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Tradeweb Markets has launched a new feature to linkits repurchase agreement (repo) and interest rate swaps (IRS) to enhance execution workflowin these markets. The electronic marketplaces for rates, credit, equities, andmoney markets promised to boost efficiency in how institutional clientsnavigate these markets through the new offering. Connecting Repo and IRS MarketsAccording to the press release, the integrationbetween the two markets aims to respond to heightened volatility in moneymarkets caused by shifting expectations surrounding central bankpolicies. To address this, the platform has integrated overnight index swapcurves into the repo trade negotiation process to provide institutional clientswith insights into pricing competitiveness across various currencies andmaturities. Nicola Danese, the Co-Head of International DevelopedMarkets at Tradeweb, said: "By linking our repo and swaps platforms, weare transforming what used to be manual, disconnected, and time-consumingprocesses into efficient, time- and cost-effective digital workflows. Only amulti-asset platform like Tradeweb can interconnect markets in this way, and weare proud to deliver another industry first for the benefit of ourclients."Following the execution of a long-dated fixed-raterepo transaction on Tradeweb, buy-side traders can reportedly manage theirinterest rate exposure through an electronic workflow. By pre-populating an OISticket with trade details and sending a request-for-quote inquiry to Tradeweb'sextensive network of liquidity providers, Tradeweb seeks to streamlineprocessing and reduce operational risk.Surge in Trading VolumesIn April, Tradeweb Markets posted a 69.1% year-over-yearincrease in trading volumes. This surge, reaching a total volume of$41.9 trillion and an average daily volume (ADV) of $1.94 trillion, reflected asignificant uptick in market activity. The company attributed this remarkablegrowth to the expanding adoption of its products and services across varioussegments.A standout aspect of Tradeweb's April performance is thenotable increase in US government bond ADV, which surged by 70.7%year-over-year to $205.3 billion. This expansion reflected a broader growth trendacross all client sectors, indicating a strong demand for US government bondswithin the market.In the money markets segment, repurchase agreement ADV roseby 39.4% YoY to $598.2 billion. The increase in client activity onTradeweb's electronic repo trading platform led to high global repo activity.Factors such as quantitative tightening and increased collateral supply reportedly contributed to the shift of assets from the Federal Reserve's reverse repofacility to money markets.This article was written by Jared Kirui at www.financemagnates.com.
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FXSpotStream has appointed John Ashworth as theIndependent Chair of its Board of Directors. Ashworth, currently the CEO ofCaplin Systems, a trading software provider, has over 30 years of experience inthe technology industry. Previously, he held leadership roles at prominentFX-focused firms like FENICS, GFI, Apama, and FXAll.Technology Industry ExpertCommenting about the appointment, FXSpotStream's CEOJeff Ward said: "As we continue to mature and expand as a business, there is aneed to add senior leadership with a strong background in independentgovernance and technology, and John brings both of these to the table."Ashworth joined Caplin Systems as the Chief OperatingOfficer in 2014 before being promoted to the CEO. Prior to joining Caplin,Ashworth was the Director and Co-Founder of Technology for Markets, where hededicated more than 18 years.Early this year, FXSpotStream unveiled new changes in itsleadership. Jeff Ward assumed the role of Chief Executive Officer on January 1,2024, bringing his extensive experience to steer the company's future. Wardtook over from Tom San Pietro, FXSpotStream's Chief Technology Officer, whoserved as interim CEO after the departure of Co-founder Alan Schwarz last year.FxSpotStream Top Executive ChangesWard brings a wealth of experience to his new role, boastingthree decades in the FX industry. Prior to FXSpotStream, he served as theGlobal Head of EBS at CME Group, having joined them through the acquisition ofNEX Markets (formerly EBS). His LinkedIn profile reveals a career starting in1993 at Citibank, followed by stints at ABN AMRO Bank and ICAP (now TP ICAP),where he held senior client service and sales leadership positions acrossvarious regions.FXSpotStream, established in 2011 as a bank-ownedconsortium, focuses on the institutional FX market. Beyond spot forex services, theplatform has expanded its offerings to include derivatives and, more recently,support for FX algorithms and allocations through its API. FXSpotStream posted a record average daily volume(ADV) in March. The firm’s total ADV jumped to $82.6 billion, representing a14.2% month-on-month increase and a boost of 23.6% YoY.This article was written by Jared Kirui at www.financemagnates.com.
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Following the publication of its financial results for 2023 and trading update for the first three months of 2024, we assess the operational performance of Plus500 (LON: PLUS), which offers a range of trading products including CFD, shares and futures trading. The broker's revenue for the year reached $726.2 million and the company acquired almost 91,000 new customers last year, raising active customer numbers to just over 233,000.Unlike some other brokers, Plus500 does not break down commission income. Total customer income includes commission from the group’s futures and options on futures operation and from Plus500 Invest - its share dealing platform – as well as customer spreads and overnight charges.Very Strong Per Client RevenueAverage revenue and average deposit per active customer at $3,116 and $10,300 respectively were up 5% and 29% from 2023. In common with many of its competitors, high interest rates enabled Plus500 to make a decent return from the $2.4 billion it held in customer deposits, although interest income of just under $52 million was modest compared to the £80 million earned by IG over the same period and the whopping $2.8 billion earned by Interactive Brokers.All brokers recognise the value of technology development. For example, in its latest annual report Interactive Brokers refers to continued investment in software development and information technology services. However, Plus500’s investment in product development - approximately $50 million was committed to R&D between 2021 and 2023 – appears to be having a significant impact on customer engagement.<a href="https://www.financemagnates.com/tag/plus500/">Plus500</a>’s revenue per client in 2023 was approximately $3115, almost twice that of Interactive Brokers and well in excess of the roughly $570 per client earned by <a href="https://www.financemagnates.com/tag/saxo-bank/">Saxo</a>.Earnings before interest, taxes, depreciation, and amortisation of $340.5 million in 2023 were down by a third compared to 2022. However, the EBITDA margin of 47% for 2023 compares very favourably to its competitors despite falling below the firm’s average annual margin of 56% since its IPO in 2013.Other areas of the business proved more challenging last year. Revenue was down almost 15% year-on-year and new customer acquisition was down by more than 15,500 from the previous 12 month period, while the number of active customers fell by almost 48,000 over the same period.To put the revenue figures in perspective, <a href="https://www.financemagnates.com/tag/interactive-brokers/">Interactive Brokers</a>’ income for 2023 was up 42% to $4.3 billion, while Saxo was up 11% and IG recorded a 5% increase for the 12 months to June 2023. Interactive Brokers’ client accounts grew by 22.5% compared to 2022, down from 24.8% in the previous year but still favourable compared to Saxo’s 14% increase.Plus500’s business remains geographically dispersed, with the majority of its revenue (91%) generated outside of the UK where it is listed. Interestingly, the market with the sharpest fall in revenue in 2023 was the UK, while earnings outside Europe and Australia were largely unchanged.International Expansion Was a FocusThe firm’s efforts to expand its international business during 2023 included the introduction of a localised trading platform for the Japanese retail market, while the launch of a new proprietary trading platform for retail customers (the ‘Plus500 Futures’ platform) boosted its retail business.<a href="https://www.financemagnates.com/forex/plus500-strengthens-mena-presence-with-new-dfsa-license/">Obtaining a licence from the Dubai Financial Services Authority</a> enabled Plus500 to offer FX and CFD products to traders in the UAE and other Gulf Cooperation Council countries.At the end of last year the firm became a primary member of the Futures Industry Association to help it exploit growth opportunities in the US futures market.In the firm’s Q1 2024 trading update, CEO David Zruia noted that in the US futures market, Plus500’s…
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iExec, the company with the platform to build, own, and monetize in Web3, has announced the release of an upgrade to their DataProtector dev tool, dubbed the ‘Monetize Version’. This latest innovation introduces an upgrade that offers new methods for Web3 developers, DApp users, and content creators to manage and monetize their digital assets.Since its inception in 2016, iExec has been a pioneer in offering solutions that prioritize data protection and ownership. The updated DataProtector ‘Monetize Version’ reaffirms iExec's dedication to innovation, delivering powerful tools that give developers the means to return control over digital assets to their users. The enhanced tool enables decentralized application (DApp) users to maximize the monetization potential of their data, content, and other digital assets.Simplifying the Development of DApps with Enhanced User Ownership and Monetization Control Building on the original iExec DataProtector developer tool, this new version introduces the DataProtectorSharing module. This expands the toolkit with new SDKs offering a range of monetization strategies that simplify the sharing, distribution, and earning from digital assets. Transactions are secured by Confidential Computing hardware encryption and orchestrated via iExec's specialized DataProtectorSharing smart contract. Monetization is streamlined through the use of RLC, iExec’s native cryptocurrency, ensuring secure and transparent transactions on the network.The DataProtector ‘Monetize Version’ Puts DApp Users in Control of Their Data· Ownership: Users can encrypt their data with ownership registered on the blockchain, ensuring they maintain control.· Sharing: Users can grant access to authorized apps and share data securely without exposure.· Monetization: Users have options to rent, sell, or bundle their digital assets in subscriptions, allowing flexibility in how they monetize.This upgrade introduces advanced monetization options designed to enhance the value of digital assets while maintaining control and security. Users have the flexibility to engage in secure sharing of their digital assets with authorized parties without compromising ownership. Moreover, assets can be rented out for specified durations, allowing data or content owners to earn while maintaining ownership rights. Secure selling options enable users to transfer ownership of data or digital assets to interested buyers, who then assume full control over their use at the blockchain level. Subscription bundle aims for a potential income by granting access to curated data collections for a predetermined fee. These versatile monetization options aims for Web3 users to extract maximum value from their data, or any other digital assets, while ensuring continued control and security."“The DataProtector developer tool aligns perfectly with our mission to empower Web3 users to optimally monetize what they own. Developers can create truly unique Web3 apps that prioritize user ownership, privacy, and monetization. It revolutionizes the Web3 experience, and sets a new standard in the decentralized economy.” - Gilles Fedak, iExec CEOWhat distinguishes this upgrade is its streamlined approach to sharing protected data and earning RLC. Distribution channels are set up in advance, allowing users to initiate smart contracts independently, removing the need to manage each transaction personally. This process leverages a combination of blockchain and Confidential Computing, utilizing Intel SGX Trusted Execution Environments (TEE) to ensure data remains end-to-end encrypted and secure, even during processing.Impact on the Web3 communityThe new 'Monetize Version' of DataProtector dev tools significantly enriches the Web3 community by boosting greater interaction and collaboration. This innovation supports a more dynamic and interactive ecosystem, where users can confidently manage, share, and monetize their digital assets. By promoting a culture of collaboration and innovation, this tool contributes to the collective growth…
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Singaporeanwoman, Wen Jian, has been sentenced to six years and eight months in prison bya London court for her role in laundering Bitcoin (BTC) tied to a staggering$6.4 billion Chinese fraud. The case,which involved the seizure of over 61,000 BTC by the UK police, has shed lighton the growing prevalence of cryptocurrency in global financial crimes.Singaporean WomanSentenced to Nearly 7 Years for Laundering BitcoinAccordingto prosecutors, the $6.4 billion fraud was orchestrated by another woman whoWen believed to be independently wealthy. This individual allegedly defraudednearly 130,000 Chinese investors through fraudulent wealth schemes between 2014and 2017. When Chinese authorities started investigating the fraud in 2017, themastermind fled to Britain.Wen’s rolein the scheme was to help conceal the source of the stolen money by convertingit into Bitcoin, taking it out of China, and then converting it back into cashand property. Prosecutors argued that Wen should have been aware that the moneywas obtained illegally, but she maintained her innocence throughout the trial.As part oftheir investigation, British police seized wallets containing over 61,000 BTC,making it one of the largest cryptocurrency seizures by law enforcementworldwide. The seized tokens were worth approximately £1.4 billion when police gained access in 2021 and have since appreciated to over £3 billion.Wen Jian, who was accused of assisting in a $6.4 billion bitcoin laundering fraud, was jailed for seven years after a trial in a London court. Prosecutors said she helped hide the source of money allegedly stolen from nearly 130,000 Chinese investors https://t.co/ynGPKX5GBZ— Reuters Legal (@ReutersLegal) May 25, 2024The Trial and SentencingWenss defense lawyer Mark Harries painted a picture of a woman who had fallen prey to the machinations of a criminal mastermind. Harries argued that Wen was not awilling participant in the multi-billion dollar fraud and subsequent bitcoinlaundering scheme but rather another victim of an "expert criminalsupervillain" who had exploited her dependability and ultimately discardedher when she was no longer of use.The womenfaced three counts of money laundering at Southwark Crown Court. In March, ajury found her guilty of one count but could not reach a verdict on theother two. During thesentencing hearing, Judge Sally-Ann Hales acknowledged that there was noevidence suggesting Wen's involvement in the underlying fraud. However, thejudge stated that she had "no doubt" Wen knew she was dealing withcriminal property.Wen, whoclaimed she was trying to provide a better life for her son, was ultimatelysentenced to six years and eight months in prison for a single count of moneylaundering.The woman convicted in this case became a typical "money mule," a person tasked with laundering illegally obtained funds, thereby shifting potential responsibility for this operation onto her. The US CFTC had warned about this type of scam two weeks ago.This article was written by Damian Chmiel at www.financemagnates.com.
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Mastercard'srecent moves paint a fascinating picture of the current state of digital trust.On one hand, they're joining forces with the United Nations DevelopmentProgramme (UNDP) to tackle the global epidemic of digital scams. On the other,they're wielding cutting-edge AI to thwart the ever-present threat of creditcard fraud. This two-pronged approach reveals a crucial truth: trust in thedigital age is a battlefield, and Mastercard is determined to be a major playerin the fight.Thefight against digital scams is a relatively new front. These online cons, fromphishing emails to fake investment schemes, have exploded alongside the growthof the internet. The UNDP estimates that digital scams cost the world astaggering $1.026 trillion annually, a figure likely much higher due tounderreporting. This financial hemorrhage isn't just an economic concern; iterodes the very foundation of a healthy digital world – trust.Mastercardunderstands this. As a pioneer in safeguarding global payment networks, theyrecognize that a world riddled with scams discourages people from participatingin the digital economy. By joining the UNDP's coalition, Mastercard brings itsexpertise in cyber fraud detection and prevention to the table. Thiscollaboration aims to not only understand the impact of scams, particularly indeveloping countries, but also to develop a framework and toolkit for combatingthem. Imagine a world where online transactions aren't fraught with suspicion,where clicking a link doesn't feel like a gamble. Mastercard's partnership withthe UNDP is a step towards making that vision a reality.Buttrust isn't just about grand narratives of global development. It's also aboutthe individual consumer experience. Every time someone swipes their cardonline, they're placing a small bet – a bet that the transaction is legitimateand their financial information is secure. This is where Mastercard's new AIweapon comes in.Theirgenerative AI system is a technological marvel. By analyzing vast amounts oftransaction data at lightning speed, it can identify patterns that suggestcompromised cards. This allows them to not only double the detection rate offraudulent activity but also significantly reduce false positives, thosefrustrating instances where a legitimate transaction gets flagged. The neteffect? Banks can block compromised cards faster, and consumers can havegreater confidence that their hard-earned money is safe.However,the story doesn't end there. Mastercard's AI also identifies merchantspotentially at risk from fraudsters. This additional layer of protection iscrucial. Fraudulent actors are constantly evolving their tactics, and merchantsoften become unwitting pawns in their schemes. By proactively identifying riskymerchants, Mastercard helps to fortify the entire digital payment ecosystem,making it harder for fraudsters to gain a foothold.Mastercard'sapproach is significant because it acknowledges the multifaceted nature of thetrust challenge. Digital scams are a broad societal issue, requiring a globalcoalition to address. Credit card fraud, on the other hand, is a more targetedattack, best countered by sophisticated technology. By addressing both theseconcerns, Mastercard demonstrates a holistic understanding of the digital trustlandscape.Thisisn't just about securing transactions; it's about securing the future of thedigital economy. As more and more aspects of our lives move online, trustbecomes the essential currency. Mastercard's commitment to fighting bothdigital scams and credit card fraud is a reassuring sign that this future canbe built on a foundation of confidence and security.This article was written by Pedro Ferreira at www.financemagnates.com.
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Theworld of finance is in a constant state of flux. New technologies and spendinghabits emerge, blurring the lines between traditional methods and innovativealternatives. One such disruptor is Buy Now, Pay Later (BNPL), a payment optionthat lets consumers split purchases into smaller installments, ofteninterest-free. But with this newfound financial flexibility comes a question ofregulation. Recently, the Consumer Financial Protection Bureau (CFPB) <a href="https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-to-ensure-consumers-can-dispute-charges-and-obtain-refunds-on-buy-now-pay-later-loans/">issuednew guidelines for BNPL providers in the US</a>, and Klarna, a major player in theBNPL space, has some thoughts.Klarnawelcomes the regulations, seeing them as a positive step towards establishing aframework for this burgeoning industry. However, they take issue with theCFPB's approach, which seems to compare BNPL offerings directly to creditcards. <a href="https://www.klarna.com/international/press/the-cfpb-should-recognise-key-differences-between-bnpl-and-credit-cards/">In a recent statement</a>, Klarna argues that this comparison is flawed.They point out that unlike credit cards with revolving interest and annualfees, BNPL services like theirs typically offer short-term, interest-freefinancing, with a strong focus on responsible lending practices.Here,Klarna has a point. Credit cards can be a double-edged sword. While they offerconvenience and can build credit scores with responsible use, high interestrates and minimum payments can easily lead to a cycle of debt. BNPL, on theother hand, seems to promote a more structured approach. By splitting paymentsinto smaller chunks spread over a short period, consumers can potentially avoidthe pitfalls of accruing interest and manage their finances more effectively.Additionally, Klarna emphasizes their focus on responsible lending,underwriting every transaction to ensure users can afford their repayments.This, they argue, translates to a lower risk of defaults compared to creditcards.However,while Klarna's perspective offers valuable insights, it's important toacknowledge some potential shortcomings in their argument. First, it's crucialto recognize that the BNPL market is not monolithic. While Klarna mightprioritize responsible lending, other providers might operate differently. SomeBNPL services might charge late fees or even interest on overdue payments,potentially leading to situations similar to credit card debt. Additionally,the ease and convenience of BNPL can still encourage impulsive spending.Consumers juggling multiple BNPL services across various retailers could findthemselves overextended, even with short-term repayment plans.Furthermore,Klarna's emphasis on their low default rate, achieved through theirunderwriting practices, might not represent the entire industry. The BNPLmarket is still relatively young, and unforeseen economic circumstances couldlead to defaults even with careful vetting of users. Finally, while Klarnacurrently focuses on a no-fee model, their statement doesn't address thepossibility of introducing fees in the future, potentially changing theconsumer experience significantly.So,where do we go from here? The CFPB's decision to regulate BNPL is a recognitionof its growing prominence in the financial landscape. However, as with any newindustry, striking a balance between innovation and consumer protection iscrucial. Klarna's argument for regulations tailored to the specificcharacteristics of BNPL products is sound. Unlike credit cards, BNPL offers adifferent value proposition, and a one-size-fits-all approach might stifleinnovation.On theother hand, completely lax regulations could expose consumers to potentialrisks associated with BNPL, such as overspending or predatory lending practicesby some providers. The ideal solution likely lies somewhere in between.Regulators can establish a framework that encourages responsible lendingpractices within the BNPL industry while fostering innovation…
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Singaporeanwoman, Wen Jian, has been sentenced to six years and eight months in prison bya London court for her role in laundering Bitcoin (BTC) tied to a staggering$6.4 billion Chinese fraud. The case,which involved the seizure of over 61,000 BTC by the UK police, has shed lighton the growing prevalence of cryptocurrency in global financial crimes.Singaporean WomanSentenced to Nearly 7 Years for Laundering BitcoinAccordingto prosecutors, the $6.4 billion fraud was orchestrated by another woman whoWen believed to be independently wealthy. This individual allegedly defraudednearly 130,000 Chinese investors through fraudulent wealth schemes between 2014and 2017. When Chinese authorities started investigating the fraud in 2017, themastermind fled to Britain.Wen’s rolein the scheme was to help conceal the source of the stolen money by convertingit into Bitcoin, taking it out of China, and then converting it back into cashand property. Prosecutors argued that Wen should have been aware that the moneywas obtained illegally, but she maintained her innocence throughout the trial.As part oftheir investigation, British police seized wallets containing over 61,000 BTC,making it one of the largest cryptocurrency seizures by law enforcementworldwide. The seized tokens were worth approximately £1.4 billion when police gained access in 2021 and have since appreciated to over £3 billion.Wen Jian, who was accused of assisting in a $6.4 billion bitcoin laundering fraud, was jailed for seven years after a trial in a London court. Prosecutors said she helped hide the source of money allegedly stolen from nearly 130,000 Chinese investors https://t.co/ynGPKX5GBZ— Reuters Legal (@ReutersLegal) May 25, 2024The Trial and SentencingWenss defense lawyer Mark Harries painted a picture of a woman who had fallen prey to the machinations of a criminal mastermind. Harries argued that Wen was not awilling participant in the multi-billion dollar fraud and subsequent bitcoinlaundering scheme but rather another victim of an "expert criminalsupervillain" who had exploited her dependability and ultimately discardedher when she was no longer of use.The womenfaced three counts of money laundering at Southwark Crown Court. In March, ajury found her guilty of one count but could not reach a verdict on theother two. During thesentencing hearing, Judge Sally-Ann Hales acknowledged that there was noevidence suggesting Wen's involvement in the underlying fraud. However, thejudge stated that she had "no doubt" Wen knew she was dealing withcriminal property.Wen, whoclaimed she was trying to provide a better life for her son, was ultimatelysentenced to six years and eight months in prison for a single count of moneylaundering.The woman convicted in this case became a typical "money mule," a person tasked with laundering illegally obtained funds, thereby shifting potential responsibility for this operation onto her. The US CFTC had warned about this type of scam two weeks ago.This article was written by Damian Chmiel at www.financemagnates.com.
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Mastercard'srecent moves paint a fascinating picture of the current state of digital trust.On one hand, they're joining forces with the United Nations DevelopmentProgramme (UNDP) to tackle the global epidemic of digital scams. On the other,they're wielding cutting-edge AI to thwart the ever-present threat of creditcard fraud. This two-pronged approach reveals a crucial truth: trust in thedigital age is a battlefield, and Mastercard is determined to be a major playerin the fight.Thefight against digital scams is a relatively new front. These online cons, fromphishing emails to fake investment schemes, have exploded alongside the growthof the internet. The UNDP estimates that digital scams cost the world astaggering $1.026 trillion annually, a figure likely much higher due tounderreporting. This financial hemorrhage isn't just an economic concern; iterodes the very foundation of a healthy digital world – trust.Mastercardunderstands this. As a pioneer in safeguarding global payment networks, theyrecognize that a world riddled with scams discourages people from participatingin the digital economy. By joining the UNDP's coalition, Mastercard brings itsexpertise in cyber fraud detection and prevention to the table. Thiscollaboration aims to not only understand the impact of scams, particularly indeveloping countries, but also to develop a framework and toolkit for combatingthem. Imagine a world where online transactions aren't fraught with suspicion,where clicking a link doesn't feel like a gamble. Mastercard's partnership withthe UNDP is a step towards making that vision a reality.Buttrust isn't just about grand narratives of global development. It's also aboutthe individual consumer experience. Every time someone swipes their cardonline, they're placing a small bet – a bet that the transaction is legitimateand their financial information is secure. This is where Mastercard's new AIweapon comes in.Theirgenerative AI system is a technological marvel. By analyzing vast amounts oftransaction data at lightning speed, it can identify patterns that suggestcompromised cards. This allows them to not only double the detection rate offraudulent activity but also significantly reduce false positives, thosefrustrating instances where a legitimate transaction gets flagged. The neteffect? Banks can block compromised cards faster, and consumers can havegreater confidence that their hard-earned money is safe.However,the story doesn't end there. Mastercard's AI also identifies merchantspotentially at risk from fraudsters. This additional layer of protection iscrucial. Fraudulent actors are constantly evolving their tactics, and merchantsoften become unwitting pawns in their schemes. By proactively identifying riskymerchants, Mastercard helps to fortify the entire digital payment ecosystem,making it harder for fraudsters to gain a foothold.Mastercard'sapproach is significant because it acknowledges the multifaceted nature of thetrust challenge. Digital scams are a broad societal issue, requiring a globalcoalition to address. Credit card fraud, on the other hand, is a more targetedattack, best countered by sophisticated technology. By addressing both theseconcerns, Mastercard demonstrates a holistic understanding of the digital trustlandscape.Thisisn't just about securing transactions; it's about securing the future of thedigital economy. As more and more aspects of our lives move online, trustbecomes the essential currency. Mastercard's commitment to fighting bothdigital scams and credit card fraud is a reassuring sign that this future canbe built on a foundation of confidence and security.This article was written by Pedro Ferreira at www.financemagnates.com.
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Theworld of finance is in a constant state of flux. New technologies and spendinghabits emerge, blurring the lines between traditional methods and innovativealternatives. One such disruptor is Buy Now, Pay Later (BNPL), a payment optionthat lets consumers split purchases into smaller installments, ofteninterest-free. But with this newfound financial flexibility comes a question ofregulation. Recently, the Consumer Financial Protection Bureau (CFPB) <a href="https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-to-ensure-consumers-can-dispute-charges-and-obtain-refunds-on-buy-now-pay-later-loans/">issuednew guidelines for BNPL providers in the US</a>, and Klarna, a major player in theBNPL space, has some thoughts.Klarnawelcomes the regulations, seeing them as a positive step towards establishing aframework for this burgeoning industry. However, they take issue with theCFPB's approach, which seems to compare BNPL offerings directly to creditcards. <a href="https://www.klarna.com/international/press/the-cfpb-should-recognise-key-differences-between-bnpl-and-credit-cards/">In a recent statement</a>, Klarna argues that this comparison is flawed.They point out that unlike credit cards with revolving interest and annualfees, BNPL services like theirs typically offer short-term, interest-freefinancing, with a strong focus on responsible lending practices.Here,Klarna has a point. Credit cards can be a double-edged sword. While they offerconvenience and can build credit scores with responsible use, high interestrates and minimum payments can easily lead to a cycle of debt. BNPL, on theother hand, seems to promote a more structured approach. By splitting paymentsinto smaller chunks spread over a short period, consumers can potentially avoidthe pitfalls of accruing interest and manage their finances more effectively.Additionally, Klarna emphasizes their focus on responsible lending,underwriting every transaction to ensure users can afford their repayments.This, they argue, translates to a lower risk of defaults compared to creditcards.However,while Klarna's perspective offers valuable insights, it's important toacknowledge some potential shortcomings in their argument. First, it's crucialto recognize that the BNPL market is not monolithic. While Klarna mightprioritize responsible lending, other providers might operate differently. SomeBNPL services might charge late fees or even interest on overdue payments,potentially leading to situations similar to credit card debt. Additionally,the ease and convenience of BNPL can still encourage impulsive spending.Consumers juggling multiple BNPL services across various retailers could findthemselves overextended, even with short-term repayment plans.Furthermore,Klarna's emphasis on their low default rate, achieved through theirunderwriting practices, might not represent the entire industry. The BNPLmarket is still relatively young, and unforeseen economic circumstances couldlead to defaults even with careful vetting of users. Finally, while Klarnacurrently focuses on a no-fee model, their statement doesn't address thepossibility of introducing fees in the future, potentially changing theconsumer experience significantly.So,where do we go from here? The CFPB's decision to regulate BNPL is a recognitionof its growing prominence in the financial landscape. However, as with any newindustry, striking a balance between innovation and consumer protection iscrucial. Klarna's argument for regulations tailored to the specificcharacteristics of BNPL products is sound. Unlike credit cards, BNPL offers adifferent value proposition, and a one-size-fits-all approach might stifleinnovation.On theother hand, completely lax regulations could expose consumers to potentialrisks associated with BNPL, such as overspending or predatory lending practicesby some providers. The ideal solution likely lies somewhere in between.Regulators can establish a framework that encourages responsible lendingpractices within the BNPL industry while fostering innovation…
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Hong Kong is considering allowing staking forexchange-traded funds (ETFs) investing directly in ether. The Securities andFutures Commission (SFC) of Hong Kong is engaging the city’s cryptocurrency ETFissuers about providing staking services through licensed platforms, The BusinessTimes reported.Passive Crypto Income This potential regulatory change could open a newsource of passive income for investors, positioning Hong Kong ahead of the US,where such offering is restricted. Staking offers investors a way to earnpassive income by locking tokens on the Ethereum network to help validatetransactions, currently yielding about 4% annually in additional coins.If the SFC approves the staking yields, it couldsignificantly enhance the attractiveness of Hong Kong’s spot-crypto ETFs, whichhave experienced moderate demand since their launch in April. This move couldgive Hong Kong a competitive edge over the US, which recently approved spotether ETFs applications by Nasdaq, Cboe, and NYSE. Hong Kong is actively positioning itself as a digitalasset hub, competing with cities like Singapore and Dubai. This follows theimplementation of a dedicated regulatory regime last year aimed at rejuvenatingthe city’s status as a financial center after a period of politicalunrest.Beyond ETFs, Hong Kong is reviewing severalapplications to increase the number of licensed digital asset exchanges.Additionally, it is developing a framework for stablecoins, which are typicallypegged to fiat currencies and backed by reserves of cash and bonds.In a significant development, the US SEC approved applications from major exchanges like Nasdaq, CBOE, and the NYSE to listETFs tied to the price of ether yesterday (Thursday). Thismilestone potentially paves the way for the launch of these funds later inthe year, pending regulatory formalities and investor disclosures.US Grants Partial Approval for Ether ETFsAs the SEC deadline to decide the fate of severalapplications for ether ETFs approached, major asset management firms,including BlackRock, Grayscale, and Bitwise, made significant adjustments totheir applications. These adjustments entailed removing provisions for staking.While staking offers an avenue for generating passive income, the US regulators view it as constituting the offering ofunregistered securities. Hence, companies like BlackRock have explicitly statedin their amended filings that they will not engage in actions related tostaking or additional yield generation using the ether held by their ETFs.This article was written by Jared Kirui at www.financemagnates.com.
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Guavapay, a global fintech company, has announced apartnership with Visa, a leader in digital payments, to launch an Out of Home(OOH) campaign across London. The collaboration aims to increase awareness ofthe MyGuava multicurrency Visa Card, which is available to users of the MyGuavaApp and MyGuava Business, Guavapay’s flagship products.A Financial App for Millennials and Gen ZThe campaign is focused on reaching Gen Z and Millennialusers for the MyGuava App and small retailers for MyGuava Business. It intendsto highlight the benefits of the MyGuava products, promoting them as a solutionfor various financial needs.The MyGuava App serves as a payment platform, offering localand global payments, card transactions, shared payments, and tools for managingspending and savings. Mark Berry, Head of UK Clients, Visa: “We are excited tojoin forces with GuavaPay to launch this Out Of Home campaign in London. Ourcollaboration reflects our shared vision to provide innovative paymentsolutions that meet the evolving needs of individuals and businesses." "Byleveraging our combined expertise and resources, we are confident that we candeliver a seamless, secure, and rewarding payment experience to our customers.We look forward to working closely with MyGuava to drive greater financial inclusionand empower people to achieve their financial goals.”Excitement is brewing at our Headquarters and we can't wait to share the big news with you! 🎊We're thrilled to announce our latest collaboration with @visa, bringing you an Out-of-Home (OOH) campaign across London for MyGuava and MyGuava Business.The @myguavaapp is all about… pic.twitter.com/U0lc6baMZi— Guavapay (@guavapay) May 24, 2024Collaboration for Affordable and Secure Financial SolutionsMyGuava Business provides financial services for businessesof all sizes, including multicurrency accounts, POS terminals, and paymentgateway solutions. It aims to enhance efficiency and facilitate both local andinternational transactions through its integrated approach.Kamal Hasanov, CEO of Guavapay, expressed enthusiasm aboutthe partnership, stating: "Our collaboration with Visa marks a significantmilestone in our mission to provide comprehensive and inclusive financialsolutions." "Through this campaign, our objective is to raise awareness amongindividuals and businesses, emphasising their ability to access a convenient,secure financial management and payment solution, all while ensuringaffordability.”This article was written by Tareq Sikder at www.financemagnates.com.
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The Cyprus Securities and Exchange Commission (CySEC)announced today (Friday) its decision to withdraw the Cyprus Investment Firm (CIF)authorisation of Forextime Ltd (FXTM), effective from May 20, 2024. Thisdecision was made during CySEC's meeting held on the same date.CIF Authorisation WithdrawnForextime Ltd, identified by the Legal Entity Identifier,has had its CIF authorisation number 185/12 revoked. This action was taken inaccordance with the Investment Services and Activities and Regulated MarketsLaw.The withdrawal of the authorisation follows the Company's decisionto renounce its CIF authorisation. There are no further details providedregarding any judicial review, as none was applicable or undertaken.Finance Magnates reached out to Forextime Ltd forcomments, but none have been provided as of the time of publishing.ΑΠΟΦΑΣΗ ΕΚΚ για την ανάκληση της άδειας λειτουργίας ΚΕΠΕΥ της εταιρείας Forextime LtdCySEC Decision for the withdrawal of the CIF licence of Forextime Ltdhttps://t.co/f7jSzMdzy2— CySEC (@CySEC_official) May 24, 2024Ceasing Operations under Cypriot Entity Earlier, FXTMrenounced its CIF license and ceased operations under its Cypriot entity asof December 31, 2023, according to a report by Finance Magnates reported. Thisdecision was confirmed by a notice on the EU website of FXTM(forextime.com/eu), accessible only within the EU.FXTM had already stopped offering services to retail clientsin the EU in February 2021, focusing instead on professional clients andinstitutional traders in the EEA region. The latest move signifies a completewithdrawal from the EU market. According to the CySEC, Forextime Ltd's license wasunder examination for voluntary renunciation. The Cypriot entity obtained thelicense in December 2012.The FXTM and Alpari brands, consolidated under the ExinityGroup in 2020, serve over two million clients in 150 countries and 18languages. FXTM is licensed in the UK as Exinity UK Ltd and Mauritius as ExinityLimited, with the latter also operating Alpari International. Alpari (Comoros)Ltd is regulated by the Mwali International Services Authority. Exinity Group'strading empire, led by Andrey Dashin, includes additional regulated entities inKenya, the UAE, and other jurisdictions.This article was written by Tareq Sikder at www.financemagnates.com.
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Seekingto promote passive investing through <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a>-traded funds (ETFs) in Spain,publicly traded broker XTB has announced a collaboration with VanEck, one ofthe world's leading ETF managers. The partnership aims to facilitate indexedinvesting through ETF investment plans offered by XTB, making it easier forretail traders to incorporate VanEck's latest products into their portfolios.XTB and VanEck Partner toPromote Passive Investing with ETFs in SpainThealliance demonstrates both entities' commitment to the Spanish ETF market,which has been experiencing significant growth. According to XTB, 70% of theirclients worldwide start investing with ETFs and stocks, and the broker is ontrack to become the go-to multi-product investment app in Spain."Weare thrilled to announce this partnership with VanEck, one of the top ETFmanagers globally, whose products many of our clients in Spain already investin,” Javier Urones, the Head of Business <a href="https://www.financemagnates.com/tag/xtb/">at XTB Spain</a>, commented. “ We hopethis union will help us continue to raise awareness of ETFs and InvestmentPlans as one of the most optimal savings alternatives for retail investors inour country."¡Tenemos buenas noticias! Hemos firmado un acuerdo de colaboración con VanEck para fomentar la <a href="https://twitter.com/hashtag/inversi%C3%B3n?src=hash&ref_src=twsrc%5Etfw">#inversión</a> pasiva con <a href="https://twitter.com/hashtag/ETFs?src=hash&ref_src=twsrc%5Etfw">#ETFs</a> y <a href="https://twitter.com/hashtag/planesdeinversi%C3%B3n?src=hash&ref_src=twsrc%5Etfw">#planesdeinversión</a> en España, unas de las alternativas más óptimas de <a href="https://twitter.com/hashtag/ahorro?src=hash&ref_src=twsrc%5Etfw">#ahorro</a> para los inversores minoristas en nuestro país. Os iremos dando más detalles. <a href="https://t.co/ZhnOqgTx5F">pic.twitter.com/ZhnOqgTx5F</a>— XTB España (@xtbes) <a href="https://twitter.com/xtbes/status/1793665993795051875?ref_src=twsrc%5Etfw">May 23, 2024</a>ETF-BasedInvestment Plans are one of the newer products offered by XTB, first <a href="https://www.financemagnates.com/forex/exclusive-xtb-introduces-etf-based-investment-plans-to-lure-passive-investors/">introducedat the end of 2023</a>. Designed for passive investors, they debuted in Portugaland Slovakia and quickly also entered the Spanish market.WithinXTB's investment app, users can invest in more than 350 ETFs across a widerange of asset classes, including stocks, bonds, commodities, and recentlyadded clean energy funds.XTB, VanEck Aim toIncrease Savings Culture in SpainThecollaboration also aims to increase savings culture in Spain and to addressSpaniards' limited saving capacity. Spain currently has a savings rate below6%, while other European countries like France, and Belgium have rates above12%.XTBrecently released a report titled "The Future of Savings in Spain,"which highlights that Spain is the second country in the European Union, behindonly Germany, with the most unrewarded saved money. Through this collaboration,XTB and VanEck intend to raise awareness about the advantages and necessity ofregular saving adapted to each client's capabilities."AtVanEck, we are very pleased to collaborate with XTB to promote ETF investingamong clients in Spain,” Eduardo Escario, the Regional Director of BusinessDevelopment at VanEck, commented. “ETFs are vehicles that help invest in adiversified and low-cost manner, making them a product that fits the needs ofretail clients."It is worthnoting that VanEck is not the first major asset manager with whom XTB haspartnered to promote ETF investments. At the end of February, a similaragreement <a href="https://www.financemagnates.com/forex/xtb-and-10-trillion-giant-blackrock-partner-up-to-promote-etf-investing/">was made with BlackRock</a>, and the collaboration also started with theSpanish market.Seeking tofurther develop its offerings in more passive and hands-off investing, XTB<a href="https://www.financemag…
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Iconic Italian football club Juventus has announced a partnership with Instant Casino, a crypto online casino, will be its new regional betting partner in Europe.The agreement has been described as a major win for both Juventus fans and Instant Casino players, promising a wide range of entertainment opportunities and exclusive rewards. Chief Commercial Officer of Juventus Tiziana Di Gioia echoed this optimism while speaking on the new partnership: “We are delighted to welcome Instant Casino to the Juventus family. This partnership represents an exciting chapter for both our club and our fans. Instant Casino shares our commitment to excellence and innovation, and we are confident that together, we will create unforgettable experiences for our supporters.” Juventus & Instant Casino Sign Landmark PartnershipThe partnership between Juventus and Instant Casino aims to deliver an unforgettable chapter in sports entertainment.Despite being a relatively new brand, Instant Casino has quickly made a name for itself in the online gambling market, thanks to its instant payouts. The partnership with Juventus aims to increase its brand visibility to a whole other level, making Instant Casino one of the most discussed new players into the iGaming industry. As per the deal, the Instant Casino brand will become an integral part of the Juventus ecosystem. For instance, the LED system at Allianz Stadium will prominently feature the Instant Casino logo, accompanied by a range of exciting promotions. “We are honoured and excited to partner with the iconic Italian club Juventus”, said Greg Turner, the head of PR at Instant Casino. “We are looking forward to starting to work with Juventus, which has a rich history and has won countless trophies both domestically and in Europe. At Instant Casino, we will continue to disrupt the market with our simplified casino and sportsbook products, while also offering our players the fastest experience in the business”.On the Juventus side of things, in addition to the sponsorship involved, the football club is set to receive a massive boost in fan engagement. Instant Casino will offer special odds and contests for betting enthusiasts during Juventus games. Moreover, the platform will offer opportunities for fans to win official jerseys and tickets to Juventus games. A recent Variety Intelligence report found that betting on a sport made a considerable difference in consumer engagement and viewership. The same report revealed how an increasingly higher number of football fans are getting interested in sports wagering, with this percentage being 37% in 2022. The report highlights that teams saw a significant increase in the number of fans as a result of sports betting.Instant Casino Ranked Among Top Online Gambling SitesInstant Casino’s emergence as a major player in the iGaming industry has been quick, driven by unparalleled customer experience as well as strategic partnerships - like the latest one with Juventus. Tech blog Techopedia ranks it one of the best online casinos in Norway. Being an instant withdrawal casino, the platform continues to attract new players while boasting impressive customer retention. Instant Casino is quickly separating itself from its competitors, thanks to attractive cashback bonuses, fast cashouts and higher bet limits. The top casino takes pride in providing a tailor-made experience for all players, accepting both fiat and crypto payments. Being a global brand, it has also made provisions for localized payments. About Instant CasinoInstant Casino (www.instantcasino.com) provides a wide range of games, sportsbooks and megaways, with regular new launches as well. Players can find big money-making opportunities while enjoying any game of their choice. This article was written by FM Contributors at www.financemagnates.com.
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Monex USA, a specialist in global payment, corporate FX, andcurrency risk hedging services, has announced plans to integrate with PaymentsExchange from Fiserv, a global provider of payments and financial technology. Integration for Wire TransfersThis collaboration will enable financial institutions usingPayments Exchange to directly engage with Monex USA as their foreign exchangepartner for international wire transfers."Monex USA's integration with Payments Exchange willexpand financial institutions' service offerings for their clients," saidMike Rockouski, Managing Director of Financial Institutions at Monex USA."This integration underscores our commitment to meeting the cross-borderpayment needs of financial institutions and solidifying our position as atrusted partner in digital payment solutions."Payments Exchange streamlines the wire transfer process,facilitating straight-through processing and creating a paperless transactionenvironment. The Foreign Exchange services within Payments Exchange offerend-to-end international wire transfers, simplifying foreign exchangetransactions and reducing the time and effort required to manage globalpayments.🚀@Monex_USA, your trusted partner in global payments, corporate FX, and currency risk hedging services, is thrilled to announce our integration with Payments Exchange from @Fiserv, a leading global provider of payments and financial technology.https://t.co/qkrS1WPSlS— Monex USA (@Monex_USA) June 4, 2024Meanwhile, NickEdgeley, the CEO of Monex Europe Limited, has stepped down after 18 yearsof service, as reported by FinanceMagnates. Michael Quinn has succeeded him as the new CEO, overseeing bothMonex Europe Limited and Monex Europe Markets Limited. Under Edgeley’sleadership, the company grew significantly, expanding to five internationaloffices with over 300 employees.Single Access Point for PaymentsWith connectivity to multiple global financial networks,Payments Exchange serves as a single access point for various payment channels.“International wires are often a lifeline for consumers anda necessary service for business,” said Justin Jackson, Senior Vice Presidentof Enterprise Payments at Fiserv. “The integration of Monex USA with PaymentsExchange will allow banks and credit unions to access another option tofacilitate these foreign exchange payments, enabling a more seamless experiencefor both the financial institution and their clients.”This article was written by Tareq Sikder at www.financemagnates.com.
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Visa has announced that it hasachieved a new milestone in its tokenization technology by generating more than$40 billion in incremental e-commerce revenue for businesses globally and saving $650 million in fraud. The payment giant mentioned that it has issued more than 10 billion tokens since launching the technology ten years ago. Impact of Visa TokenizationVisa introduced tokenization in 2014 as a solution toreplace sensitive personal data with cryptographic keys. This technologypromises to secure digital payments and prevent financial scams. Visamentioned that 29% of all transactions that it processes use tokens.Jack Forestell, Visa's Chief Product Officer, mentioned: "Today’s milestone represents the impact that tokenization has had on the entire payments ecosystem since we introduced the technology ten years ago. Tokens have changed the game, securing online payments and paving the way for more innovations—from tapping to pay on the phone to enabling a futurewhere we have more control over our data in the age of AI."Visa has officially issued more than 10 billion tokens! In the last year alone, tokenization has generated $40B in incremental e-commerce revenue globally 🌎. Learn more about this milestone and how tokens are transforming the consumer experience: https://t.co/3HFLS7NtGT pic.twitter.com/GbuJY2O4Ja— VisaNews (@VisaNews) June 4, 2024The use of tokens has reportedly led to a six-basispoint increase in global payment approval rates and reduced fraud rates by upto 60%. Over 8,000 issuers and more than 1.5 million e-commerce merchants nowutilize Visa tokens daily.Despite this growth, many consumers still feeluncertain about their data privacy. A survey by Visa revealed that less thanone-third of consumers globally feel in control of their data. Visa aims toaddress this through its data tokens, which promise greater transparency andcontrol over personal data usage.Expanding ReachRecently, Visa enrolled 22 startups from across Africa in its fintech accelerator program. The program, spanning 12 weeks, aims toprovide mentorship, training, networking opportunities, and access to fundingfor these startups.The selected startups offer a range of solutions, fromneo-banking to social commerce, designed to address the unique challenges andopportunities present in Africa's fintech ecosystem. This diversity reflectsVisa's commitment to supporting a wide array of innovations that can drivemeaningful change.The program will culminate in an in-person Demo Day,where startups will showcase their innovations to key stakeholders, investors, and venture capitalists. This event will serve as aplatform for these startups to gain visibility and potentially secure furthersupport for their ventures.This article was written by Jared Kirui at www.financemagnates.com.
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The U.S. Energy Information Administration (EIA) estimates Bitcoin mining uses about 170 TWh of electricity per year, or about 0.6% to 2.3% of annual American electricity consumption. The aggregate market cap of 14 publicly traded U.S. mining companies totals about $20 billion, according to an April report by JPMorgan Chase.As the Bitcoin mining industry has grown, so too has its reputation. And that reputation is largely negative. Discussions with three different Bitcoin mining executives shed more light on their operations and the reality of Bitcoin mining.Chronos EnergyChronos Energy is an off-grid Bitcoin mining company that utilises stranded energy sources. In other words, they turn energy that would have otherwise been wasted into usable economic energy through Bitcoin mining.Describing his company's operations, James McCarthy, CEO of Chronos Energy, said: "We go and find stranded energy, typically in the oil field. We work with oil and gas operators who have stranded gas assets – assets that can't get to the market.”What’s interesting and unique about Chronos Energy’s business model is that they do not rely on the electrical grid. Instead, they bring Bitcoin mining directly to the source of stranded energy.“We bring natural gas generation that we remanufacture in-house. And we deploy <a href="https://www.financemagnates.com/tag/bitcoin-mining/">Bitcoin mining</a> operations to consume that energy, reduce their carbon emissions, and mine <a href="https://www.financemagnates.com/terms/b/bitcoin/">Bitcoin</a>," McCarthy added.EMERGENCY PRESS CONFERENCE - China's Bitcoin Mining Ban <a href="https://t.co/88uGRt4RcD">pic.twitter.com/88uGRt4RcD</a>— nic carter (@nic__carter) <a href="https://twitter.com/nic__carter/status/1395837783407833093?ref_src=twsrc%5Etfw">May 21, 2021</a>Such an operation has nothing but benefits for the environment. Instead of losing energy and creating unnecessary waste, oil and gas field operators can now reduce emissions by turning their lost energy assets into clean electricity.But what about the impact on local communities? “This is a massive benefit for local communities," McCarthy said. "In the oil field, it's not uncommon for local communities to be plagued by these flares. A big orange flame in the middle of the night is going to keep you awake. They can be pretty loud, depending on the size of these flares. But also, there's a smell – a methane smell from that uncombusted methane that's being released into the air, which can really disturb a community.”If a Bitcoin miner like Chronos Energy is there to use that methane, then this problem disappears. The methane is converted into electricity rather than being released into the atmosphere.It’s also worth noting that according to the U.S. Environmental Protection Agency (EPA), methane is more than 28 times as potent as carbon dioxide at trapping heat in the atmosphere.Tumble dryers use more electricity than Bitcoin mining. <a href="https://t.co/VBPA8c9q6z">pic.twitter.com/VBPA8c9q6z</a>— Dan Held (@danheld) <a href="https://twitter.com/danheld/status/1534899783621558272?ref_src=twsrc%5Etfw">June 9, 2022</a>Pantheon MiningPantheon Mining is a mining-as-a-service company that works with “the best-in-class tech, product, and investment partners.”Describing Pantheon’s niche approach to Bitcoin mining, its CEO Lodewyck Berghuijs said: “We mostly work with high-net-worth individuals. We create small custom farms of, for instance, 1MW. Everything is privately owned, and we take good care of the secrecy of the locations, adding to the decentralization of the network. You could compare it to small doomsday vaults; there will always be nodes running if anything happens in the world.”This is an interesting counterpoint to the narrative that Bitcoin miners becoming too large could lead to a lack of decentralization for the Bitcoin network. If many smaller farms are operating in clandestine locations, then the size of mining companies becomes irrelevant. There will always be hashing power coming from smaller…
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This week, there were fewer notable executivehires, promotions, and departures compared to last week. Online trading,futures, cryptocurrency, forex, and fintech sectors experienced key executivemoves. The changes reflected the dynamic nature of these sectors.NinjaTrader added four senior executives to itsmanagement; Saxo Bank named Casper Solbakken as the Global Head of CommercialOffering and Experience; CobaltFX promoted Stephen Nelson to Chief OperatingOfficer and appointed Daniel Evans as CPO; Gracy Chen joined Bitget as CEO;Broadridge onboarded two senior executives to lead European Issuer Services expansion.Explore our exciting coverage of executive transitionsin online trading, futures, cryptocurrency, forex, and fintech sectors.Executive Moves of the WeekNinjaTrader Expands C-Suite as Retail Traders Flock toFuturesNinjaTrader appointed four experienced executives toits team. This expansion arrives as the trading software provider pushes to cater to the rising demand for futures amongretail traders. The appointments include Ryan Pitylak as Executive VicePresident of Growth, Aditya Nishandar as Chief Technology Officer, John O'Neilas General Manager of Evaluation Services, and Michael Krafft as Vice Presidentof Product.Pitylak has over 15 years of experience in marketing,strategy, and operations. He will focus on developing offerings centered aroundtrader education, social experiences, and partner networks. Nishandar has a background in technologyleadership and innovation. Previously, he worked as a Senior Director of CartaLiquidity and dedicated more than a decade to Goldman Sachs.Learn more about <a href="https://www.financemagnates.com/executives/moves/ninjatrader-expands-c-suite-as-retail-traders-flock-to-futures/">NinjaTrader's new appointees</a>, their level of experience, and the company's focus on the futures market. Saxo Bank Names Casper Solbakken as the Global Head ofCommercial Offering and ExperienceSaxo Bank appointed Casper Andreas Solbakken as theGlobal Head of Commercial Offering and Experience. Solbakken has been with the<a href="https://www.financemagnates.com/terms/o/online-trading/">online trading</a> and investment firm for more than 18 years serving in differentroles. Since July last year, he was the Global Head of Products, Pricing, andPlatforms.Solbakken has held other roles, such as Global Head ofProducts and Services, Head of Equities, Product Specialist Equities, andQuantitative Trader at Saxo. He joined the Danish bank in 2006 as a StudentAssistant for Equities and Derivatives. The appointment followed a recent restructuring at the Danish Bank, which led to a new entity called GroupCommercial will be led by Stig Christensen, who took over the role of ChiefCommercial Officer.Display more about Casper Solbakken's <a href="https://www.financemagnates.com/executives/saxo-bank-names-casper-solbakken-as-the-global-head-of-commercial-offering-and-experience/">new role and the recent restructuring</a> at Saxo Bank. CobaltFX Promotes Stephen Nelson to Chief OperatingOfficer, Appoints Daniel Evans as CPOUnited Fintech's CobaltFX elevated Stephen Nelson toChief Operating Officer. Previously, Nelson was the Global Head of Operations,a role he held for five years. He joined the company in 2017 as the Head ofSolution Delivery and Support. CobaltFX also made another change to its C-levelmanagement: Daniel Evans will transition to Chief Product Owner.According to the company’s announcement on LinkedIn,Evans will focus on product development and innovation. He joined the companyin 2019 as a Product Analytics Lead before being promoted to Head of Product. UnitedFintech acquired Cobalt, a provider of data and risk services to the digitalassets and foreign exchange markets, in 2022. The <a href="https://www.financemagnates.com/terms/f/fintech/">fintech</a> firm disclosed thatit had acquired a 100% stake in Cobalt despite the challenges facing theindustry.Expose more <a href="https://www.financemagnates.com/executives/cobaltfx-promotes-nelson-to-chief-operating…
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The decision to extradite Do Kwon to either the US orSouth Korea has been returned to the High Court after the Court of Appeal in Montenegro granted an appeal by the Terraform Labs' Co-Founder and his lawyers.Kwon's Appeal GrantedMontenegrin news outlet Vijesti reported today(Friday) that the country’s Court of Appeal accepted the arguments from Kwon’slawyers. This action canceled a previous decision by the High Court and sentthe case back for retrial. This move represents the latest legal strategy byKwon’s team to postpone his extradition to either the US or South Korea,where he faces multiple criminal charges.The initial ruling from the High Court in Podgorica onApril 8, 2024, determined that Kwon, a South Korean national, could beextradited for prosecution. However, the Court of Appeal found that thisdecision lacked decisive facts. Specifically, the High Court failed to providevalid reasons for its ruling, merely quoting an earlier decision by the SupremeCourt without adequate explanation.The Court of Appeal highlighted the necessity of a cleardecision based on legal and factual issues. When multiple countries request theextradition of the same individual, specific criteria guide the decision. Thesecriteria are detailed in various international agreements, including theEuropean Convention on Extradition and the 1901 convention between Serbia and theUnited States. The first-instance court had not reportedly adequately examinedthese factors in Kwon’s case.The High Court will now determine the case, ensuringKwon's consent to extradition was voluntary, informed, and irrevocable. Montenegro’s High Court now stands at acrossroads. The upcoming decision will determine whether Do Kwon will facejustice in the United States or South Korea.Competing Extradition RequestsIn March, Montenegro's Office of the Supreme StateProsecutor challenged the High Court's decision to extradite Kwon to SouthKorea. Montenegro's top prosecutor contended that the High Court oversteppedits authority by opting for an "abbreviated proceeding" to extraditeKwon to South Korea, bypassing a more thorough legal process. The appellate court upheld the High Court's decision,but the Supreme State Prosecutor sought protection of legality from the SupremeCourt, asserting that only the Minister of Justice has the final say in suchmatters.The United States has also requested Kwon's extradition,filing eight charges against him and indicating a willingness to prosecute himin absentia. Additionally, the US Securities and Exchange Commissionbrought civil charges against Kwon and Terraform Labs. Kwon disappeared from public view after thecatastrophic collapse of TerraUSD and Luna cryptocurrencies in 2022, whicherased nearly $37 billion from the crypto market and led to several projectbankruptcies before being arrested in Monetgenro.This article was written by Jared Kirui at www.financemagnates.com.
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As digital tentacles snakeacross continents, the need for seamless cross-border transactions has becomeparamount. This is where regional payment infrastructure integration steps in,<a href="https://www.financemagnates.com/fintech/payments/frictionless-finance-why-fast-payment-systems-are-the-cash-kings-of-tomorrow/">aiming to forge connections between the financial arteries of differentcountries</a>. But like any ambitious undertaking, this integration effort comeswith its own set of opportunities and challenges.TheBank for International Settlements (BIS) recently released a compelling studytitled "<a href="https://www.bis.org/cpmi/publ/brief4.pdf">Regional payment infrastructure integration: insights forinterlinking fast payment systems.</a>" The report sheds light on thehistorical significance of public sector support in driving successfulintegration efforts. It underscores the potential of new shared platforms tostreamline these connections, while acknowledging the complexities that arisewhen theory meets the messy realities of the real world. Here, the public andprivate sectors find themselves at a crossroads, with the option ofcollaborating or forging their own paths. Ultimately, the document argues, it'spolicy decisions, rather than technological limitations, that will define thedegree of fragmentation or integration that emerges.TheBIS report rightly emphasizes that payment infrastructure integration is morethan just a technical exercise. It's about establishing a common language forhow transactions are processed, cleared, and settled across borders.Additionally, a robust governance structure is essential to ensure the safetyand financial integrity of these interconnected systems. This is no easy feat.Building trust and aligning regulatory frameworks across borders can be atime-consuming and intricate process.Fastpayment systems (FPS) are rapidly gaining traction around the world. However,the report cautions that even these innovative systems can struggle to attractusers within a single country. Here, the study highlights the potential ofpublicly owned FPS models. With a focus on inclusivity and competition, thesesystems can cater to a wider range of users, fostering a more vibrant financialecosystem.Butpublic ownership is not a silver bullet. The report acknowledges the importanceof incorporating non-bank financial institutions into the integration process.This can improve access for underserved users who might not have traditionalbank accounts. Furthermore, incorporating cross-border functionalities into FPSbroadens their utility and opens doors for businesses to participate in theglobal marketplace.Whilethe BIS report paints a compelling picture of the potential benefits ofregional payment infrastructure integration, it also alludes to some potentialfault lines. One key point of contention lies in the cooperation between publicand private actors. Public entities, driven by social good, might prioritizedifferent goals than private actors focused on profitability. This divergencein objectives could lead to disagreements in system design, pricing structures,and risk management approaches.Anotherpotential challenge lies in striking a balance between competition andinteroperability. A healthy dose of competition can drive innovation in the FPSspace. However, unchecked competition can lead to a fragmented landscape wheredifferent systems don't work well together. The ideal scenario would be tofoster competition between FPS operators within a system that ensures smoothinteroperability. Users should be able to seamlessly transfer funds acrossdifferent systems without encountering unnecessary hurdles.Finally,the report touches upon the need for standardization in cross-border paymentsystems. Establishing common standards is crucial for efficient operation.However, a one-size-fits-all approach might not work in every region. Localregulations, cultural preferences, and existing infrastructure all play a role.Finding the right balance between standardization and regional accommodation…
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OKX withdrew its license application to providevirtual asset services in Hong Kong and plans to discontinue centralized virtual asset trading services for users in the region. In astatement on its website, the cryptocurrency exchange said that it withdrew itsVASP license application and will discontinue centralized virtual asset tradingservices for Hong Kong residents effective May 31, 2024.Navigating Regulatory ComplianceDespite this move, OKX HK has assured users of thesafety of their funds as withdrawal services remain unaffected. The companysaid that the decision to withdraw the license application followed acomprehensive evaluation of its business strategy. By terminating centralizedvirtual asset trading services, OKX HK aims to effectively navigate regulatorycompliance while prioritizing customers' interests.Users in Hong Kong have until August 31, 2024, to withdraw assets from their OKX accounts. During the transition period, theycan transfer funds to self-custody wallets or third-party platforms. Theexchange has urged customers to initiate withdrawal requests before the closuredate to ensure a seamless transition. After the deadline, OKX HK will treat any remainingbalances in customer accounts as unclaimed property in accordance with itsterms of use. The exchange advised users to stay updated on further developments andadhere to the provided guidelines to effectively manage their assets post-closure.OKX's action followed a similar decision by Huobi HongKong, an affiliate of HTX, formerly known as Huobi Global, that recentlywithdrew its application for a license to operate a virtual asset tradingplatform in Hong Kong. This marked the second time the company hassuspended its pursuit of regulatory approval, The South China Morning Postreported.Crypto Exchanges Grapple with Regulatory Pressure in Hong Kong Huobi Hong Kong did not specify the reason for withdrawing its license application, leading to speculation about the regulatory pressure it may have encountered. After its latest withdrawal, the Securities and Futures Commission (SFC) removed HBGL Hong Kong Limited from the list of cryptocurrency exchange license applicants.The withdrawal happened amid Hong Kong's new virtualasset regime, which imposes stringent requirements on cryptocurrency exchangesseeking licenses. Failure to meet these criteria results in mandatory closurewithin three months of the SFC's notification. Huobi HK's withdrawal of license application is not anisolated incident in Hong Kong's crypto market. HKVAEX, backed by Binance, also recently withdrew its license application, highlighting the complexities andcosts associated with regulatory compliance in the region. With only a fewapplicants remaining for Hong Kong's VATP license, the industry faces ongoinguncertainty and regulatory scrutiny.This article was written by Jared Kirui at www.financemagnates.com.
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The decision to extradite Do Kwon to either the US orSouth Korea has been returned to the High Court after the appeal by theTerraform Labs’ Co-Founder and his lawyers was granted by the court of appeal in Montenegro.Kwon's Appeal GrantedMontenegrin news outlet Vijesti reported today(Friday) that the country’s court of appeals accepted the arguments from Kwon’slawyers. This action canceled a previous decision by the High Court and sentthe case back for retrial. This move represents the latest legal strategy byKwon’s team to postpone his extradition to either the U.S. or South Korea,where he faces multiple criminal charges.The initial ruling from the High Court in Podgorica onApril 8, 2024, determined that Kwon, a South Korean national, could beextradited for prosecution. However, the Court of Appeal found that thisdecision lacked decisive facts. Specifically, the High Court failed to providevalid reasons for its ruling, merely quoting an earlier decision by the SupremeCourt without adequate explanation.The Appellate Court highlighted the necessity of a cleardecision based on legal and factual issues. When multiple countries request theextradition of the same individual, specific criteria guide the decision. Thesecriteria are detailed in various international agreements, including theEuropean Convention on Extradition and the 1901 convention between Serbia and theUnited States. The first-instance court had not reportedly adequately examinedthese factors in Kwon’s case.The High Court will now determine the case, ensuringKwon's consent to extradition was voluntary, informed, and irrevocable. Montenegro’s High Court now stands at acrossroads. The upcoming decision will determine whether Do Kwon will facejustice in the United States or South Korea.Competing Extradition RequestsIn March, Montenegro's Office of the Supreme StateProsecutor challenged the High Court's decision to extradite Kwon to SouthKorea. Montenegro's top prosecutor contended that the High Court oversteppedits authority by opting for an "abbreviated proceeding" to extraditeKwon to South Korea, bypassing a more thorough legal process. The appellate court upheld the High Court's decision,but the Supreme State Prosecutor sought protection of legality from the SupremeCourt, asserting that only the Minister of Justice has the final say in suchmatters.The United States has also requested his extradition,filing eight charges against him and indicating a willingness to prosecute himin absentia. Additionally, the U.S. Securities and Exchange Commission hasbrought civil charges against Kwon and Terraform Labs. Kwon disappeared from public view after thecatastrophic collapse of TerraUSD and Luna cryptocurrencies in 2022, whicherased nearly $37 billion from the crypto market and led to several projectbankruptcies. This article was written by Jared Kirui at www.financemagnates.com.
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As digital tentacles snakeacross continents, the need for seamless cross-border transactions has becomeparamount. This is where regional payment infrastructure integration steps in,<a href="https://www.financemagnates.com/fintech/payments/frictionless-finance-why-fast-payment-systems-are-the-cash-kings-of-tomorrow/">aiming to forge connections between the financial arteries of differentcountries</a>. But like any ambitious undertaking, this integration effort comeswith its own set of opportunities and challenges.TheBank for International Settlements (BIS) recently released a compelling studytitled "<a href="https://www.bis.org/cpmi/publ/brief4.pdf">Regional payment infrastructure integration: insights forinterlinking fast payment systems.</a>" The report sheds light on thehistorical significance of public sector support in driving successfulintegration efforts. It underscores the potential of new shared platforms tostreamline these connections, while acknowledging the complexities that arisewhen theory meets the messy realities of the real world. Here, the public andprivate sectors find themselves at a crossroads, with the option ofcollaborating or forging their own paths. Ultimately, the document argues, it'spolicy decisions, rather than technological limitations, that will define thedegree of fragmentation or integration that emerges.TheBIS report rightly emphasizes that payment infrastructure integration is morethan just a technical exercise. It's about establishing a common language forhow transactions are processed, cleared, and settled across borders.Additionally, a robust governance structure is essential to ensure the safetyand financial integrity of these interconnected systems. This is no easy feat.Building trust and aligning regulatory frameworks across borders can be atime-consuming and intricate process.Fastpayment systems (FPS) are rapidly gaining traction around the world. However,the report cautions that even these innovative systems can struggle to attractusers within a single country. Here, the study highlights the potential ofpublicly owned FPS models. With a focus on inclusivity and competition, thesesystems can cater to a wider range of users, fostering a more vibrant financialecosystem.Butpublic ownership is not a silver bullet. The report acknowledges the importanceof incorporating non-bank financial institutions into the integration process.This can improve access for underserved users who might not have traditionalbank accounts. Furthermore, incorporating cross-border functionalities into FPSbroadens their utility and opens doors for businesses to participate in theglobal marketplace.Whilethe BIS report paints a compelling picture of the potential benefits ofregional payment infrastructure integration, it also alludes to some potentialfault lines. One key point of contention lies in the cooperation between publicand private actors. Public entities, driven by social good, might prioritizedifferent goals than private actors focused on profitability. This divergencein objectives could lead to disagreements in system design, pricing structures,and risk management approaches.Anotherpotential challenge lies in striking a balance between competition andinteroperability. A healthy dose of competition can drive innovation in the FPSspace. However, unchecked competition can lead to a fragmented landscape wheredifferent systems don't work well together. The ideal scenario would be tofoster competition between FPS operators within a system that ensures smoothinteroperability. Users should be able to seamlessly transfer funds acrossdifferent systems without encountering unnecessary hurdles.Finally,the report touches upon the need for standardization in cross-border paymentsystems. Establishing common standards is crucial for efficient operation.However, a one-size-fits-all approach might not work in every region. Localregulations, cultural preferences, and existing infrastructure all play a role.Finding the right balance between standardization and regional accommodation…
Читать полностью…
OKX withdrew its license application to providevirtual asset services in Hong Kong and plans to discontinue providingcentralized virtual asset trading services for users in the region. In astatement on its website, the cryptocurrency exchange said that it withdrew itsVASP license application and will discontinue centralized virtual asset tradingservices for Hong Kong residents effective May 31, 2024.Navigating Regulatory ComplianceDespite this move, OKX HK has assured users of thesafety of their funds as withdrawal services remain unaffected. The companysaid that the decision to withdraw the license application followed acomprehensive evaluation of its business strategy. By terminating centralizedvirtual asset trading services, OKX HK aims to effectively navigate regulatorycompliance while prioritizing customers' interests.Customers can withdraw assets from their OKX accounts until August 31, 2024, during the transition period. During this time, theycan transfer funds to self-custody wallets or third-party platforms. Theexchange has urged customers to initiate withdrawal requests before the closuredate to ensure a seamless transition. After the deadline, OKX HK will treat any remainingbalances in customer accounts as unclaimed property in accordance with itsterms of use. The exchange advised users to stay updated on further developments andadhere to the provided guidelines to effectively manage their assets post-closure.OKX's action followed a similar decision by Huobi HongKong, an affiliate of HTX, formerly known as Huobi Global, that recentlywithdrew its application for a license to operate a virtual asset tradingplatform (VATP) in Hong Kong. This marked the second time the company hassuspended its pursuit of regulatory approval, The South China Morning Postreported.Crypto Exchanges Grapple with Regulatory Pressure in Hong Kong Huobi Hong Kong did not specify the reason for withdrawing its license application, leading to speculation about the regulatory pressure it may have encountered. After its latest withdrawal, the Securities and Futures Commission (SFC) removed HBGL Hong Kong Limited from the list of cryptocurrency exchange license applicants.The withdrawal happened amid Hong Kong's new virtualasset regime, which imposes stringent requirements on cryptocurrency exchangesseeking licensure. Failure to meet these criteria results in mandatory closurewithin three months of the SFC's notification. Huobi HK's withdrawal of license application is not anisolated incident in Hong Kong's crypto market. HKVAEX, backed by Binance, also recently withdrew its license application, highlighting the complexities andcosts associated with regulatory compliance in the region. With only a fewapplicants remaining for Hong Kong's VATP license, the industry faces ongoinguncertainty and regulatory scrutiny.This article was written by Jared Kirui at www.financemagnates.com.
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Iconic Italian football club Juventus has announced a partnership with Instant Casino, a crypto online casino, will be its new regional betting partner in Europe.The agreement has been described as a major win for both Juventus fans and Instant Casino players, promising a wide range of entertainment opportunities and exclusive rewards. Chief Commercial Officer of Juventus Tiziana Di Gioia echoed this optimism while speaking on the new partnership: “We are delighted to welcome Instant Casino to the Juventus family. This partnership represents an exciting chapter for both our club and our fans. Instant Casino shares our commitment to excellence and innovation, and we are confident that together, we will create unforgettable experiences for our supporters.” Juventus & Instant Casino Sign Landmark PartnershipThe partnership between Juventus and Instant Casino aims to deliver an unforgettable chapter in sports entertainment.Despite being a relatively new brand, Instant Casino has quickly made a name for itself in the online gambling market, thanks to its instant payouts. The partnership with Juventus aims to increase its brand visibility to a whole other level, making Instant Casino one of the most discussed new players into the iGaming industry. As per the deal, the Instant Casino brand will become an integral part of the Juventus ecosystem. For instance, the LED system at Allianz Stadium will prominently feature the Instant Casino logo, accompanied by a range of exciting promotions. “We are honoured and excited to partner with the iconic Italian club Juventus”, said Greg Turner, the head of PR at Instant Casino. “We are looking forward to starting to work with Juventus, which has a rich history and has won countless trophies both domestically and in Europe. At Instant Casino, we will continue to disrupt the market with our simplified casino and sportsbook products, while also offering our players the fastest experience in the business”.On the Juventus side of things, in addition to the sponsorship involved, the football club is set to receive a massive boost in fan engagement. Instant Casino will offer special odds and contests for betting enthusiasts during Juventus games. Moreover, the platform will offer opportunities for fans to win official jerseys and tickets to Juventus games. A recent Variety Intelligence report found that betting on a sport made a considerable difference in consumer engagement and viewership. The same report revealed how an increasingly higher number of football fans are getting interested in sports wagering, with this percentage being 37% in 2022. The report highlights that teams saw a significant increase in the number of fans as a result of sports betting.Instant Casino Ranked Among Top Online Gambling SitesInstant Casino’s emergence as a major player in the iGaming industry has been quick, driven by unparalleled customer experience as well as strategic partnerships - like the latest one with Juventus. Tech blog Techopedia ranks it one of the best online casinos in Norway. Being an instant withdrawal casino, the platform continues to attract new players while boasting impressive customer retention. Instant Casino is quickly separating itself from its competitors, thanks to attractive cashback bonuses, fast cashouts and higher bet limits. The top casino takes pride in providing a tailor-made experience for all players, accepting both fiat and crypto payments. Being a global brand, it has also made provisions for localized payments. About Instant CasinoInstant Casino (www.instantcasino.com) provides a wide range of games, sportsbooks and megaways, with regular new launches as well. Players can find big money-making opportunities while enjoying any game of their choice. This article was written by FM Contributors at www.financemagnates.com.
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FinansiaSyrus Securities, a brokerage and wealth management company from Thailand, hasformed a partnership with GTN, a fintech company offering trading solutions, tochange the way local investors access global markets. Thecollaboration will leverage GTN's trading platform and fractional tradingcapabilities to all Thais to participate in a diverse range of assets across 29global markets.Finansia Partners AddsFractional and Global TradingThrough theintegration of GTN Trade, Finansia will offer its clients the opportunity toinvest in a diverse range of assets around the globe. The platform's fractionaltrading capabilities will enable investors with limited capital to participatein high-value shares, US equities, and other global investment vehicles thatwere previously out of reach."Collaboratingwith GTN aligns perfectly with our mission to expand the investment horizons ofThai investors,” Chuangchai Nawongs, the CEO of Finansia, commented. “Byleveraging GTN's cutting-edge technology and global market expertise, we canempower our clients to make informed investment decisions and seizeopportunities worldwide."Data from FinanceMagnates Intelligence suggest that retail investors from Thailand are amongthe most active, at least when it comes to the FX market.Established in 2002, Finansia has built a reputation as an important player in the Thaibrokerage and wealth management sector. The firm's focus on digital platformsand investment products has positioned it to leverage GTN's technology andexpand its client offerings."Weare thrilled to join forces with Finansia to democratize investing and tradingin Thailand,” GTN's CEO of Asia, Julien Le Noble, added. “By combining ourinnovative solutions with Finansia's extensive reach and market knowledge, wecan break down barriers and make global investing accessible to all Thaiinvestors."For theThai broker, which has been operating in the market for over two decades, thisis another step towards adapting its offerings to changing markets afterexpanding its brokerage services to include digital assets in 2022.GTN New Integrations andNew CEOFor GTN,this has not been the only recent integration. A few months ago, FinanceMagnates reported that FXCubic, which provides technologicalsolutions to FX brokers, also decided to collaborate with fintech. In April,Finance Magnates was also the first to report that Damian Bunce, former CCO of SaxoBank, joined the GTN team as the new Middle East CEO. In his new role, hefocuses on the company's strategic initiatives in the region. Most recently, heworked for Exness, where he also held the position of CCO.“I’mdelighted to join GTN at an exciting time in the company’s history. I lookforward to a move back to mainstream B2B and working in a region that hasgained global strategic importance for financial services,” Bunce commented backin April.This article was written by Damian Chmiel at www.financemagnates.com.
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The mobilestock trading market is on track to exceed $100 billion by 2029, driven by theincreasing popularity of smartphone-based trading and the convenience it offersto investors, according to recent forecasts from Stocklytics.Mobile Stock TradingMarket to Eclipse $100 Billion by 2029The COVID-19pandemic has accelerated the shift towards mobile trading, with investorsseeking easy and accessible ways to participate in the stock market. Investing via mobiles and tablets is appealing because of its convenience and flexibility. With astock trading app on their phones, users can trade anytime, anywhere, as longas they are online. This allows investors to seize opportunities on the go,providing a significant advantage over traditional trading methods."Theproliferation of advanced mobile technology and high-speed internet has made iteasier and more convenient to trade stocks," said Edith Reads, a financialanalyst at Stocklytics. "Given that stock trading is increasingly viewedas an attractive investment opportunity, mobile trading is poised to continueescalating."Accordingto the data provided by Storyblok, the mobile stock trading market is projectedto reach $42.36 billion in 2024 and exceed $133.32 billion by 2030, showcasingits impressive growth potential in the coming years.Mobile Trading Is GettingEasierTradingplatforms are also enhancing the accessibility of their services. In April 2023,X (formerly Twitter) partnered with eToro to launch a feature that allows usersto trade cryptocurrencies and stocks directly on the platform. Moreover, mobilestock trading platforms are offering investors real-time market updates, whichinclude live quotes, charts, news, and analysis. This empowers investors tomake more accurate and timely trading decisions.In 2023,fintech apps dominated the digital financing space, with a 42% increase in newinstalls and a 25% rise in user sessions. While mobile stock trading apps represented only a small portion of the market, they generated $34.98 billion inrevenue by the end of the year.In 2022, mobile-based trading accounted for 60% of all stock trading and investments,surpassing web-based trading. Android smartphones led the way, representing 55%of all mobile trading activities.This article was written by Damian Chmiel at www.financemagnates.com.
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Hong Kong is considering allowing staking forexchange-traded funds (ETFs) investing directly in ether. The Securities andFutures Commission (SFC) of Hong Kong is engaging the city’s cryptocurrency ETFissuers about providing staking services through licensed platforms, The BusinessTimes reported.Passive Crypto Income This potential regulatory change could open a newsource of passive income for investors, positioning Hong Kong ahead of the US,where such offering is restricted. Staking offers investors a way to earnpassive income by locking tokens on the Ethereum network to help validatetransactions, currently yielding about 4% annually in additional coins.If the SFC approves the staking yields, it couldsignificantly enhance the attractiveness of Hong Kong’s spot-crypto ETFs, whichhave experienced moderate demand since their launch in April. This move couldgive Hong Kong a competitive edge over the US, which recently approved spotether ETFs applications by Nasdaq, Cboe, and NYSE. Hong Kong is actively positioning itself as a digitalasset hub, competing with cities like Singapore and Dubai. This follows theimplementation of a dedicated regulatory regime last year aimed at rejuvenatingthe city’s status as a financial center after a period of politicalunrest.Beyond ETFs, Hong Kong is reviewing severalapplications to increase the number of licensed digital asset exchanges.Additionally, it is developing a framework for stablecoins, which are typicallypegged to fiat currencies and backed by reserves of cash and bonds.In a significant development, the US SEC approved applications from major exchanges like Nasdaq, CBOE, and the NYSE to listETFs tied to the price of ether yesterday (Thursday). Thismilestone potentially paves the way for the launch of these funds later inthe year, pending regulatory formalities and investor disclosures.US Grants Partial Approval for Ether ETFsAs the SEC deadline to decide the fate of severalapplications for ether ETFs approached, major asset management firms,including BlackRock, Grayscale, and Bitwise, made significant adjustments totheir applications. These adjustments entailed removing provisions for staking.While staking offers an avenue for generating passive income, the US regulators view it as constituting the offering ofunregistered securities. Hence, companies like BlackRock have explicitly statedin their amended filings that they will not engage in actions related tostaking or additional yield generation using the ether held by their ETFs.This article was written by Jared Kirui at www.financemagnates.com.
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Guavapay, a global fintech company, has announced apartnership with Visa, a leader in digital payments, to launch an Out of Home(OOH) campaign across London. The collaboration aims to increase awareness ofthe MyGuava multicurrency Visa Card, which is available to users of the MyGuavaApp and MyGuava Business, Guavapay’s flagship products.A Financial App for Millennials and Gen ZThe campaign is focused on reaching Gen Z and Millennialusers for the MyGuava App and small retailers for MyGuava Business. It intendsto highlight the benefits of the MyGuava products, promoting them as a solutionfor various financial needs.The MyGuava App serves as a payment platform, offering localand global payments, card transactions, shared payments, and tools for managingspending and savings. Mark Berry, Head of UK Clients, Visa: “We are excited tojoin forces with GuavaPay to launch this Out Of Home campaign in London. Ourcollaboration reflects our shared vision to provide innovative paymentsolutions that meet the evolving needs of individuals and businesses." "Byleveraging our combined expertise and resources, we are confident that we candeliver a seamless, secure, and rewarding payment experience to our customers.We look forward to working closely with MyGuava to drive greater financial inclusionand empower people to achieve their financial goals.”Collaboration for Affordable and Secure Financial SolutionsMyGuava Business provides financial services for businessesof all sizes, including multicurrency accounts, POS terminals, and paymentgateway solutions. It aims to enhance efficiency and facilitate both local andinternational transactions through its integrated approach.Kamal Hasanov, CEO of Guavapay, expressed enthusiasm aboutthe partnership, stating: "Our collaboration with Visa marks a significantmilestone in our mission to provide comprehensive and inclusive financialsolutions. Through this campaign, our objective is to raise awareness amongindividuals and businesses, emphasising their ability to access a convenient,secure financial management and payment solution, all while ensuringaffordability.”This article was written by Tareq Sikder at www.financemagnates.com.
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