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Two crypto firms have recently announced that they have obtained in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) to provide digital asset-related offerings compliant with the watchdog’s requirements.
Through the licensing scheme under the city state’s Payment Services Act, MAS regulates seven types of payment services, including account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance, digital payment tokens and money-changing.
Singapore-headquartered StraitsX acquired its licence as a major payment institution (MPI) for digital payment token services, while Taiwan-based XREX’s Singapore entity received approval covering six service categories except for money-changing services.
Upon receiving the licence, StraitsX will focus on issuing two single-currency pegged stablecoins (SCS) that are 1-1 pegged to Singapore dollars (XSGD) and US dollars (XUSD), respectively.
XSGD is currently available for minting and redemption via StraitsX’s platform, while XUSD is under development and will be released to the public in the near future, FinanceAsia has learned..
“The in-principle approval from the MAS allows us to demonstrate compliance with the regulatory framework for stablecoin issuance,” Kenny Chan, head of StraitsX, said.
“We see potential in single-currency pegged stablecoins as a credible and reliable medium to facilitate innovations in payment transactions both domestically and across borders,” he added.
Citing the purpose bound money (PBM) testing led by MAS as an example, Chan emphasised the programmability and interoperability of stablecoin-powered payment solutions and explored use cases, including programmable rewards and escrow arrangements for online commerce.
“Stablecoins play a significant role in the digital asset ecosystem as they frequently form the bridge to the fiat leg of a transaction,” said Etelka Bogardi, Asia head of fintech and financial services regulatory, partner at Norton Rose Fulbright.
“It was therefore important to safeguard financial stability and consumer protection in this space.”
She added that as one of the frontrunners in stablecoin regulation, Singapore’s licencing regime has introduced important safeguards through reserve management and redemption mechanics requirements.
The MAS is also expected to introduce a regulatory framework under the Payment Services Act, which will be dedicated to stablecoin-related issuance and intermediation activities. The framework is set to be finalised in Augustafter a public consultation which started in October 2022.
“We believe that the regulatory clarity provided in the finalised framework, as well as Singapore’s position as a trusted hub for global business will provide a strong foundation for the issuance of stablecoins pegged to other G10 currencies,” Chan remarked.
Blockchain benefit
XREX’s business focusses on blockchain-based cross-border payment technology. The Taiwan-based team will useXREX Singapore as their Asia Pacific (Apac) headquarters, and look to expand its payment product that supports fiats, stablecoins and cryptocurrencies in the region.
Christopher Chye, chief executive officer (CEO) at XREX Singapore, told FA that the approval process took approximately two years’ , which he referred to as “hard fought” in a company press release. The team is looking to elevate the in-principle approval to a full licence over the next six months, he added.
“Blockchain technology has the potential to decimate transaction fees, facilitate atomic settlement and enable programmable money,” he said.
Moreover, he addted that “stablecoins are particularly well-positioned to bring respite to illiquidity issues, and we look forward to acquiescing our customers and prospects to the use of stablecoins in the imminent future.”
The XREX Group team claims to be the only digital asset player approved by both Singaporean and Taiwanese regulators to provide virtual asset services, according to the note.
Chye said that the compliance team has been studying the licensing regime formalised in the United Arab Emirates (UAE) and closely following regulatory developments in Hong Kong.
“Singapore boasts a progressive and robust regulatory framework, offering our users the clarity and confidence they need to access digital assets and use stablecoins,” said XREX Group and XREX Singapore head of compliance, Nick Chang, in the statement.
Chye added: “We feel optimistic about the regulatory developments across various jurisdictions and the attention central banks have afforded to this. Clear, reasonable, and practical regulations are crucial for the development of the blockchain industry.”
¬ Haymarket Media Limited. All rights reserved.
Two crypto firms have recently announced that they have obtained in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) to provide digital asset-related offerings compliant with the watchdog’s requirements.
Through the licensing scheme under the city state’s Payment Services Act, MAS regulates seven types of payment services, including account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance, digital payment tokens and money-changing.
Singapore-headquartered StraitsX acquired its licence as a major payment institution (MPI) for digital payment token services, while Taiwan-based XREX’s Singapore entity received approval covering six service categories except for money-changing services.
Upon receiving the licence, StraitsX will focus on issuing two single-currency pegged stablecoins (SCS) that are 1-1 pegged to Singapore dollars (XSGD) and US dollars (XUSD), respectively.
XSGD is currently available for minting and redemption via StraitsX’s platform, while XUSD is under development and will be released to the public in the near future, FinanceAsia has learned..
“The in-principle approval from the MAS allows us to demonstrate compliance with the regulatory framework for stablecoin issuance,” Kenny Chan, head of StraitsX, said.
“We see potential in single-currency pegged stablecoins as a credible and reliable medium to facilitate innovations in payment transactions both domestically and across borders,” he added.
Citing the purpose bound money (PBM) testing led by MAS as an example, Chan emphasised the programmability and interoperability of stablecoin-powered payment solutions and explored use cases, including programmable rewards and escrow arrangements for online commerce.
“Stablecoins play a significant role in the digital asset ecosystem as they frequently form the bridge to the fiat leg of a transaction,” said Etelka Bogardi, Asia head of fintech and financial services regulatory, partner at Norton Rose Fulbright.
“It was therefore important to safeguard financial stability and consumer protection in this space.”
She added that as one of the frontrunners in stablecoin regulation, Singapore’s licencing regime has introduced important safeguards through reserve management and redemption mechanics requirements.
The MAS is also expected to introduce a regulatory framework under the Payment Services Act, which will be dedicated to stablecoin-related issuance and intermediation activities. The framework is set to be finalised in Augustafter a public consultation which started in October 2022.
“We believe that the regulatory clarity provided in the finalised framework, as well as Singapore’s position as a trusted hub for global business will provide a strong foundation for the issuance of stablecoins pegged to other G10 currencies,” Chan remarked.
Blockchain benefit
XREX’s business focusses on blockchain-based cross-border payment technology. The Taiwan-based team will useXREX Singapore as their Asia Pacific (Apac) headquarters, and look to expand its payment product that supports fiats, stablecoins and cryptocurrencies in the region.
Christopher Chye, chief executive officer (CEO) at XREX Singapore, told FA that the approval process took approximately two years’ , which he referred to as “hard fought” in a company press release. The team is looking to elevate the in-principle approval to a full licence over the next six months, he added.
“Blockchain technology has the potential to decimate transaction fees, facilitate atomic settlement and enable programmable money,” he said.
Moreover, he addted that “stablecoins are particularly well-positioned to bring respite to illiquidity issues, and we look forward to acquiescing our customers and prospects to the use of stablecoins in the imminent future.”
The XREX Group team claims to be the only digital asset player approved by both Singaporean and Taiwanese regulators to provide virtual asset services, according to the note.
Chye said that the compliance team has been studying the licensing regime formalised in the United Arab Emirates (UAE) and closely following regulatory developments in Hong Kong.
“Singapore boasts a progressive and robust regulatory framework, offering our users the clarity and confidence they need to access digital assets and use stablecoins,” said XREX Group and XREX Singapore head of compliance, Nick Chang, in the statement.
Chye added: “We feel optimistic about the regulatory developments across various jurisdictions and the attention central banks have afforded to this. Clear, reasonable, and practical regulations are crucial for the development of the blockchain industry.”
¬ Haymarket Media Limited. All rights reserved.
But there are also downsides to using apps and multi-currency cards. In the event of the loss or theft of our belongings, we would have to go through the process of cancelling credit cards or freezing accounts. Then there is the risk of data hack or breach, such as a ransomware attack on the bank such that the card becomes unusable overseas.
Cybersecurity also becomes a concern, when using cards or withdrawing cash in unknown storefront ATMs. We may also not be used to checking for card skimmers in Singapore, but using phony or tampered ATMs can lead to identity theft through cloning of cards, particularly in countries with lax regulation and limited penalties for cybercrimes.
Travellers who arrive home may also be stuck with unused foreign currency with a multicurrency debit card, given restrictions for using an ATM locally and fees to convert to domestic currency.
The money exchange business will still need to adapt to the changing times despite some of the advantages of cash. How can money changers respond to technological disruption laying a siege on their business model?
Money changers can consolidate using aggregator services by going digital, getting recommendations by advertising their exchange rates. While travellers expect the money changer rates to be at par with the live interbank rate, there is uncertainty about what the actual rate is before we head down to join the queue.
They can also seek to be accessible online round the clock, provide low-cost remittance services, offer micro-investments in commodities like gold and enable smaller ticket purchases, including other travel services like booking of no-frill flights or inexpensive hotels that might not be readily available online.
Alibaba’s share price dropped nearly 10% on November 17 on the news it has canceled the spin-off and initial public offering (IPO) of its cloud computing division, marking the latest market tremor to hit China’s sanctioned tech industry.
Alibaba said the cancellation was driven by the disruption caused by US bans on China’s access to advanced proprietary semiconductors made by Arm, Intel, AMD and Nvidia.
At the same time, US sanctions are accelerating China’s development of advanced chips using the RISC-V open standard design architecture, giving rise to US Congress calls to extend the China tech bans to RISC-V.
RISC-V is an open standard instruction set architecture based on Reduced Instruction Set Computer design principles. It is a free, non-proprietary platform for the development of integrated circuit (IC) processors.
As an alternative to Arm, Intel, AMD and Nvidia, RISC-V is spurring the interest of not only China but also the EU and smaller companies and chip designers.
A China RISC-V Alliance was established in 2018 to create a complete open-source computing ecosystem by 2030.
The RISC concept was conceived at the University of California, Berkeley, in 2010. The RISC-V Foundation was established in 2015 to support and manage the open-source technology, with the Institute of Computing Technologies of the Chinese Academy of Sciences as one of its founders.
Other founding members include Google, Qualcomm, Western Digital, Hitachi and Samsung while other Chinese members include Huawei, ZTE, Tencent and Alibaba Cloud. The association currently has more than 300 corporate, academic and other institutional members around the world.
In 2020, the Foundation was incorporated in Switzerland as the RISC-V International Association, moving out of the United States to avoid potential disruption caused by then-president Donald Trump’s anti-China trade policies.
On October 31, 2023, Alibaba Cloud announced a RISC-V controller chip for enterprise solid state drives (SSDs) at its annual Aspara technology conference in Hangzhou, where the company is headquartered.
The device was developed by Alibaba’s wholly-owned IC design subsidiary T-Head. It will be used in Alibaba Cloud’s data centers for artificial intelligence (AI) training, big data analytics and other applications.
T-Head develops application-specific ICs for AI, cloud computing, industrial, financial, consumer electronics and other applications. It has also designed an internet of things (IoT) processor based on RISC-V.
Alibaba Cloud has announced the development of new data center servers with improved computational capabilities and energy efficiency. They should help it compete with Microsoft Azure, Amazon Web Services, Alphabet’s Google Cloud Platform and, in China, Tencent, Baidu and Huawei.
At the RISC-V Summit North America 2023 held in Santa Clara, California, on November 7 and 8, Alibaba’s director of AI-generated content (AIGC) David Chen presented what he claimed was the first successful deployment of a RISC-V server cluster in the cloud.
Cluster computing in cloud computing involves using multiple nodes or computers to form a single unit, enabling the system to handle heavier workloads than any computer could run.
Cluster computing can be used in various data-intensive applications ranging from machine learning to financial modeling to scientific simulations. First announced in October, the RISC-V cloud-based server cluster was achieved by T-Head and Sophgo in collaboration with Shandong University.
Sophgo is a developer of RISC-V processors and other open-source computing solutions headquartered in Beijing. The company has R&D centers in more than 10 Chinese cities targeting cloud computing, deep learning, data analytics, video, security, infrastructure and healthcare.
The RISC-V cloud server cluster utilizes processors designed by both T-Head and Sophgo and open-source Linux software. The Linux Foundation and the RISC-V Foundation have been collaborating since 2018.
“Each day, thousands of engineers around the world collaborate and contribute to advance RISC-V, the open-standard instruction set architecture that is defining the future of open computing,” the RISC-V organizers wrote in their introduction to the recent summit.
“The RISC-V community shares the technical investment and helps shape the architecture’s strategic future so everyone may create more rapidly, enjoy unprecedented design freedom, and substantially reduce the cost of innovation. Anyone, anywhere can benefit from these contributions,” the organizers said.
But not if US Congressman Mike Gallagher (R-Wisconsin) and his colleagues have their way.
On November 1, they sent a letter to US Commerce Secretary Gina Raimondo “to express our concerns about the national security risks posed by the People’s Republic of China’s (PRC) significant involvement in RISC-V and the organization’s semiconductor chip design architecture with the explicit purpose of undermining US export controls and leapfrogging our technological leadership in chip design.”
Gallagher is chairman of the Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party. The letter was also signed by Raja Krishnamoorthi (D-Illinois), ranking member of the Committee, Senator Marco Rubio (R-Florida) and 15 other members of Congress.
Secretary of State Antony Blinken, Secretary of Defense Lloyd Austin and Secretary of Energy Jennifer Granholm were copied on the letter. The letter declared that “Urgent action is needed to prevent US technology and technical know-how from contributing to the PRC’s utilization of this technology.”
Not only is China seeking to use RISC-V to achieve technological self-sufficiency, it aspires to become an “open-source power” and already accounts for half of all RISC-V chips sold worldwide, the letter said.
This could happen because “RISC-V allows the PRC to use open-source architecture to develop advanced chips without needing a license from the US government.”
The letter recommends that all US individuals or companies engaging with China on RISC-V or any other computer instruction set architecture must receive US government licenses, even though RISC-V International is headquartered in Switzerland
The signatories compiled a list of questions for Secretary Raimondo, for which they would like answers by December 1, 2023. The questions include:
How the Biden administration responds will be a good indicator of how much, if at all, US-China tech tensions have eased since Biden and Chinese President Xi Jinping met in California at last week’s APEC summit.
The letter rightly points out that the intellectual property used to design ICs is currently dominated by Western companies such as Arm, Intel, AMD and Nvidia.
US-based RISC-V IP companies including SiFive, Andes, Qualcomm, Google and others have already been banned from selling their technology to Chinese companies on the Commerce Department’s Entity List without a license.
That, however, is not enough for Gallagher and his colleagues, who write that “the United States should build a robust ecosystem for open-source collaboration among the US and our allies while ensuring the PRC is unable to benefit from that work.”
To do that would require either competing with or expelling China from the RISC-V International organization. Some European politicians might agree with that, but the US politicians who signed the letter are either not aware of or have seemingly ignored the EU’s RISC-V policy.
In February, the European High Performance Computing Joint Undertaking (EuroHPC JU) announced plans to form a partnership with industry, research institutions, supercomputing centers and other organizations to develop a European high-performance computing (HPC) ecosystem based on RISC-V.
Its mission is to develop, deploy, extend and maintain world-leading supercomputing, quantum computing and related services and data infrastructure in Europe. This is to be supported by a secure supply chain with a wide range of applications contributing to the development of European science and industry.
The European Chips Act has identified RISC-V as one of the next-generation technologies in which Europe should invest to build and reinforce its capacity to innovate in the design, manufacturing and packaging of advanced, energy-efficient and secure integrated circuits, and turn them into marketable products ranging from micro-controllers to high-end chips used in data centers and supercomputers, the EuroHPC JU’s website says.
The technology should be linked to its use in industry in order to make sure that it addresses European market needs and “contributes to digital sovereignty beyond scientific HPC,” the website says.
“RISC-V technology is a credible energy-efficient alternative to the proprietary solutions for processors and accelerators across the computing continuum that are produced outside the EU.”
In other words, RISC-V is an alternative to Arm, Intel, AMD and Nvidia. Many US politicians view RISC-V as part of a new Cold War in the tech realm. The EU, like China, views it as a way to escape US dominance of advanced computing.
It remains to be seen whether the US will subvert open-source technology in what will likely amount to a futile attempt to protect and maintain its high-tech hegemony.
Follow this writer on Twitter: @ScottFo83517667
SINGAPORE: For the first time, the government has provided a forecast of which skills are expected to grow in demand and remain transferable over the next two years.
The 24 skills identified in the third edition of the annual report from SkillsFuture Singapore (SSG) come from the digital and care industries, as well as Industry 4.0.
They were identified based on a statistical projection of past trends, according to data from the past 11 years, said SSG in a press release on Friday (Nov 17).
Skills in the green industry were not included since developments in the space are “more nascent”.
However, the number of green courses offered by institutes of higher learning, supported by SSG, has nearly doubled, from 250 last year to 470 this year. are
The green, digital and care industries remain growth areas, said Minister of State for Education Gan Siow Huang on Friday.
With Singapore’s ageing population, greater technological disruption and efforts to green the economy, these transitions present both opportunities and challenges, she added.
In a rapidly changing skills landscape, SSG’s skill analysis can help individuals and enterprises to identify their skill gaps, and make more informed investments in skills, said Ms Gan.
Green skills growth has been consistent in the last two years, with high demand in emerging areas like agrifood, sustainable finance and carbon management, said SSG in the press release.
“Mandatory climate-related disclosure requirements will also push the demand for skill related to sustainable finance and carbon management,” it said.
The scarcity of digital talent and high adoption costs are a challenge for SMEs, according to SSG.
With more businesses leveraging data and artificial intelligence, it is important that those in tech-heavy roles keep up with the latest trends and continue upskilling so they remain relevant.
There will also be a distributive effect, as cognitive jobs, not just repetitive and routine jobs, are affected, he said.
“The earlier waves of technology, automation – factory automation, logistics automation and the like – essentially replaced what we call repetitive jobs,” he explained, adding that LLMs and AI take over cognitive tasks.
These are typically done by those with better education and better incomes, said Mr Tharman.
“That’s a welcome change, if you like. It’s finally reached home to the segment of the population that does the thinking and the pontificating that technological disruption is disruptive.”
AI can be a huge enabler, but its use requires coordination and some rules of the game, said Mr Tharman.
In healthcare, for instance, human judgement and decision-making is still needed in matters of life and death, but AI can be used as a tool in diagnosis and treatment.
“You need some form of regulation within countries and internationally to contain the role of AI in healthcare. Contain doesn’t mean hold it down,” he said.
“But you’ve got to make sure the decisions are ethical, in the interest of that particular patient, and that we are minded by human flourishing.”
When it comes to national security and global security, AI has the potential of leading to unintended catastrophic outcomes which are not in anyone’s interest, even between contending parties, said Mr Tharman.
Within days of a cyberattack at its US unit, members of Industrial & Commercial Bank of China Ltd’s management were on a plane.
Officials from the world’s largest lender arrived in the US over the weekend in a hastily arranged trip to limit fallout from the incident last week, people with knowledge of the situation said. As they sought to calm markets through a steady stream of discussions and calls, one question remained unanswered: When will the stricken systems start functioning again?
The bank is racing to reassure market participants it has a handle on the situation following the attack by prolific ransomware gang LockBit, which rendered it unable to clear swathes of US Treasury trades and forced many to reroute their orders. The firm has yet to restore normal operations.
On Friday, senior ICBC executives spoke with hundreds of member firms of the Securities Industry and Financial Markets Association in a bid to allay concerns, according to people familiar with the matter who asked not to be identified discussing private information. Some participants left without a clear outline of ICBC’s response, one of the people said.
ALSO READ: World’s biggest bank has to trade via USB stick after hack
And while the bank has been working to restore access to its systems, a subsequent investigation and ongoing discussions with regulators have made any resumption of normal service hard to predict, one of the people said.
The incident also prompted China’s National Administration of Financial Regulation to issue guidance last week pressing large banks with offshore units to bolster their defenses against potential cyber attacks, another person familiar with the matter said.
Representatives for ICBC didn’t immediately respond to requests for comment. A representative for Sifma declined to comment. The NAFR didn’t immediately respond to a request for comment.
ICBC confirmed in a statement on Thursday that a ransomware attack at its ICBC Financial Services unit had disrupted some of its systems and that it was conducting a thorough investigation. Its head office and other domestic and overseas units weren’t affected, it said. On Monday, LockBit said that it had received a ransom payment from ICBC, without giving further details.
The extent of the disruption caused by the attack wasn’t immediately clear, though participants in the US$26 trillion Treasury market reported liquidity was being affected. Traders were still finding it hard to settle transactions more than a day after the attack.
ICBC is working with its US banking partners to help clear transactions as it seeks to resolve the cyber issues, one of the people said. Still, some participants were concerned about connecting with the bank digitally until they had resolved the security issues, said the person. In the immediate aftermath, ICBC held discussions about hiring Google-owned cybersecurity firm Mandiant for incident response, though no agreement to work together was reached.
If recent ransomware attacks are any indication, it could take weeks for ICBC to restore its operations to normal.
LockBit, a criminal gang with ties to Russia, specialises in using malicious software known as ransomware to encrypt files on its victims’ computers, then demanding payment to unlock the files.
Earlier this year, it took credit for an attack against ION Trading UK that paralysed derivatives trading across markets for everything from commodities to bonds and forced several banks and brokers to process trades manually. – Bloomberg
Getty ImagesNepal has said it would ban China’s TikTok because social harmony have been disrupted by its content.
The decision comes days after the country introduced a new rule requiring social media firms to set up liaison offices in the country.
TikTok which has around a billion monthly users has been banned by several counties including India.
Earlier this year, Montana became the first US state to ban it while the UK Parliament banned it from its network.
Nepal’s Telecom Authority Chair Purushottam Khanal told Reuters internet service providers have been asked to close the app.
There has been no date given for when the ban will take effect. Local media is also reporting that there is some opposition to the decision that was made at a cabinet meeting earlier this week.
TikTok has come under scrutiny from authorities around the world over concerns that data could be passed to the Chinese government.
Its parent company, ByteDance, has previously rejected the allegation but TikTok did not respond to the BBC’s request for comment on the latest ban by the government in Nepal.
Although TikTok lags behind the likes of Facebook and Instagram, its growth among young people far outstrips its competitors.
More than 1,600 TikTok-related cyber crime cases have been registered over the last four years in Nepal, according to local media reports.
According to the BBC Media Action report on the media usage in Nepal, TikTok is the third most used platform nationally.
While YouTube and Facebook are popular among internet users of all age groups, TikTok is highly popular with younger age groups with more than 80% of social media users aged between 16 and 24 using the platform.
Pakistan have temporarily banned the app at least four times since October 2020 while its online shopping service has been shut in Indonesia last month.
EPA-EFE/REX/ShutterstockAustralia’s largest ports operator is set to keep its sites closed for days as it recovers from a cyber-attack, according to government officials.
Operations at its container terminals in Melbourne, Sydney, Brisbane and Perth have been suspended since Friday.
DP World Australia manages around 40% of goods entering and leaving the country.
The move has not affected the supply of goods to major Australian supermarkets, the BBC understands.
DP World Australia, a unit of the Dubai state-owned DP World, did not immediately respond to a request for comment on Monday.
Darren Goldie, the government’s Cyber Security Coordinator, said the operator was making “good progress” at bringing its sites back online.
“The company’s advice… was that this would be the case of days, not weeks,” Mr Goldie told ABC Radio.
He added that the government had not yet identified the perpetrators of the cyber-attack, which caused the firm to disconnect its ports from the internet.
DP World said it halted internet connectivity at its ports on Friday to prevent “any ongoing unauthorised access” to its network.
Going offline meant trucks were unable to transport containers in and out of the affected sites. That’s according to DP World senior director Blake Tierney in statement issued on Sunday.
On Monday, Ports Australia, which represents authorities and companies in the industry, said “The current disruption is isolated to DP World terminals.”
“Australia’s ports and other terminals remain operational. DP World is collaborating closely with the government and working to restore normal operations,” it added.
DP World has also been affected by industrial action, which has caused a delay in customer deliveries.
Since it began in October, workers have engaged in 24-hour strikes and refused to unload trucks.
The Maritime Union of Australia, which is negotiating pay increases for workers, announced last week that the industrial action would be extended to 20 November.
The cyber-attack added to fears that the supply of everything from medical equipment to Christmas toys could be disrupted.
However, a spokesperson from supermarket chain Woolworths said it was monitoring the situation and does not “anticipate any immediate impacts at this time”.
The BBC understands that Woolworths’ range of Christmas products has already arrived in Australia.
The disruption is also not expected to affect rival chain Coles, which is similarly monitoring developments at DP World.
Australia has seen a rise in cyber attacks since late-2022.
Earlier this year, the Albanese government announced plans to overhaul its cybersecurity laws, and set up an agency to coordinate responses to intrusions.
The government is expected to released details on its proposed rules next week – which will likely tighten reporting requirements for companies.
