City Singapore Financial News

18.11 / 20:45

FTX Singapore State Fund Temasek Writes Down $275 Million Investment in FTX – Here’s What Happened

As the recent collapse of major exchange FTX continues to ravage the crypto markets across the world, Singapore’s state-run fund Temasek has decided to write down the $275 million investment made into the failed crypto exchange.

17.11 / 09:59

business FTX No red flags at FTX despite 8 months of 'extensive due diligence' — Temasek

Singapore's state-owned investment firm Temasek revealed despite eight months of due diligence in 2021, it didn't find any significant red flags in FTXs financials before deciding to invest $275 million into the now-bankrupt crypto exchange.

11.11 / 14:51

Adoption Federal Reserve New York Fed collaborates with Singapore MAS to explore CBDCs

The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) will launch a joint experiment with wholesale central bank digital currencies (wCBDCs). Regulators are keen to test the wCBDCs potential for cross-border wholesale payments.

10.11 / 13:17

business Binance regulation coinbase Unclear regulations drove 95% of trading activity offshore: Coinbase CEO

Coinbase CEO Brian Armstrong was not delighted with the news about the United States regulators looking into FTX.US along with Coinbase and Binance.US in the wake of the FTX crisis.

09.11 / 21:49

business Binance Investments Singapore's Temasek engages with FTX in liquidity crisis

Singapore’s state-owned investment firm Temasek, a shareholder at FTX, is reportedly engaging with the cryptocurrency exchange in the liquidity crisis that led to its unexpected (and still pending) bail out on Nov 8.

07.11 / 16:35

Blockchain Digital JPMorgan Pool defi protocols Cross-border BIS and three central banks to test cross-border CBDCs using DeFi protocols

The new project, dubbed Mariana, explores automated market makers (AMM) for the cross-border exchange of hypothetical Swiss franc, euro and Singapore dollar wholesale CBDCs. With a primary focus on the ability to settle foreign exchange trades, the project involves the Eurosystem, Singapore and Switzerland BIS Innovation Hub Centres together with the Bank of France, Monetary Authority of Singapore and Swiss National Bank.

04.11 / 08:43

FIVE Digital Waters Singapore Fintech Festival 2022: MAS MD Menon equates fintech transformation to Wu Xing

According to Menon, the Covid-19 pandemic, and subsequent lockdowns led to “an overdue cleansing of unsustainable business models, highly risky practices, and unviable use cases.” He continued to say that “the digital asset industry will emerge leaner and stronger.”

03.11 / 20:05

Crypto Exchange Zipmex 'On Track to Sign a Majority Buyout' Following Three Arrows Capital Contagion

The troubled Asian crypto exchange Zipmex is in “advanced talks” with one of its investors about a potential bailout for the company.

03.11 / 17:53

Blockchain Binance Digital Pool Bitcoin Cross-border France, Switzerland and Singapore jointly test cross-border CBDC payments

France, Singapore and Switzerland have launched a joint trial of their experimental central bank digital currencies (CBDCs) and decentralised finance (DeFi) protocols, in the first cross-regional test of its kind.

03.11 / 16:05

Provident Digital CEO Platform DBS goes live on SGX unit's crypto platform; launches programmable money pilot

SGX-owned MaxxTrader provides foreign exchange pricing and risk services to over 100 global and regional banks, broker-dealers and hedge funds. It is now moving into crypto with the MaxxDigital offering, which promises the ability to price, trade and distribute any cash or tradable tokenised digital assets.

03.11 / 10:01

cryptocurrency coinbase Nexo Vauld Backed Coinbase-backed Vauld seeks 4 months more on moratorium as recast talks continue

Troubled cryptocurrency lending platform Vauld’s parent Defi Payments has filed an application in a Singapore Court seeking a four-month extension of its moratorium till March 7, 2023.

03.11 / 05:39

business Blockchain Adoption JP Morgan executes first DeFi trade on public blockchain

Multinational banking firm JP Morgan has successfully executed its first ever cross-border transaction using decentralized finance (DeFi) on a public blockchain.

03.11 / 03:23

Blockchain Digital JPMorgan Pool defi protocols Cross-border BIS and three central banks to test cross-border CBDCs using DeFi protocols

With a primary focus on the ability to settle foreign exchange trades, the project involves the Eurosystem, Singapore and Switzerland BIS Innovation Hub Centres together with the Bank of France, Monetary Authority of Singapore and Swiss National Bank. The aim is to deliver a proof of concept by mid-2023.Today, DeFi built on public blockchains uses smart contract protocols to automate markets for crypto and digital assets.

03.11 / 02:05

Blockchain Digital CEO Pool Singapore Fintech Festival 2022: Inside Project Guardian

Under this first industry pilot, the banks conducted foreign exchange and government bond transactions against liquidity pools comprising of tokenised Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (JPY) and Singapore Dollar (SGD). Further, a live cross-currency transaction involving tokenised JPY and SGD deposits was successfully conducted and a simulated exercise was performed involving the buying and selling of tokenised government bonds.

02.11 / 19:43

Blockchain Technology defi settlement International Bank of International Settlement will test DeFi implementation in forex CBDC markets

According to a new announcement on Wednesday, the Bank of International Settlement, or BIS, along with the central banks of France, Singapore, and Switzerland, will be embarking on a new initiative dubbed "Project Mariana" in its exploration of blockchain technology. Project Mariana intends to use decentralized finance, or DeFi, protocols to automate foreign exchange markets and settlement.

02.11 / 17:51

Provident Digital Strategy Singapore Fintech Festival 2022: Deputy PM Wong sets the fintech agenda

Welcoming attendees back to an in-person event, Wong referenced the huge turnout, stating that this has proven that “human interaction is indispensable even in our digital age.” He also highlighted that serendipitous encounters at the event may lead to the next breakthrough innovation and with technology, companies and countries can become more resilient.

02.11 / 13:07

Digital JPMorgan Pool JPY defi protocols Global banks test DeFi protocols for FX and Government bond transactions

Under the pilot, DBS Bank, JPMorgan and SBI Digital Asset Holdings conducted foreign exchange and government bond transactions against liquidity pools comprising of tokenised Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (JPY) and Singapore Dollar (SGD). A live cross-currency transaction with real-world assets was conducted as an isolated exercise using tokenised JPY and SGD deposits, alongside a simulated test involving the buying and selling of tokenised government bonds.

02.11 / 09:19

Blockchain Stablecoin Paxos Usd Coin Stablecoin issuers Circle and Paxos gain approvals in Singapore

Stablecoin issuers Circle and Paxos have each received approvals for their respective licenses from the Monetary Authority of Singapore (MAS), the city-state's central bank.

02.11 / 07:17

Government Asia Singapore bank DBS uses DeFi to trade FX and state securities

DBS Bank, a major financial services group in Asia, is applying decentralized finance (DeFi) for a project backed by Singapore’s central bank.

01.11 / 00:37

Adoption Stablecoins have a new name in Great Britain: Law Decoded, Oct. 24–31

The first full week under the leadership of the newly-elected Prime Minister Rishi Sunak saw a major landmark for crypto regulation in the United Kingdom. The Financial Services and Markets Bill, made public on Oct. 25, aims to enhance the U.K.’s position as a “global leader in financial services” — but what is more important is that it contains some new definitions for crypto products.

01.11 / 00:36

CBDC Adoption retail retail CBDC Singapore’s MAS says no urgent case for retail CBDC, but launches 4 fast trials of it

The Monetary Authority of Singapore (MAS) has wrapped up the first stage of its Project Orchid examination of a retail central bank digital currency (CBDC). According to the white paper released on Oct. 31, there is no “urgent case” for a retail CBDC in Singapore, but the study envisioned the infrastructure required in case a need arose. It also conceptualized a new model for digital currency — purpose-bound money — and pulled large Singaporean banks and government agencies into the research with a series of trials.

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