. In 1971, US debt was$ 400 billion, in 2024 it reached$ 34 trillion, or 120 % of GDP.
To fund its shortfalls, the US government issues attention- bearing Treasuries. Backed by” the full faith and credit” of the US state, Treasuries have been regarded as a risk- completely purchase. The major customers were private owners, international institutions, pension funds and insurance companies.
But history is repeating itself. In the late 1960s, France was concerned about the US silver deposits. Currently, China is concerned about US Treasuries.
China developed a sizable trade surplus with the US, bringing in at one point$ 1 billion a day net as it became the factory of the world. China became the world’s largest borrower to the US with a portion of its dollar to buy US Treasuries, joining Japan and Japan as the only other country to do so.
Next came the renowned Wall Street loan and the global financial crisis of 2008. China came to the conclusion that the US lacked the desire to control its investing or overhaul its political or economic system. China eventually cut back on its US bill purchases throughout the 2010s. Also, it started to lay the foundation for an alternative economic structures.
Om 2021, China, Hong Kong, Thailand and the UAE announced they were developing mBridge, a digital alternative to SWIFT ( Society for Worldwide Interbank Financial Telecommunication ). Importantly, mBridge is based on a variation of bitcoin, the technology used in most bitcoin.
mBridge is designed to work with Central Bank digital currencies and serves as the most good case study for a monetary settlement system for the BRICS nations. The Cooperation Council for the Arab States of the Gulf ( GCC), comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, has tested its own CBDC Bridge that will be connected to mBridge.
BRICS is also developing a trading forex system that could be backed in part by silver, oil, and other supplies. The biggest obstacle to the money has been a gold or oil-backed currency. Despite their strange appearance, golden and petrol have remained close to balance for more than a century. Their individual rates move within a very small area.
In 1971, when the US closed the golden window, an ounce of gold sold for$ 35. It reached$ 2, 450 in first 2024. In 1971, a barrel of oil was$ 3.60. In recent years it has traded between$ 80 and$ 100 a barrel. Measured in silver and oil, the money lost about 90 % of its value in the last 50 years.
If the BRICS introduces a coin that is pegged to gold, it might have an impact on the prices of everything from copper and gold to aluminum and the crucially important rare earths used in natural technology.
A developing BRICS will not only be the largest manufacturer of many industrial and consumer goods, but also have the ability to control a sizable portion of international assets. The latest BRICS people ‘ complete economic output has already surpassed that of the G7.
Saudi Arabia made the announcement to visit both BRICS and mBridge in June of this year. The Saudis had now begun selling non-dollar oil, but the statement made it clear that their commitment to the petro-dollar had come to an end.
The Saudi choice elicited a reaction from Michael Saylor, inc- founder of crypto big MicroStrategy. According to Taylor, the Saudis were making a error and should have chosen Bitcoin otherwise.
He wrote:” Picture a planet where 50, 000 businesses use cryptocurrency with P2P settlements with each other. Ask the Bank of Australia, the Bank of Austria, or the Bank of China if they would n’t like to have an asset that does n’t lose 7 to 10 % of its value annually. Ask them if they would n’t prefer to be able to make deals with any other banks in the world, peer- to- gaze. It’s an advancement over the existing system”.
Saylor perhaps knows better. Why do countries in the BRICS, including Saudi Arabia, China, and other BRICS nations, exchange their goods or commercial goods for dollars while deviating from the money system?
Severe forms of economic engineering have made the US debt problem worse. Introducing bitcoin into the monetary system takes this a significant step further. Cryptocurrencies can be used secretly and across borders, making it ideal for duty evasion. It was, according to scholar Michael Hudson, change the US into” the new Switzerland”.
Hudson wrote:” The US sees acting as the place for the country’s tax evaders, criminals and others as a good regional strategy. The intention is not to criticize tax violence and more violent criminal acts, but to make money by serving as lender for these activities.
The US has three options, according to macroeconomist Luke Gromen, none of which are painless: it must reduce defence spending and privilege by at least 30 %, it is partially mistake, or it can fill the bill, barring a productivity miracle caused by AI or a breakthrough in cheap energy. Only in a national incident, which may lead to years of incredibly high inflation, are the first two options politically feasible.
Also, says Gromen, the US will have to re- flourish to reduce its reliance on foreign companies for even the most simple of items. The second US president will need to develop an commercial policy, or, better still, a national strategy to reimagine society.
In the short term, there is no reason for optimism. Donald Trump, a former US president, granted cryptocurrencies. He has pledged to chastise nations that stop using the money and that his reelection strategy accepts donations in bitcoin.
That does n’t sound like a plan. Reserve economies are on the verge of extinction. They are still present in the colonial period.
In its assessment, Singapore has identified its vital terrorism financing threats: From criminal groups such as ISIS,  , Al- Qaeda and Jemaah Islamiyah, while also as , possible spillovers from the ongoing Israel- Hamas war and tensions in the Middle East. Self- radicalised individuals who are friendly towards the cause of extremist groups, in particular , ISIS, are likewise a risk.
” Considerably- right extremism is also a growing protection issue in many countries”, the authorities observed.
We don’t rule out that some people might find its anti-Islam and anti-immigration speech offensive, despite the fact that it has not gained a lot of support in Southeast Asia.
The government claimed that the updated Terrorism Financing National Risk Assessment has taken into account significant advances since its most recent release in 2020. These include the emergence of new terrorism funding risk typologies, the expansion of the modern economy and financial services in Asia, and other factors.
As in the previous version, the 2024 chance analysis observed that , raising and moving money for terrorists and violence activities abroad remains relevant in Singapore’s environment.
Self-radicalized people continue to pose Singapore with the biggest threat to violence financing, according to the authorities.
The top five terrorism-related risk areas identified four years ago are generally comparable to those identified in 2024:
The latest report supports the priorities of the , National Strategy for Countering the Borrowing of Terrorism, launched in 2022, which , comprises deeds to prevent, detect, check and maintain aspects of violence financing.
According to the government, Singapore will continue to work with market people to develop strategies and measures to combat threats posed by terrorism financing.
They will also get near partnership with , foreign counterparts, global organisations, and regular- setting bodies such as the FATF.