‘Fake friend’ scammers could be using PayNow to search for victims, experts suggest masking users’ names

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More than 6, 300 survivors were victims of the “fake buddies” scams between January and November of last year, according to police statistics. The losses amounted to over S$ 21 million.

According to Mr. Supramaniam, the offenders ‘ abuse is really never at the top of their minds for the majority of patients.

They do n’t want these people to face charges and spend time in jail, they say. The constitutional consequences, they are extra. They just want to reclaim the funds as it’s their benefits”.

Exercise CAUTION

Personal details could still be found even if users hid their PayNow names, according to NUS Associate Professor Pang, given how digitalized world is today. For instance, individuals frequently use their real labels on messaging apps like WhatsApp and Telegram.

” Be extremely cautious about the types of personal information you put out about yourselves, such as your brands, phone numbers and names”, said Assoc Prof Pang, who is with the school’s contacts and new advertising section.

” One should also regularly check the privacy settings of software like social media and chat apps, to limit the presence of one’s account and who can view your information and account.”

Users should be cautious when someone claiming to be a friend or acquaintance calls for favors or money, according to NTU’s Associate Professor of Business, who has personally received a false friend scam call.

Users may artistically verify the identity of the person because voice cloning is now so advanced that it is possible to replicate someone’s voice with only a few minutes of audio recording.

Scammers can also copy a friend’s appearance using algorithmic technology, but he claimed that the required amount of computing power makes scaling quite operations more challenging.

While customers may remain vigilant, the&nbsp, responsibility to protect clients lies largely with the bankers, &nbsp, Assoc Prof Law said.

Under existing Personal Data Protection Act regulations, organisations are required to employ security measures to protect private data from illegal entry, collection, use, publication or related risks, he explained.

To protect their customers ‘ data and prevent it from being abused by scammers, banks should ensure that their methods and practices agree with these rules, he said.

With the rise in con cases reported in Singapore, the UOB director stated that protecting customers is top of its list and that it has “progressively introduced different security settings and measures.”

In this ever-evolving threat landscape, the spokesperson said,” Our customers remain the single most effective defense,” and we urge them to be vigilant and cautious.

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World’s 1st full-fledged cyber war raging since 2022 – Asia Times

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Russia’s full-scale invasion of Ukraine in February 2022 marked the start of what should be termed – in view of the extraordinary scale and style of the computer activities that accompanied Russia’s military activities – the world’s second cyber warfare.

It gave the world perspective into how digital procedures had been integrated with the real battle going forward.

Also, Ukraine showcased to the international community not only the vital importance of strong digital defenses but also the difficulty involved in their execution. This difficulty arises from the partnership that extends beyond the help of European governments to include the key achievements of software companies in strengthening Ukraine’s cyber defenses.

In the months leading up to Russia’s full-scale invasion of Ukraine in February 2022, a series of attacks was launched against Russian goals. On January 13 of that year, Microsoft detected and reported ransomware that was targeting the Ukrainian Government aand several non-profit businesses and IT companies.  

That turned out to be portion of a broader pattern of modern anger attributed to Russia. The following morning, Russia escalated its cyber conflict, conducting a major cyberattack that affected several Russian government institutions and resulted in dozens of government websites being controlled by hackers.  

In response, NATO stepped up its support for Ukraine in the cyber domain, which included providing Ukraine with access to NATO’s system for sharing information about malicious software.

The cyberattacks continued into mid-February, culminating in a distributed denial of service ( DDoS ) attack that temporarily disabled the online services of several Ukrainian government departments, financial institutions and radio stations. The attacks took down Ukraine’s two largest banks, PrivatBank and Oschadbank. PrivatBank had to release a statement assuring the public that there was no threat to depositors ’ funds.  

These attacks were intended to create panic and confusion and to destabilize Ukraine and were attributed to Russia’s Ministry of Defense Intelligence Directorate ( GRU).   On February 24, 2022, one hour before Russia began its full-scale invasion, a cyberattack with a wiper malware called AcidRain was launched against the American commercial satellite internet company Viasat, erasing all the data on its systems.

One of the Viasat modems attacked with AcidRain malware. Photo: BankInfoSecurity

This attack not only caused outages for thousands of Ukrainian customers but also impacted wind farms and internet users in other European countries. Russia’s primary target was believed to be the Ukrainian military as it wanted to disrupt Ukrainian military communications at the onset of the Russian invasion, hindering Ukraine’s defensive capabilities as Russia invaded the country. Ukraine’s army relied on Viasat’s services for maintaining command and control.  

Russia had attempted to coordinate cyberattacks with its ground invasion to maximize its operations on the ground and to showcase the devastating damage that could be caused to critical infrastructure ahead of an invasion. The most devastating attack on Ukraine’s critical infrastructure came in December 2023 when Russia took down Kyivstar, Ukraine’s biggest mobile network operator, damaging much of the telecom company ’s IT infrastructure.

This could have been in retaliation for the hacking by Ukrainian intelligence of Russia’s state tax service ( this attack happened right before the Kyivstar incident ), which completely destroyed the agency’s infrastructure and will impact the functioning of the agency for years to come.

Over half of Ukraine’s people use Kyivstar and, as a result, millions were unable to receive lifesaving air raid alerts. Kyivstar CEO Oleksandr Komarov described the attack as “the biggest cyber attack on telco infrastructure in the world. ”

Komarov also pointed out that Kyivstar has repelled over 500 attacks on its infrastructure since the full-scale invasion started.

Around 30 % of the cashless payment terminals of PrivatBank – Ukraine’s largest bank – stopped working because they rely on Kyivstar’s mobile network.  

The hackers were able to breach Kyivstar via a compromised account belonging to an employee.  

The Kyivstar incident underscores a key cybersecurity lesson: even the most fortified infrastructures are vulnerable to breaches – often due to the human factor, which can serve as the weakest link in security defenses. Illia Vitiuk, head of the Security Service of Ukraine’s cybersecurity division, said that the hackers had been infiltrating Kyivstar since at least May 2023. He said that the attack should serve as a “big warning ” to the West that no one is untouchable. Kyivstar had invested heavily in protecting itself but the cyberattack “completely destroyed the core of a telecoms operator. ” 

Following the Kyivstar attack by Russia, Ukraine retaliated with a cyberattack against Moscow-based water utility company Rosvodokanal, destroying the company ’s IT infrastructure. Over 50 terabytes of data were deleted, “including internal document management, corporate email, backups, and even cybersecurity protections. ”

Ukrainian hackers allegedly affiliated with Ukraine’s security services followed up by striking the Russian internet provider M9com on 9 January 2024; over 20 terabytes of data were deleted and Moscow residents lost internet and TV connections.  

The IT Army of Ukraine followed up with an attack on the Moscow-based internet provider, Qwerty, which was taken offline for over three days.  

Also, in January 2024, Ukraine’s military intelligence agency conducted a cyberattack on IPL Consulting, a company that supports Russia’s heavy industry and its military-industrial complex, reportedly obliterating the firm’s IT infrastructure.  

After infiltrating and deleting over 60 terabytes of data from IPL Consulting’s network, Ukrainian cyber experts destroyed numerous servers and databases, with the total cost of the damage still under assessment. The Russia–Ukraine cyber war is becoming more aggressive than ever and will continue to expand in the future to potentially more devastating critical infrastructure targets.

This is part six of a series, ‘Lessons from the first cyberwar. ’  Read part one ,  part two ,  part three ,  part four and part five. NEXT: How Ukraine has resisted Russia’s cyber offensive

David Kirichenko  is a Ukrainian-American security engineer and freelance journalist. Since Russia’s full-scale invasion of Ukraine in 2022 he has taken a civilian  activist role.

These articles are excerpted, with kind permission, from  a report he presented at the UK Parliament  on February 20 on behalf of the Henry Jackson Society.

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CNA Explains: How a death sentence in Vietnam links to a massive anti-corruption drive

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What’s been the consequences?

SCB, Vietnam’s largest by property, misled 83-year-old Ho Thi Le Hang into buying false ties under Lan’s Van Thinh Lil Holdings Group.  

One of an approximated 42,000 patients, Hang hopes to get up the US$ 500,000- all of her life benefits, raised from selling two plots of her ancestors ’ property- she parted with. While some relationship manufacturers have defaulted their loan obligations, the rest of the securities have been frozen.

After Lan’s arrest in October 2022, Vietnam’s key bank placed SCB under particular supervision to quit a run- that is, customers were withdrawing their money in fear of the business lender’s possible failure.

This year, it was reported that the central banks had pumped US$ 24 billion in specific debts as of the beginning of April, in a bid to stop SCB from collapsing. That’s similar to one-fourth of the region’s foreign exchange reserves.

However, officials have expressed concerns over how fundamental issues in Vietnam’s finance field have gone undetected.  

From 2012 to 2020 SCB passed, without dark colors, assessment checks by regional offices of major global firms including Ernst & Young, Deloitte and KPMG. But after Lan’s forgery was exposed, individual assessments showed more than US$ 18 billion in accumulated costs.

Her case has even highlighted the issue with “cross-ownership ” in Vietnam’s banking sector, where personal businesspeople- including real estate developers like Lan- even hold important positions at business banks, properly using them as individual ATMs.

” Financial institutions need to put an end to the practice of providing loans to specific companies, projects in its own ecosystem or backyard firms under the same group that would endanger the healthiness and safety of the bank,” Vietnamese Prime Minister Pham Minh Chinh said in December.

Vietnam has since amended laws to strengthen shareholder limits at banks. But experts say regulation alone is not enough in the absence of effective enforcement.

“There is no guarantee that it will be the last case … Violators have bypassed the laws easily, ” Dr Nguyen Tri Hieu, a banking insider, told CNA. “ I am not surprised at the fraud. But I am surprised at the magnitude of it. ” 

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Yuan internationalization drive hits a local speed bump – Asia Times

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As Taiwanese leader Xi Jinping works to increase the yuan’s role in global business and finance, he’s encountering an unforeseen rate knock: island companies.

Corporate executives are putting their feet down when it comes to converting foreign exchange earnings into local currency, according to new data from the People’s Bank of China ( PBOC).

In March, FX deposits rose to  US$ 833 billion   from$ 779 billion a month earlier, signaling that businesses are slow-walking moves to swap earnings into their home currency.

The most obvious explanation: higher offshore interest rates that are contributing to a weaker-than-expected yuan.

This enormously positive yield spread is not going to vanish anytime soon, according to Alvin Tan, a currency strategist at RBC Capital Markets.

The US and China rate differential is the most significant since 2007. This important fundamental fact, according to Tan, suffices to explain why Chinese exporters are reluctant to exchange dollars for yuan. ”

Another reason for Beijing’s currency managers to resist the urge to chase a falling yen downward in the months to come. It might have negative effects because it contradicts Xi’s grand plan for “yuanization.” ”

Granted, Xi and Premier Li Qiang have so far resisted the urge to devalue. A weaker exchange rate may be just the thing to boost exports and keep the country’s largest economy from experiencing deflationary strains, but it could also be the thing to keep exports at 5 % and keep deflationary pressures at bay.

There are a variety of reasons why Pan Gongsheng, the governor of the PBOC, and Team Xi have not followed the yen lower.

People’s Bank of China Governor Pan Gongsheng faces a currency dilemma. Image: Twitter Screengrab

For one thing, it would make it more difficult for property development companies to pay offshore bonds, increasing the likelihood of more defaults involving China Evergrande Group. For another, it could make China an even bigger flashpoint ahead of the November 5 US election.

The biggest worry, though, is damaging Xi’s long-term priority to internationalize China ’s currency as an alternative to the US dollar.

According to Dmitry Dolgin, economist at ING Bank, “it appears that China’s expanding trade ties and financial infrastructure suggest that the potential for further yuanization has not been exhausted.”

As the yen drops to 34-year lows, Yoet Xi’s balancing act becomes more challenging. The yen ’s 9. 7 % drop this year alone is n’t making Beijing’s life easier as it struggles to stabilize consumer prices.

A stronger GDP may also give Xi’s reform team more latitude to deal with China’s property crisis, lessen the rate of rising youth unemployment, and lessen runaway local government borrowing.

When Fitch Ratings downgraded China ’s sovereign credit rating to “negative” from “stable ” earlier this month, it listed local and regional governments ’ financial strains among its biggest worries.

Municipalities, Fitch said, “have been affected by the property slowdown and some local government financing vehicles ( LGFVs ) are facing refinancing pressures. ”

According to Fitch, in the past year,” some highly indebted regions were permitted to issue about CNY1.” 4 trillion ($ 193. 5 billion ) in refinancing bonds to bring LGFV debt directly onto their balance sheets. In 2024, we anticipate that this issuance will continue. ”

So far, banks have been requested to support LGFV debt structures through restructurings, while local asset management companies have also stepped in with support, Fitch notes.

China’s Ministry of Finance responded by claiming that Fitch ratings do n’t effectively account for the potential benefits of fiscal policy in terms of fostering economic growth and stabilizing macro leverage. ”

The team led by Finance Minister Lan Fo’an asserts that China’s GDP is increasing by about 5 %. 3 %, contributing more than 30 % to world output.

As such, Beijing claims, “the long-term positive trend of China ’s economy has not changed, nor has the Chinese government’s ability and determination to maintain good sovereign credit. ”

Even so, central banks and international investors are n’t buying yuan assets as much as Xi’s government had hoped.

One reason is the US dollar’s stubborn strength. In February, foreign holdings of US Treasury securities surged to a record — and a fifth straight monthly rise — despite Washington ’s national debt hitting$ 35 trillion.

Photo: Reuters/Jason Lee
As a global reserve currency, the dollar is still in favor. Photo: Agencies

US government debt purchases increased by 8 % on average. 7 % in February alone to$ 7. 965 trillion, up from$ 7. 945 trillion in January as Belgium, Japan, the UK and other top economies loaded up on dollars.

This dollar-hoarding is more than offsetting Beijing’s efforts to reduce US holdings. In February, China ’s stockpile of Treasuries dropped$ 22. 7 billion to$ 775 billion.

The BRICS economies ‘ wider efforts to marginalize the world’s reserve currency are also spooked by dollar purchases.

The governments of Brazil, Russia, India, China and South Africa have n’t been quiet about “de-dollarization ” efforts, with an important assist from Saudi Arabia and other OPEC members.

Given China ’s scale and role as the top trading nation, a pivot from dollars to yuan seems like the most obvious changing-of-the-guard option.

Defined by the BRICS alliance’s desire to dethrone the dollar by persuading developing nations to use local currencies for trade and finance instead.

This determination has only grown more powerful as a result of US President Joe Biden’s administration’s efforts to undermine China’s tech sector and “weaponize” the dollar as part of policies to punish Russia for its invasion of Ukraine.

Christian Lindner, the minister of finance in Germany, warns that the thawing of Russian assets in the wake of Ukraine’s tensions could threaten sovereign immunity and financial stability.

International financial stability may be endangered, according to Lindner. We would lose more in the long run than we would gain. ”

Yet the ditch-the-dollar enterprise seems to have lost momentum, at least for now, as the dollar continues to advance. This month, the  DXY index, a key measure of dollar strength, is up nearly 5 % so far this year.

One reason the dollar is confounding the BRICS is the durability of the “higher-for-longer ” era for US yields. Interest rates were expected to be cut by the Federal Reserve between five and seven times this year. Markets now wonder if the Fed will ease at all as inflation proves to be less transient than expected.

Lawrence Summers, the former US Treasury secretary, even wonders if the next move by Chairman Jerome Powell’s Fed might be to hike rates instead. This reversal is causing the yen to fall and keep the yen in decline.

The yuan is n’t alone. India’s rupee recently dropped to an all-time low versus the US dollar. Malaysia’s ringgit is trading near its lowest levels since the 1997-98 Asian financial crisis. The central bank has delayed rate cuts due to concerns about further declines in the Philippine peso.

IMF Managing Director Kristalina Georgieva warned this month that emerging economies are struggling to stem large capital outflows as the International Monetary Fund and World Bank hosted their spring meeting.

The rest of the world’s interest rates are not encouraging, Georgieva asserts. Higher interest rates increase the US’s appeal, making financial flows flow here, which causes the rest of the world to struggle a little bit. ”

Georgieva comes to the conclusion that, if it persists for a long time, it might turn out to be a little uneasy in terms of financial stability. ” 

In March, IMF data showed the US dollar accounted for almost 60 % of all global foreign reserves. The share of global foreign reserves in the currency increased by 0 percent. 2 percentage points in 2023.

Despite this, Xi seems as determined as ever to raise the yuan’s reputation worldwide.

In 2016, Xi’s efforts to strengthen the financial system and increase transparency paid off when the yuan was welcomed into the International Monetary Fund ’s “special-drawing rights ” program.

The yuan’s trust increased as a result of joining the most exclusive currency basket with the dollar, yen, euro, and pound.

Since then, its use in finance and trade has increased steadily. In FTSE-Russell’s and MSCI’s stocks indexes and others, Chinese government bonds held a prominent position in that growing role.

However, Chinese assets may lose value because of the yuan’s softness. So do perceptions that  In Xi’s next five years, his goals for greater control may outweigh growing Chinese influence. competitiveness and transparency.

The yuan’s potential impact on the world as China modernizes its economy is still a good one. In terms of trade and official aid, there are indications that China Inc. is having doubts about the yuan’s trajectory, which suggests that Xi’s de-dollarization strategy is working better abroad than among Chinese businesses.

One solution is for Xi and Li to intensify reforms in the sectors of the property sector, local government finances, capital markets, and shifting the focus from exports to services and innovation. To increase global trust, Beijing also needs to fully convert the yuan.

China ’s yuan still has a trust problem. Photo: Facebook Screengrab

According to Alexandra Prokopenko, a senior fellow at the Carnegie Russia Eurasia Center, the issue is that “it is believed that the yuan ca n’t become a full-fledged reserve currency because of the current restrictions on capital transactions in China. ” ”

Although Russia and other sizable economies are using the Yuan to boost its status as an international reserve currency, Prokopenko notes that due to structural constraints, it is still a difficult currency to substitute for the dollar.

According to Rodrigo Zeidan, a professor of finance at New York University Shanghai, China cannot permit the flow of capital freely into its economy without running into a second domestic currency crisis. ”

According to him, it is important to see whether China will try to de-dollarize the world economy or to merely hedge against potential US sanctions. China’s access to the latter will remain limited for the foreseeable future. China would have to maintain free capital markets in an effort to de-dollarize. ”

Follow William Pesek on X at @WilliamPesek

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Disbarred lawyer admits siphoning more than S7,000 from client with borderline intellectual functioning

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SINGAPORE: A disqualified attorney started a consulting business and finally took money from a customer.  

Soraya Hafsa Ibrahim, 58, extorted money from a customer who had borderline academic working, requesting that he mark checks for money that she used to pay off her debt.  

On Monday ( April 22 ), Soraya admitted guilt to two of her three criminal breaches of trust as an attorney, as well as one count of accepting fees while being unauthorised while preparing legal documents.  

The attorney’s sentencing cost for the remaining count of unlawful breach of trust may be taken into account, which has been postponed.  

In total, the charges involve about S$ 527,000 ( US$ 386,900 ).  

According to the court, Soraya was summoned to the table in 1994 but was expelled on January 20, 2020 for a problem separate from the recent legal fees.  

Soraya was Soraya H Ibrahim &; ultimate attorney at the time. Co.

She deregistered the legislation firm a fortnight after being removed from the roll, but she opened SHI Consultancy on October 21, 2020.  

While at the firm, Soraya received a consumer who needed help with managing his dying mother’s estate. A cover board level, an insurance policy scheme, and bank records were included in this.  

The buyer, a 34-year-old guy, was deemed to possess borderline academic functioning. The Institute of Mental Health, but, determined that he was fit to manage the property of his late mother.  

After being unhappy with the primary law firm working for the same company, the lawyer’s caregiver introduced him to Soraya. Soraya was well aware of this lawyer’s mental incapacity.  

The customer then retained Soraya to assist him with property law issues involving his late family’s estate from April to May 2019.

She made arrangements to open an house bank account for this purpose. Money from the landowner’s assets were deposited into this accounts, with the customer as the ultimate member.  

Soraya began considering using the money from the bank account to relieve her economic woes after opening the bill.  

She asked the client to sign cheques and used them to make withdrawals, depositing more than S$ 527,000 of the ill-gotten gains into her own bank account.  

Trusting Soraya, and believing that she had his best interests at heart, the person signed the payments.

Eventually, Soraya used the majority of the money to pay off her personal expenses, including bank bills and friend loans.  

In August 2019, the gentleman reported to the authorities.  

The client later sued Soraya, who was ordered by the High Court to pay S$ 456,473. 21 to the consumer. Soraya paid the sum at some point after the final verdict was rendered, and she has since made whole compensation.  

Individually, a 36-year-old guy engaged Soraya in September 2021 to help reveal his family as the legal owner of his late father’s level.  

Soraya, who had already been struck off the roll, collected a fee of S$ 10,000 from the man. She informed him that she was operating a consulting and not practicing law.  

She did not inform him that she had been unfair, and she was therefore unable to handle the situation.  

Additionally, Soraya created the necessary paperwork to request letters of administration from her client. The client presented these with their signed copies in front of a commissioner of oath.  

After learning that Soraya had been charged in court with embezzlement, the man made a police report on October 28, 2022.  

He also felt that despite paying the fee, there was little progress in the matter for which he had engaged Soraya. For about two months, Soraya had been neglecting to update his case properly.  

” LOOK AT ACCUSED AS A MOTHER”: DEFENCE 

The prosecution requested an unspecified “high” fine and a jail sentence lasting between 60 and 80 months.  

Soraya was described by deputy public prosecutor Gladys Lim as a” seasoned lawyer” who disregarded the high standards of trust, honor, and integrity that a legal professional should a lawyer have.  

In court documents, Ms. Lim and Deputy Public Prosecutor Niranjan Ranjakunalan claimed that the accused’s crimes were grave, showed a complete disregard for the very interests her lay clients had trusted her to protect, and disregarded the legal profession.  

Ms. Lim cited the abuse Soraya had made of a vulnerable victim who she knew had a borderline intellectual functioning.  

Soraya’s lawyer, Mr Shashi Nathan, made an impassioned plea for the court to consider Soraya’s personal circumstances, for which he said differentiated her case from others.  

” Greed is often a motivation but in the present case, this is not here,” said Mr Nathan.  

He said that Soraya had three children, two of whom had done well but the third, a son, fell on “bad times” and mixed with the wrong company.  

This son fell into debt “in excess of S$ 600,000”, said Mr Nathan.  

” This is not Soraya as a lawyer, this is Soraya as a mother. She looked at what was happening to her son, she looked out at her (other ) two other children, she felt compelled to do something,” said Mr Nathan.  

She pondered how do I save my son, and this is why she committed this crime. She was having guests enter the house and bother her and her family. As his client looked over to her family in the gallery and wiped her tears, Mr. Nathan declared,” She was genuinely concerned about her family.”  

Soraya had handled hundreds of pro bono cases before she became a prominent lawyer at Syariah Court, according to Mr. Nathan.  

She lived in a very comfortable house. She did n’t have to get into this situation. She never sought to accept client funds, but a family tragedy altered everything. Perhaps out of desperation, perhaps out of a need to survive,” he added.

Mr Nathan sought no more than 34 months ‘ jail and a fine of S$ 3,000 for his client.  

Judge Jill Tan, the first district judge, adjourned the case until May 3 because she felt the sentencing would need some time.  

A criminal breach of trust as an attorney could result in a 20-year prison sentence and a fine.  

For preparing legal documents while unauthorised, a person could be fined up to S$ 10,000, or in default of payment to imprisonment, be jailed up to three months on a first offence.  
 

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Commentary: Malaysia’s difficult path to a low-carbon economy

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Second, Malaysia should pursue the huge potential for green investment in electric vehicles ( EVs ), including motorcycles, and in hydrogen-based industries. Malaysia might become a leader in innovation, for instance, by utilizing battery-swapping systems in EVs to shorten recharge cycles and extend battery life. The opportunities for EV deployment, such as the road tax deduction and individual tax deduction relating to EV costs, are justified. An EV trend may be crucial to Kuala Lumpur’s 2030 goal of reducing coal power to 45 per share of the 2005 levels.

The biggest desire for green tech lies in a gas discovery. A clean power alternative to natural gas that produces enormous heat as a byproduct as well as water. However, its commercialism faces difficult challenges, particularly due to the high cost of producing hydrogen. The options are already growing, with gas being increasingly used in substances, cotton fabric production, cup, electronics, and metalworking.

Malaysia has great potential in this area as positive experiences emerge, for instance in Sarawak, where projects such as H2ornbill and H2biscus, in collaboration with Asian and North Korean lovers respectively, have made strides in hydrogen-based, export-oriented business.

Third, Malaysia needs to sea up administrative and financial assistance. In addition to money models, incentives, and grants for alternative technology adoption and R& development, there are other important areas of focus. D.

The state needs clearer standards and regulations in green markets, and more strict monitoring of efficient investments, to increase transparency and accountability. The state could also take into account the creation of a natural classification, which local banks have indicated would be helpful in setting criteria for approving natural loans. Lastly, enhancing the mobility and quality of data will be important for policy research, monitoring, evaluation, and future reforms.

With its big rely on fossil fuels, Malaysia faces a difficult but necessary road to decarbonisation. Yet, the country is well-positioned to plug into emerging industrial opportunities for low-carbon growth in industry and travel. Moving forward, Malaysia has confidently and quickly encourage green investments and work toward its carbon reduction objectives.

The ISEAS-Yusof Ishak Institute is hosting Vinod Thomas as a visiting top brother. This commentary  second appeared  on the Institute’s site, Fulcrum.

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How deep is Vietnam’s financial rot? – Asia Times

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The real estate magnate at the heart of a US$ 12 A 46 billion forgery case has been sentenced to death, a death sentence that appears to have appeased the Taiwanese community, but may not be enough to address growing concerns about the state of the fiscal system.

Truong My Lan, director of Van Thinh Tubby Holdings Group, was sentenced to death on April 11 by the Ho Chi Minh City People’s Court.

The trial piqued the Taiwanese public, not the least of which because the remarkable pilfered sums were frequently delivered in shoddy Styrofoam boxes, a common household item frequently used to produce pesticide-free “clean” vegetables in Asian homes.

Lan was found guilty of using her influence at the local Saigon Commercial Bank (SCB) to scheming up a scheme that resulted in the embezzlement of more than 304 trillion dollars ($ 12 ). 46 billion ) from SCB between 2018 and 2022 – a amount larger than the valuation of most Asian banks.

Do Thi Nhan, the former head of the Inspection and Supervision Department II under the State Bank of Vietnam, was given a$ 5 million in cash in exchange for her confession, according to Lan. Apparently, the money was kept in three Foam boxes.

The case possibly just scratches the surface of Vietnam’s widespread widespread corruption, where corruption is deeply embedded in the Communist Party-dominated political and economic techniques.  

( In another well-known case, Phan Van Anh Vu, the former chairman of Bac Nam 79 Construction JSC, reportedly used Styrofoam boxes to hand over a$ 4 million bribe to Nguyen Duy Linh, a former high-ranking official in the Ministry of Public Security. ) )

According to media reports, the State Bank of Vietnam was prompted to give SCB practically$ 24 billion in” special loans” as of early April because of the size of the alleged fraud in the Van Thinh Lil event, which has shocked Vietnam’s already fragile financial program.

The costs to SCB, estimated at 498,000 billion dong ($ 20. Despite having been detained for allegedly being crooked, Asia Commercial Bank (ACB) has experienced a similar panic that gripped lenders in 2012 after the arrest of magnate Nguyen Duc Kien for dishonest practices.

The enduring fragility of Vietnam’s monetary system is highlighted by memories of that chaotic incident, which can be stifled by false stories.

The State Bank of Vietnam’s past initiatives, including its 2015 invasion of three failing businesses, particularly CB Bank, Ocean Bank, and GP Bank ), were seen by some at the moment as designed to prevent large economic and financial collapse.

With deposit insurance that is only offered for a meager 125 million dong ( approximately$ 5,000 per person ), SCB’s failure may have a contagious impact on deposit holders who are concerned about the financial health of other Vietnamese banks.

Delicate house of accounts

However, the Van Thinh Lil event has exposed lingering systemic shortcomings in Vietnam’s financial market. Lack of transparency and poor regulatory oversight have made it easier for fraud to thrive.

In order to profit from the program, strong people with vested interests frequently break into the system and use it for their own gain. This not only affects public confidence in financial institutions, but it also discourages foreign investment, which in turn impedes economic development.

The federal discussion surrounding the Van Thinh Lil test suggests a growing public need for serious reform. The mere fact that for extensive problem can be exposed and tried in court offers a glimmer of hope.

The Styrofoam box, which was once a sign of Taiwanese resourcefulness, may also change as a means of bringing about greater accountability and transparency.

The path to reform, to be sure, may be exhausting. Undoubtedly, networks of effective individuals who profit from the corrupt status quo will resist change.

Additionally, social norms that emphasize specific contacts and a certain deference to authority had created a climate where speaking out against corruption poses a serious risk to whistleblowers.

Despite the difficulties, Vietnam has a unique opportunity to draw on the public outcry caused by the Van Thinh Lil case to drive for effective banking and governance reforms.

It will be important to strengthen regulatory frameworks, encourage greater transparency in financial institutions, and instill a tradition of whistleblowing. International cooperation in places like anti-money trafficking may also be a crucial component.

Vietnam’s fight against corruption is not finished. The Van Thinh Lil trial has exposed the problem’s scope, depth and severity. Whether it will be leveraged to create a more simply, resilient and guilty system, nevertheless, is yet to be seen.  

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China and ASEAN need to work together on Myanmar crisis: Observers

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WHERE ASEAN HAS FAILED

Since the fight started more than three years ago, when Myanmar’s military junta seized power in a revolt, the local clustering has been having trouble playing the key mediator position.

ASEAN’s victory banks strongly on Myanmar’s application of the Five-Point Consensus, a peace plan agreed upon by all leaders of the union, which includes an instant cessation of murder, creative dialogue, and provision of charitable aid.

The discussion has so far been a failure, with the coup refusing to join the agreements.

Authorities said there are indications that Thailand might remain reconsidering its Myanmar plan and taking on a more active part with fresh Thai Prime Minister Srettha Thavisin.

We’ve clearly seen a more strategic approach and a willingness to play a more natural role as a mediator and peacemaker under the new leadership in Bangkok, said Dr. Wong.

Beijing, for its work, has been unable to keep Myanmar’s defense or military parties to the peace. In recent months, poradic fighting has continued and gotten worse, leading to air defense and live-fire training in China’s neighbor’s vicinity.

CHINA’S MEDIATION Work

China brokered the ceasefire agreement between the military and an ally of racial minority guerrilla groups in January, alarmed by the overflow of violence when five people were injured in Yunnan, in its southwest province, after an ordnance barrel crossed from Myanmar.

One of Myanmar’s strongest friends, Beijing has relationships with the key people in the fight, including the coup, cultural forces, the human National Unity Government, and Aung San Suu Kyi’s National League for Democracy group. It is also close to Laos, the current ASEAN chair.

This puts Beijing in a prime position for peace efforts, said observers.

China is not just engaged in facilitation, but also a mediating function. China has more influence than any other stakeholders, and has leverage on all the stakeholders, ” said Mr Amara Thiha, a researcher from the Peace Research Institute Oslo.

He added that to safeguard its investments and interests in the nation, Myanmar needs to be stabilized.

“China’s mediation in Myanmar is not just about protecting its economic interests, it’s of strategic interest in the longer term … ( to prevent ) a power vacuum where external actors, Western actors could come in, ” he said.

Beijing has tried to avoid taking explicit sides in the conflict, according to Dr. Digby James Wren, senior advisor at the Royal Academy of Cambodia’s International Relations Institute, and has instead chosen to work with all parties as a mediator.

China is trying to find the shortest possible friction. It wants ( the situation ) to be as stable as possible. He said,” I do n’t believe the Chinese government is actively supporting any activities against the Myanmar government, but I do n’t believe they are providing as much support as they might have previously,” he said.

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