Arms exports from Singapore-based entities to Myanmar junta ‘dropped dramatically’ in past year: UN envoy

THAILAND IS Then A WORLD-CLASS RESOURCE

Mr. Andrews noted in his most recent statement that Thailand has now become the regime’s main supplier of goods purchased through the world bank system.

Arms and related supplies transferred from Thailand-registered businesses increased from over US$ 60 million in the governmental year of 2022 to over US$ 120 million the following month.

The Thai authorities, according to Mr. Andrews, does not have a clear public policy place opposing the move of arms to Myanmar, unlike Singapore.

According to the review, the junta’s buying originally made from Singapore- based companies, including sections for Mi- 17 and Mi- 35 helicopters, are now being sourced from Thailand. According to the report, the junta uses these helicopters to move soldiers and carry out airstrikes on human targets.

Thai businesses, including Siam Commercial Bank, have been important in this change, said Mr Andrews.

In the 2022 fiscal year, the country’s oldest professional banks facilitated more than US$ 5 million in transactions involving Myanmar’s military purchasing. In 2023, this soared to more than US$ 100 million.

Mr. Andrews expressed wish that Thailand will conduct an investigation into and stop the flow of arms into Myanmar in a similar way to Singapore’s.

He emphasized that he found no proof of the governments ‘ presence or recognition of the deals in both countries ‘ cases.

He cited the Singapore government’s launch of an investigation that led to this major drop when we released the statement indicating the entities from Singapore that were involved in this trade next year.

We’re hoping Thailand did follow suit, and we’ll see a similar pattern from Thailand this year from Singapore.

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Thai weapons shipments to Myanmar ‘doubled in last year’

UN report claims that despite sanctions and other procedures, the coup is also able to gain access to weapons and money.

Thai weapons shipments to Myanmar ‘doubled in last year’
A fire burns in Pazigyi town in the Sagaing Region of Myanmar in April 2023 following an underwater invasion by the Myanmar war that killed about 160 folks, including 40 children.

According to a new report from a UN analyst, the value of arms and related supplies exported from Thailand to Myanmar doubled in the 2023-2014 fiscal year to$ 120 million.

The UN special rapporteur on individual freedom in Myanmar, Tom Andrews, stated in a statement that while global efforts to disarm Myanmar’s ruling junta have had success on some amounts, the military plan is also able to obtain funds and weapons to fight anti-coup forces.

Companies in Thailand have contributed to the space, according to the review, titled” Death Trade: How Banks and Governments Help the Martial Junta in Myanmar,” despite the city-state’s government’s work.

Mr. Andrews identified 16 businesses in seven nations, including those that have processed deals involving Myanmar’s involvement in the military procurement process over the past two years, and 25 more that have provided correspondent banks to state-owned banks in Myanmar that are under the control of the junta.

The junta has entry to the financial service it needs to carry out comprehensive human rights violations, including flying attacks on civilians, he said, by relying on financial institutions that are willing to conduct business with Myanmar state-owned institutions under its control.

Since the defense seized power from an elected authorities in a 2021 revolt, which sparked economic sanctions against the military, businesses, and other related businesses by European nations, Myanmar has been in turmoil.

More than three years later, a opposition movement against the coup has turned into a full-fledged civil war, with the defense accused of conducting airstrikes against rebels and civilians as a result of its loss of control of significant swathes of territory.

According to the review, the value of imported arms, dual-use systems, manufacturing equipment, and other supplies by the dictatorship totaled$ 253 million in the fiscal year to March 2024.

That was one-third less than the previous year, according to the document, as a result of Singapore’s efforts to stop businesses based in the city-state from supporting the military program.

According to Mr. Andrews, the development demonstrated that sanctions and other global efforts can affect the junta’s ability to replenish supplies and, in turn, lessen the military’s ability to launch airstrikes that have claimed the lives of civilians in their communities.

” They are attacking these villages are dependent upon their access to weapons and supplies supplied from abroad,” he said.

Myanmar’s military denies that it has massacred residents and claims to be fighting “terrorists” against those who are accused of doing so. Authorities have downplayed the effects of sanctions and claimed that they only serve to thwart the government’s effort to restore the nation to politics.

Mr. Andrews examined purchases made by organizations that the Myanmar defense government controls and found that between 2022 and 2024, there were$ 630 million in military procurement.

The value of exports from Singapore dropped from more than$ 110 million in the 2022 fiscal year to just over$ 10 million, the report said.

But, Thailand half filled the gap. According to the report, companies registered in Thailand transferred assets fair$ 120 million in the 2023 governmental year from the prior year’s$ 60 million.

” This change has involved a significant portion of Thai lenders. For instance, Sim Commercial Bank, for example, facilitated just over$ 5 million in transactions involving the Myanmar military in the year ending March 2023, but that figure” soared to over$ 100 million in the following year.”

” In a dramatic illustration, in 2023, Thailand- listed companies became the SAC’s source for extra parts for its Mi- 17 and Mi- 35 helicopters that Singapore- registered companies provided previously”, the report said, referring to the junta’s proper name, the State Administration Council.

” The SAC uses these planes to transport troops and carry out airstrikes on human targets,” according to the SAC,” such as the April 2023 assault on Pazigyi town in the Sagaing Region, which killed about 170 people, including 40 children.”

Srettha Thavisin, the prime minister of Thailand, told Reuters in an interview in April that it would address all conflict-related issues.

The Pazigyi village bombing resulted in the deaths of members of the armed resistance, according to the military.

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Lessons from Sb money laundering case will strengthen Singapore’s approach to tackling threat: PM Wong

Singapore’s authorities ‘ handling of the recent S$ 3 billion money laundering case, according to Prime Minister Lawrence Wong on Wednesday ( Jun 26 ), will use the experience and lessons it learned to strengthen our laws and enforcement.

Mr. Wong, who is also the finance minister, said in his first comment on the situation since it closed that he had been able to “take swift and strong enforcement actions against criminals who attempt to use Singapore to dirty their unlawful funds.”

He was speaking at the opening of the Financial Action Task Force ( FATF ) Plenary Meeting, held at the Marina Bay Sands Expo &amp, Convention Centre.

The 40-member world watchdog for money laundering and terrorism financing is now led by Singapore. Its two-year word comes to an end this month, and after that, it will transfer to Mexico.

Money laundering has been thrust into the spotlight in Singapore after the S$ 3 billion ( US$ 2.21 billion ) case, which involved 10 foreigners and assets such as hard cash, luxury properties, branded goods, cryptocurrency and alcohol.

We as a global financial and business gateway are aware of the increased risks of wealth trafficking and terrorism financing. However, Mr. Wong told delegates that we are determined to take the necessary steps to mitigate these risks and prevent our reputation as a reliable financial hub.

He claimed that the operation by law enforcement in August of last year, which involved parallel raids on various locations in Singapore, including Good School Bungalows and condos, was “one of the largest anti-money laundering operations in the world.”

He noted that the government conducted thorough investigations and seized the property after discovering signs of illegal activity.

Ten defendants have since been found guilty within a month of their arrest. More than 90 % of what we seized from them has been forfeited to the State, which accounts for about S$ 94 million of their property. The 17 different offenders who are already abroad are still being investigated, according to Mr. Wong.

SINGAPORE FULLY COMMITTED

Mr Wong reiterated Singapore’s total commitment to tackling the scourge of wealth fraud.

Singapore “takes a strong stand against economic crime. But zero compassion does not mean zero event. He claimed that determined criminals who will continue to look for gaps to exploit even the most demanding anti-money laundering regimes may be able to circumvent them.

” It’s also crucial that our policies are n’t overly zealous and unnecessarily stifle legitimate activities and investments.”

In response, Singapore adopts a risk-based strategy, focusing on identifying the most recent economic trends and developments that criminals can exploit, and creating tools and legal frameworks to identify cautious individuals and activities, according to Mr. Wong.

Last year, Singapore released its regional risk analysis on money laundering, 10 years after the previous one.

On Wednesday, the National Asset Recovery Strategy was published.

The file” will outline how we will deprive criminals of their illegal funds and assets, eliminate the economic incentives for criminals to dirty their unlawful proceeds in Singapore, and transfer these assets to victims,” according to Mr. Wong.

He noted that the FATF has encouraged international cooperation in the area under the leadership of Singapore, such as by requiring part nations to acknowledge and carry out each other’s judge orders relating to asset sequestration.

It has also made lawful institutions that could possibly be used to cover legal activity, more clear. According to Mr. Wong, the work force now demands the release of more data to enable law enforcement to discover the true owners of such entities.

He continued, adding that the FATF has encouraged the exchange of information between personal financial institutions and law enforcement.

” This effort to improve global commodity treatment is still in its early stages. According to Mr. Wong, the recovery rate from unlawful money has increased from less than 1 % a decade ago to about 3 percent in 2024 according to the most recent Police numbers.

” 3 per share is also low. We need to accomplish much. But at least we are moving in the right direction, which will allow us to anticipate also higher treatment rates in the future.

Healing Resources

” We have made property recovery a concern in our nationwide anti- cash fraud regime”, Mr Wong told delegates.

Singapore’s approach to recovering assets is multi- faceted, the Ministry of Home Affairs, Ministry of Finance and Monetary Authority of Singapore ( MAS ) said in a joint press release on Wednesday.

It focuses on identifying suspicious and criminal activity, deterring the use of Singapore to conceal or move illegal assets, and deprived criminals of their proceeds through quick arrest, providing the greatest reparation to victims, they said.

” We have strengthened partnerships with our international rivals, and group and private sector stakeholders, in property healing and loss prevention work”, said the authorities.

Mr. Wong praised efforts made by the Singapore Police Force to establish an anti-scam center where law enforcement representatives from major banks, online e-commerce platforms, and law enforcement agencies collaborated and collaborated in real-time to track suspicious fund flows and freeze illicit funds.

Over 16, 700 SMS alerts were sent to bank customers between March and April this year, according to the organizations, warning over 12, 500 people who were being defrauded.

This disrupted more than 3, 000 scams and averted losses of over S$ 100 million, they said.

According to Mr. Wong, MAS also launched a platform for private financial institutions to securely share information on customers who display red flags earlier this year, allowing them to better identify criminal networks and activities.

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Extended contract and stricter terms for firm managing Malaysia’s migrant labour entry: Minister

A senior government official claims that Malaysia has extended the firm’s deal with the organization that controls the entry of immigrant workers into the nation, though with tighter conditions.

Home Minister Saifuddin Nasution Ismail stated at a press conference on Monday ( June 24 ) that the Malaysian Cabinet had” several weeks ago” decided the contract extension for Bestinet Sdn Bhd, according to Free Malaysia Today ( FMT ).

While he officially confirmed Bestinet’s improvement, he added the new agreement was subject to stricter problems, according to local advertising.

Additionally, Mr. Saifuddin mentioned that the authorities had established a commission to discuss specifics of Bestinet’s three-year deal extension.

The committee will examine the terms and conditions of firms that introduce safety technology for the migrant workers ‘ centralized management system, including Mohd Zuki Ali, the government’s chief minister.

According to the New Straits Times, Mr. Saifuddin was quoted as saying that” this committee will explain the terms of the contract starting from the decision to expand it in process once it has already been made” in addition to the company’s ongoing discussions.

The Foreign Workers Centralized Management System ( FWCMS ) was developed, provided, and maintained by Bestinet under a six-year contract with Malaysia’s Home Ministry, according to local media reports. However, the lease ended on May 31, 2024.

CNA reported earlier this week that Bestinet will be working with the nation’s growing international workplace on a new three-year contract.

According to the special report, Bestinet is required to give the government its Sharp code and alphanumeric ciphers, as required by its new agreement, for international transfers of funds, among other things.

The Home Ministry, which coordinates the immigrant labor selection process with the Human Resources Ministry, informed Bestinet last week of the new circumstances.

A fresh three-year agreement will only be finalized once the business accepts them, according to government officials.

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25-year weak yen obsession is blowing up on Tokyo – Asia Times

Forex traders who are betting on a yen bounce should talk to policy veterans who are more knowledgeable and not the current ones.

Officials from the Bank of Japan, Shunichi, Suzuki, Masato Kanda, and Kazuo Ueda, the yen’s government, argued that the renminbi is a victim of the Japan-US offer gap, while the yen was at its lowest point over the past year.

This is bedroom, as Hiroshi Watanabe, past vice minister of finance for foreign affairs, tells Nikkei Asia. Yet if Tokyo participates suddenly, there’s little opportunity for the yen to march from 159 then history, say, 150 to the US dollar, he says.

In the days to come, the chances are that the yen will continue to decline. The purpose: Tokyo’s 25- year- ancient poor- yen strategy is blowing up on Asia’s next- biggest economy in real time, leaving the currency on a upward path.

” The level of japanese loss in recent years is startling”, says Robin Brooks, scholar at the Brookings Institution. The Turkish lira, which has traditionally been the weakest money in the major markets, has lost more in real terms than the renminbi. However, since the end- 2019 – since only before Covid hit – only one money, the Egyptian pound, has fallen more than the yen in true terms”.

Brooks adds that,” no surprisingly, the level of this loss has sparked controversy on its drivers and how much further it can expand”. On some level, he explains, “yen weakness stems from Japan’s extremely high debt, which forces the bank to cover long- term government bond yields via available- ended bond buying”.

Finally, Brooks concludes,” Japan is a sobering stories about letting debt fall unchecked. Countries can impose limits on state bond yields with the help of their main businesses, but doing so only leads to weak currency depreciation.

Now that Watanabe is no longer employed directly by the government and is leading a Tokyo think tank, he can explain why the yen should n’t be viewed as a safe haven asset. And why does the market wager that the Ministry of Finance’s intervention wo n’t succeed?

A number of Asian governments have been using a weak yen-only strategy to encourage growth and combat inflation since the late 1990s. After Chinese officials claimed they were moving away from the old beggar-thy-neighbor policies, the ploy gained perhaps more significance.

The Liberal Democratic Party’s resumption of power in late 2012 is referenced below. With a strong plan to boost the business, Prime Minister Shinzo Abe came back into power.

Abe compared victory to the warrior analogy, which depicts how three projectiles fired at a target. Abe’s bolts, aimed at slaying depreciation, included intense monetary easing, more imaginative macroeconomic policies and a reform Big Bang.

However, structural changes to cut red tape, revive innovation and productivity, enable people and attract more major global skills were few and far between. Similar to how to create a new fiscal stance. Over the past 14 plus years, debt has remained high.

Instead, Abe prioritized lower interest rates and a weaker yen. To further the quantitative easing initiative that Tokyo had instituted in 2001, he appointed Haruhiko Kuroda as governor of the Bank of Japan in 2013. The BOJ had more stocks and bonds than it had in 2013 and 2018, so much so that its balance sheet surpassed Japan’s US$ 4.7 trillion gross domestic product.

Count the ways this strategy is backfiring. As the Fed tightened in 2022 and 2023, the yen’s weakness deepened. That made Japan vulnerable to rising oil, food, and other important imports.

According to economist Atsushi Takeda of the Itochu Research Institute,” the ideal scenario would be for wage gains to be passed on to prices and for prices to rise steadily.” Instead, “bad” inflation imported from abroad is undermining household and business confidence.

Goushi Kataoka, a former BOJ board member, notes that” cost- push pressure is heightening at a degree never seen before, prodding firms to raise prices”.

The yen’s decline is also gaining new life. It is possible that yen selling as a result of a certain threshold, as long as US-Japan rate differentials are above a certain threshold, even with some rate differential narrowing, says Barclays ‘ strategist Shinichiro Kadota.

However, the yen is falling because of investor confidence in the currency. So far this year, the yen is down more than 13 %. Its current course is raising questions about whether China will decide to accept a lower exchange rate as well. The yuan is on the verge of breaking point since 2008;

A weaker yuan is suggested as the best way to address the deflationary pressures on China. However, Japan’s experience serves as a warning about the advantages of putting aggressive monetary policy policies before policies to boost competition and disruption.

The BOJ basically inaugurated the biggest political and corporate welfare scheme in history. Since the late 1990s, it has made it more important for the 13 governments to rebalance growth engines and establish level playing fields.

Corporate executives felt less pressure to innovate, change, and take significant risks. For two- plus decades, it’s been easier to harness BOJ support than for CEOs to disrupt industry. In 2024, Ueda’s BOJ team is currently plagued by that BOJ-enabled complacency.

The yen is sagging again because it is Tokyo’s only real policy, as Watanabe and other Japanese policy veterans now acknowledge. This explains, in part, why Ueda has avoided any chance even just to start the process of normalizing rates. Ueda has jumped at every chance he has had to signal that change is on the way in his 14 plus months in charge.

The yen is still in secular-declining mode even if the MOF intervenes in the coming days. Too quickly is the BOJ able to feel at ease braking against the economy. Nor does Tokyo’s political environment encourage tighter policy.

The approval rating for the LDP’s current prime minister, Fumio Kishida, who is now 21 %, is the only factor that is falling faster than GDP. Ueda wants to blame the BOJ for causing Japan to go into recession, but that is last. The BOJ keeps its foot on the gas, but the yen drops as it goes.

According to Kelvin  Wong, senior analyst at currency broker Oanda,” softer prints of Japanese economic data may cause BOJ to delay its next interest rate increase to September in addition to the near-term increase in geopolitical risk premium coming out of the Eurozone as a result of the looming first round of French legislative elections scheduled this Sunday, June, supporting potential bids on the US dollar due to safe-haven demand.”

Japan contracted 1.8 % year on year in the January- March quarter. The one bright spot is exports, which are “having a positive impact”, says Yeap Jun Rong, market analyst at&nbsp, IG Asia Pte.

There’s an argument, though, that Japan’s economy is in worse shape than the official data suggest. &nbsp, Marcel Thieliant, economist at Capital Economics, points to hopes that exports alone will save the day.

He claims that the majority of the rise in trade values was caused by the yen’s sharp decline rather than by any discernible increase in volumes.

One wild card is the November 5 US election. If Beijing lets the yuan weaken, too, exchange rates could become a big controversy in Washington. No issue brings together Republicans led by President Joe Biden and Donald Trump like beggar-thy-neighbor scheming in Asia. That could add fresh fuel to trade- war politics in Washington, provoking retaliation in Beijing.

However, making up a claim that Japan is responsible for Washington’s policy is ineffective is not more credible. The preponderance of the data refutes both contentions.

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Beijing: new Treasury rules amount to ‘decoupling’ – Asia Times

Following Washington’s suggestion to establish a set of specific regulations that would hinder and track American investments in China for semiconductors, artificial intelligence, and classical computing, Beijing has expressed major problems. &nbsp,

The Chinese Commerce Ministry stated on Monday that, despite the US’s repeated efforts to say it has no intention of dissociating from China or preventing the country’s economic growth, Washington has insisted on preventing American firms from investing in China and preventing the government’s normal growth. &nbsp, &nbsp,

A spokesperson for the government referred to the meeting between Chinese President Xi Jinping and US President Joe Biden in the US in November as” a typical broad approach to national security,” saying that this method goes against the two faces of state’s discussion at the conference in San Francisco.

He predicted that the restrictions may have a negative impact on Chinese and US businesses ‘ regular economic and trade cooperation, undermine the world’s economic and trade balance, and deteriorate global commercial and supply chains ‘ security and stability.

He added that China is entitled to take the same actions as the United States is against. He demanded that the US government prevent politicizing and stifling business.

Researchers at the Ministry of Commerce, Zhou Mi, predicted that Washington’s purchase regulations will make high-tech cooperation between the US and China more difficult. He claimed that it will also stifle global technical innovation and scientific advancement. &nbsp,

Beijing made the comments after the US Treasury Department released a notice of proposed rule-making ( NPRM ) on June 21 to implement Biden’s executive order, which was first announced in August and had the title” Addressing US investments in specific national security technologies and products in countries of concern.”

According to the Treasury, the NPRM establishes a procedure for creating a new federal security software to combat threats from foreign direct investments in China, Hong Kong, and Macau.

The proposed NPRM developments our national security by preventing, according to Paul Rosen, assistant secretary of the Treasury for Investment Security, the numerous benefits that some US opportunities offer besides only capital from supporting the development of delicate systems in nations that might use them to harm our national security.

The Treasury requests comments on the proposal through August 4 and anticipates that the regulation will be in effect by the end of this year. &nbsp,

The secretary of the Treasury must enact laws that prohibit US citizens from operating AI, chip, and quantum computing businesses in China, according to Biden’s executive order. &nbsp,

Additionally, the regulations should mandate that US citizens notify the Treasury of specific other transactions that might involve these products and technologies that could compromise US national security.

The NPRM said a” covered transaction” may be a prohibited transaction, or only a notifiable one. &nbsp,

Covered transactions include the provision of debt financing, the conversion of convertible debt, greenfield investments ( a type of foreign direct investment where a company establishes operations abroad ), joint ventures, and limited partner ( LP ) or equivalent investments.

China’s FDI

The Chinese Commerce Ministry reported on June 21 that its total foreign direct investment decreased by 31 % to US$ 57.9 billion in the first five months of this year from US$ 84.3 billion during the same time period in 2023. &nbsp,

FDI in China’s high technology manufacturing sector rose 2.7 % to US$ 6.9 billion. FDI coming from Germany and Singapore to China rose 24 % and 16 % year- on- year, respectively. However, the commerce ministry did not make the detailed FDI figures available for each country. &nbsp,

China’s high technology development certainly needs the participation of foreign funds, but it mainly relies on domestic funds and policy environment, said Xiang Ligang, director- general of the Zhongguancun Information Consumption Alliance, a Beijing- based telecom industry association.

China must now send a clear message that it needs to develop its own AI technology, according to Xiang, who stated that the proposed US investment restrictions were a result of this. He made mention of Beijing’s recent national policy to support Chinese technology startups.

On June 15, China’s State Council published a document to encourage local governments, state- owned- enterprises, banks, private equity and asset management firms and long- term fund management companies to provide loans, subsidies and funds to technology startups.

According to the statement, financial authorities should foster a favorable lending climate for technology companies to grow and raise money. China will tweak its laws in order to promote FDI, according to the statement. &nbsp,

In an article published on June 23, Guan Quan, a professor at the Renmin University of China, writes that the US has recently sent an official to Japan and the Netherlands and urged them to tighten their export controls for chip-making equipment. &nbsp,

Besides, he says, Washington also plans to add 11 Chinese chip foundries to its Entity List. He says all these moves have shown clearly&nbsp, that the Biden administration will not stop suppressing China’s chip sector.

He claims that until one day China can self-supply all the necessary chip-making tools, the only way to put an end to all these restrictions is to use technological advancements. However, Guan did not provide a roadmap or schedule for how China would go about accomplishing its objectives.

Chinese students repatriated

China can still use this opportunity to attract American investments into its high technology sectors, according to some commentators, because it may take up to six more months before the proposed US investment restrictions go into effect. &nbsp,

Meanwhile, the immediate effect of imposing a ban on Chinese students from studying or obtaining AI technology in the US is. &nbsp,

On June 22, China Daily, a state- owned publication, reported that four Chinese students who traveled to the US for academic conferences had recently suffered from the US border officers ‘ “unwarranted harassment, interrogation and repatriation” .&nbsp,

Border agents questioned the four science students, two of whom have research interests in AI, about their personal and family histories and whether they were affiliated with the Chinese Communist Party, according to the report. &nbsp, &nbsp,

It said the US has repatriated more than 30 Chinese students, mostly master’s or doctoral degree candidates in computer- related fields, in recent years.

Read: China hawk: Fix symbolic, ineffective US sanctions

Follow Jeff Pao on X: &nbsp, @jeffpao3

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Malaysia headquartered Paywatch secures USmil funding in largest raise for Earned Wage Access startup in SEA

  • Money to expand employee wellness programs and initiatives throughout the Ocean
  • Third Prime, the head investor, invests in financial and industrial technology companies.

The Paywatch team with founders, Richard Kim (seated, 2nd from right) and his brother, Alex Kim (3rd from right).

In what is believed to be the largest funding round closed by an earned- wage access ( EWA ) startup in Southeast Asia, Malaysian headquartered startup, Paywatch, has raised US$ 30 million ( RM141 million ) in funding from a mix of equity and credit facilities to supercharge growth.

With the help of new investors Octagon Venture Partners and Wooshin Venture Investment Corp., Paywatch received over US$ 14 million ( RM65 million ) in Series A equity funding led by Third Prime and a consortium of US investors, including Vanderbilt University and the University of Illinois Foundation. Additionally, it secured payment services worth US$ 16 million from big banks, including Citi and other big banks, at global locations.

]RM1 = US$ 0.212]

” We take great pride in the assurance these reputable investors and banks have in our vision in the midst of this money and tech winter. We were firmly convinced from the beginning that ensuring accessibility to major financial institutions and offering Received Wage Access at the lowest, minimum payment was the best course of action. Our rapid expansion and collection of high-caliber business customers validate our approach, even though it was a more difficult way to market, according to Alex Kim, president and co-founder of Paywatch, who co-founded the business in South Korea in 2020 with his nephew Richard Kim.

An ESG individual gain

Employees can access a portion of their accumulated earnings in real-time as it is earned, as well as before the conclusion of their pay cycle, thanks to Paywatch’s debt-free EWA solution, also known as on-demand pay, an impressive employee benefit.

Paywatch’s remedy has clearly decreased employees ‘ dependency on loans, alleviated home debt and enhanced fiscal management. Together, Paywatch’s smooth, fully automated program has greatly boosted businesses ‘ employee retention and efficiency, resulting in significant cost savings associated with hiring and training.

Paywatch has partnered and collaborated with a few Malaysian brands and institutions such as Lotus, Jaya Grocer, QSR Brands ( including KFC and Pizza Hut ), FFM Bhd, PayNet, Shopper360, Guardian ( part of DFI Group ), Corus Hotel ( under MUI Group ), Llao Llao ( by Woodpeckers ), Coway, Media Prima, University of Nottingham Malaysia, UNITAR and Durioo.

It claims that these partnerships show how committed it is to offering a revolutionary financial service that meets the demands of Malaysia’s labor.

Most foreign EWA in Asia, biggest level with US$ 58mil processed

The firm, which serves the largest foundation of employees in Asia, has processed more than US$ 58 million in salaries through its method to time, and its monthly disbursements have increased by as much as US$ 8 million, or 15 %, month over month.

According to Paywatch, this results in the largest EWA service in Asia by volume of transactions. By the end of the year, the company anticipates receiving more than US$ 120 million in salary, more than double its lifetime value.

Since its establishment in 2020 in South Korea, Paywatch has expanded quickly to three other markets- Malaysia, Philippines, Indonesia. With the most recent funding, the company is “ready to expand into new markets and develop even more financially inclusive tools for our users,” Kim said.

Along with the company’s other innovation efforts, a significant portion of the Series A funding will be used to enhance the company’s embedded finance offerings.

Third Prime, a U.S.-based early-stage venture capital firm that invests in global leaders in financial and industrial technology, is Paywatch’s leading investor for this funding round.

Malaysia headquartered Paywatch secures US$30mil funding in largest raise for Earned Wage Access startup in SEAIn the US and Latin America, EWA has become a common employee benefit. And with such great momentum, Paywatch is emerging as the market’s leading change agent in Asia. As markets with different regulations and cultures are increasingly popular, the rapid adoption of earned wage access is a gratifying time, said Michael Kim, General Partner of Third Prime ( pic ).

Aligning with Malaysia’s financial inclusion vision

With a strong base of clients in Malaysia, Paywatch’s innovative EWA solution is set to enhance the financial well- being of Malaysian workers, one of the outcomes stated in the country’s National Financial Inclusion Strategy.

Paywatch argued that its instant access to earned wages supports the Malaysian government’s efforts to combat income disparity and foster financial stability among its citizens.

First time for US university endowments

The direct investment by the Vanderbilt University and the University of Illinois Foundation in Paywatch is regarded as a milestone in the market because it marks the first time these endowment funds from US universities have made an investment in an Asian tech startup.

We have long supported financial inclusion, and we think Paywatch’s earned wage access technology can help the movement advance significantly. Beyond the technology, we also believe in the company’s dedication and commitment to delivering true impact in Southeast Asia”, shares Travis Shore, Chief Investment Officer of the University of Illinois Foundation.

The Paywatch management team with founders, Alex Kim (4th from right) and Richard Kim (5th from right).

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Putin’s high-risk North Korea gambit – Asia Times

The Russian government’s excursion to North Korea affects international calculations, spreading volatility worldwide. China may now be interested in separating itself from him.

Shortly after establishing the People’s Republic of China ( PRC ) on October 1, 1949, China entered one of its most controversial historical periods. PRC leader Mao Zedong planned to attack Taiwan, where Chiang Kai- shek’s remnant nationalist forces ( Kuomintang or KMT ) had escaped. Stalin pressured Maoist to engage in the Korean War in the late 1950s, presumably because of his years of discussions with Americans. The conditions for a deadlock and peace that continue to this day were created by Chinese troops as they battled the Americans and fortified them.

Chinese treatment, but, prompted the US to build its ships in the Taiwan Strait, making the “liberation of Taiwan” difficult and turning it into the most unpleasant thorn in Beijing’s foreign legislation ever since.

There are many ideas and some ideas still floating around why Mao ordered his troops to Korea. But certainly, the Russians were acoustic in that choice. Stalin aided the Communists in their 1949 defeat of the KMT by providing Russian weapons and perhaps even Soviet forces. Stalin wanted to entice Mao and the US to ensure the success of North Korea. At a crucial time for China, Mao abandoned Taiwan in favor of the difficult North Korea.

The prominent Chinese journal Strategy and Management suggested that Chinese troops might encourage North Korea to engage in actual peace talks in the early 2000s, but many in Beijing were also looking for a way to advance. In returning, the US could offer better words to the PRC about Taiwan. The article’s author claims that North Korea reportedly demanded the publication’s closure. Beijing, fearing more escalations, complied.

Vladimir Putin, the president of Russia, appears to be trying to entice China farther away from the US using other means and implies. The days are very distinct, and Russia is significantly weaker than China, but the result may be related to 74 years ago – pushing Beijing furthest from Washington. China’s position on North Korea might once more be important.

Russia has tried to entice Beijing ever since the start of the conflict in Ukraine in February 2022. First, Beijing perhaps had believed in an easy Soviet win. When that did n’t materialize, Beijing attempted to maintain a certain distance. Even the most recent conflict with the US over Ukraine demonstrates that China’s place does not align with Russia completely. China emphasizes that it does not directly violate US requests ( for example, not giving weapons to Russia ). Yet, the US argues that China is aiding Russia’s military r- industrialization and that its bankers support Moscow’s money.

But Putin’s visit to Pyongyang shifts all indicators.

Russian and North Korean leaders claim to have signed a strong defense deal that resembles the one they did eight years ago. There is persuasive language it. Where does it keep China? Does it continue to erode relations with the West, or will it try to break free from the acknowledge and possibly join the alliance?

However, the new empire gave North Korea more flapping place from China’s widespread command, which existed before the Ukraine conflict. The empire tilted the Asian region’s energy balance against South Korea. Seoul will need to rebalance in order to cause the condition to worsen. This development is omitted from the PRC’s control.

Kim Jong-un, the president of North Korea, has his own ideas. During Putin’s attend to Pyongyang, he skipped the recently customary tribute to Kim’s father and grandfather. Moreover, Kim announced that his daughter would acquire his” throne”, breaking tradition. These details might reveal his desire to make some changes. The 74- yr- ancient truce may be in jeopardy.

It alters American and British perceptions of Putin, which is terrible news for China. Some American economists have argued that Russia should be protected in order to prevent Central Asia from bowing under the strain of China and to persuade Putin to rebel against Beijing.

But, perhaps the plan may be too convoluted. It is backfiring, giving Putin to several tools to perform.

If the Iraqi War Had Been Unique

The US was about to annex Iraq in 2003, claiming command of Afghanistan. Without resorting to excessive inner meddling, the United States would have established bases in both locations to maintain essential European communication routes if Saddam Hussein had been replaced by someone else and supported one Afghan tribe or group. By then, there could have been major changes in both places if its light-handed approach had also been combined with long-term support for improving education.

Incidentally, the American presence in Afghanistan and Iraq, by showing the area’s strategic importance, contributed to convincing China about the Belt and Road initiative ( BRI ) in the following decade.

In turn, it could have shown China, then on the gate about its coming, the USA’s strength and vision and helped shift Beijing towards transformation. The US would now be stronger with Iraq and Afghanistan and could have played a diverse game with China, gaining more global influence over time even if Beijing had continued without measures. In the years that followed, Putin may have behaved separately.

Today, the USA is in hard circumstances. The USA needs to combine hard opportunities. Putin is still a social brilliance who has spread his proper influence around the world, despite having socially lost the war in Ukraine and having been unable to militarily defeat Ukrainian opposition. He has repeatedly swayed China away from the US, reacted violently in Africa, supported Hamas and Iran, and stoked the support of politicians and businessmen in Europe. Then, he has secured North Korea’s copper- clad support, involving South Korea and Japan ( worried about an empowered Kim ) in the Russian war.

Because the US was stifled by the Ukrainian conflict, Beijing believed that China had rest for a while while it was still at war. That is no longer the case.

In this match, China is being portrayed as a slave with less breathing room. Unless China breaks Russia’s embrace, it will become an instrument in a Russian sport it ca n’t control. China is simply gaining fresh complications from its problems because it does not receive the support it needs from Russia despite its frictions and worries about the US and its relatives.

It’s like the 1950s all over again, Moscow is trapping Beijing. Mao could n’t break free. Did his successor, President Xi Jinping, handle it? Does he want to? Now more than ever, America is generally against China, making choosing a different way trying. Besides, thought processes, like physical movements, have inertia, and for China to realize it is being trapped by Russia and react accordingly would n’t be easy.

In this scenario, Putin is a wild cards, disrupting the world get to an extraordinary degree. He may get caught as soon as possible. The longer he roams freely, the more important the upheaval. More risk exists even now because of the possibility that he might make a diplomatic pact with China.

He is also dishonest, always keeps his word, and is impossible to trust. His political stance makes mid- to long-term techniques perplexed.

Cornering Putin does n’t come at no cost; it can have consequences and help pave the way for the future. It keeps China in the fray, opening up ability political and economic options. It secures Europe, wiping out Russia’s area of interest, which may mess things up in America, the Middle East, and Asia.

Francesco Sisci, an analyst and pundit on politicians with over 30 years of practice in Asia, is the director of&nbsp, Appia Institute, which actually published this article. &nbsp, It is republished with authority.

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Corner Putin, Agent of Chaos – Asia Times

The Russian government’s excursion to North Korea affects international calculations, spreading volatility worldwide. China may now be interested in separating itself from him.

Shortly after establishing the People’s Republic of China ( PRC ) on October 1, 1949, China entered one of its most controversial historical periods. PRC leader Mao Zedong planned to attack Taiwan, where Chiang Kai- shek’s remnant nationalist forces ( Kuomintang or KMT ) had escaped. Stalin pressured Communist to engage in the Korean War in the late 1950s, presumably because of his years of discussions with Americans. The conditions for a standoff and peace that continue to this day were created by Chinese troops as they battled the Americans and fortified them.

Chinese treatment, but, prompted the US to build its ships in the Taiwan Strait, making the “liberation of Taiwan” difficult and turning it into the most unpleasant thorn in Beijing’s foreign legislation ever since.

There are many ideas and some ideas still floating around why Mao ordered his troops to Korea. But certainly, the Russians were acoustic in that choice. Stalin aided the Communists in their 1949 defeat of the KMT by providing Russian weapons and perhaps even Soviet forces. Stalin wanted to entice Mao and the US to ensure the success of North Korea. At a crucial time for China, Mao abandoned Taiwan in favor of the difficult North Korea.

The important Chinese journal Strategy and Management suggested that Chinese troops might encourage North Korea to engage in actual peace talks in the early 2000s, but many in Beijing were also looking for a way to advance. In returning, the US could offer better words to the PRC about Taiwan. The article’s author claims that North Korea reportedly demanded the publication’s closure. Beijing, fearing additional escalations, complied.

Vladimir Putin, the president of Russia, appears to be trying to entice China farther away from the US using other means and methods. The days are very distinct, and Russia is significantly weaker than China, but the result may be related to 74 years ago – pushing Beijing furthest from Washington. China’s position on North Korea might once more be critical.

Russia has tried to entice Beijing ever since the start of the conflict in Ukraine in February 2022. First, Beijing perhaps had believed in an easy Soviet win. When that did n’t materialize, Beijing attempted to maintain a certain distance. Even the most recent conflict with the US over Ukraine demonstrates that China’s place does not align with Russia completely. China emphasizes that it does not directly violate US requests ( for example, not giving weapons to Russia ). Yet, the US argues that China is aiding Russia’s military r- industrialization and that its bankers support Moscow’s money.

But Putin’s visit to Pyongyang shifts all indicators.

Russian and North Korean leaders claim to have signed a strong military deal that resembles the one they did eight years back. There is persuasive speech that. Where does it keep China? Does it continue to erode relations with the West, or will it try to break free from the acknowledge and possibly join the alliance?

However, the new empire gave North Korea more flapping place from China’s widespread command, which existed before the Ukraine conflict. The empire tilted the Asian region’s energy balance against South Korea. Seoul will need to rebalance in order to cause the condition to worsen. This creation is omitted from the PRC’s control.

Kim Jong-un, the president of North Korea, has his own ideas. During Putin’s attend to Pyongyang, he skipped the recently customary tribute to Kim’s father and grandfather. Moreover, Kim announced that his daughter would gain his” throne”, breaking tradition. These details might suggest his desire to make some changes. The 74- yr- ancient truce may be in jeopardy.

It alters European and American perceptions of Putin, which is terrible news for China. Some American economists have argued that Russia should be protected in order to prevent Central Asia from bowing under the strain of China and to persuade Putin to rebel against Beijing.

But, perhaps the plan may be too convoluted. It is backfiring, giving Putin to several tools to perform.

If the Iraqi War Had Been Various

The US was about to annex Iraq in 2003, claiming power of Afghanistan. Without resorting to excessive inside meddling, the United States would have established bases in both locations to maintain essential European communication routes if Saddam Hussein had been replaced by someone else and supported one Afghan tribe or group. By then, there could have been major changes in both areas if its light-handed approach had also been combined with long-term support for improving education.

Incidentally, the American presence in Afghanistan and Iraq, by showing the area’s strategic importance, contributed to convincing China about the Belt and Road initiative ( BRI ) in the following decade.

In turn, it could have shown China, then on the gate about its coming, the USA’s strength and vision and helped shift Beijing towards transformation. The US would now be stronger with Iraq and Afghanistan and could have played a diverse game with China, gaining more global influence over time even if Beijing had continued without changes. In the years that followed, Putin may have behaved separately.

Today, the USA is in hard circumstances. The USA needs to combine hard opportunities. Putin is still a social brilliance who has spread his proper influence around the world, despite having socially lost the war in Ukraine and having been unable to militarily defeat Ukrainian opposition. He has repeatedly swayed China away from the US, reacted violently in Africa, supported Hamas and Iran, and stoked the support of politicians and businessmen in Europe. Then, he has secured North Korea’s copper- clad support, involving South Korea and Japan ( worried about an empowered Kim ) in the Russian war.

Because the US was stifled by the Ukrainian conflict, Beijing believed that China was rest for a while while it was still at war. That is no longer the case.

In this match, China is being portrayed as a puppet with less breathing room. Unless China breaks Russia’s embrace, it will become an instrument in a Russian sport it ca n’t control. China is simply gaining fresh complications from its problems because it does not receive the support it needs from Russia despite its frictions and worries about the US and its relatives.

It’s like the 1950s all over again, Moscow is trapping Beijing. Mao could n’t break free. Does his successor, President Xi Jinping, handle it? Does he want to? Now more than ever, America is generally against China, making choosing a different way trying. Besides, thought processes, like physical movements, have inertia, and for China to realize it is being trapped by Russia and react accordingly would n’t be easy.

In this scenario, Putin is a wild cards, disrupting the world get to an extraordinary degree. He may get caught as soon as possible. The longer he roams easily, the more important the disturbance. More risk exists even now because of the possibility that he might make a diplomatic pact with China.

He is also dishonest, always keeps his word, and is impossible to trust. His political stance makes mid- to long-term techniques perplexed.

Cornering Putin does n’t come at no cost; it can have consequences and help pave the way for the future. It keeps China in the fray, opening up prospective political and economic solutions. It secures Europe, wiping out Russia’s area of interest, which may mess things up in America, the Middle East, and Asia.

Francesco Sisci, an analyst and pundit on politicians with over 30 years of practice in Asia, is the director of&nbsp, Appia Institute, which actually published this article. &nbsp, It is republished with authority.

Continue Reading

The Big Read: ‘Ah Longs’ go digital with new tactics and the trouble it spells

Mr Louis Chua, a Member of Parliament ( MP ) for Sengkang GRC, suggested that “ethical lending practices” should be encouraged, apart from raising awareness of the dangers of illicit borrowing. Stringent regulations on all types of financing, perhaps from licensed moneylenders and banks, to avoid “exorbitant attention rates” andContinue Reading