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Epic Triumphs: Banxso Announces Winners of Prestigious Tour de Banxso Trading Competition
CAPE TOWN, South Africa, June 17, 2024 /PRNewswire/ — Banxso, South Africa’s premier online trading platform, proudly announces the winners of its highly anticipated Tour de Banxso trading competition. This landmark event, marked by intense and strategic trading, has spotlighted the top traders whose skill and dedication have earned them grand rewards.
Grand Prize Winner: Rigardt Maartens from Roodepoort clinched the grand prize, driving away in a stunning 1959 Mercedes-Benz 190 SL, valued at R2,800,000. He also received a Chopard® Mille Miglia® watch, worth R200,000.
Runner-Up: Helgard Gous from Brooklyn, Pretoria, secured the runner-up position, winning a luxurious international holiday for himself and his wife, along with an official Chopard® Mille Miglia® watch, also valued at R200,000.
Participants of the competition showcased their prowess by making an initial deposit of R20,000 and completing a minimum of 100 trades across at least 10 different assets. Winners were chosen based on the highest winning ratio achieved during the competition period.
Manuel de Andrade, Banxso’s Chief Operating Officer, expressed his exhilaration at the event’s success, stating, “We are elated by the remarkable engagement and enthusiasm shown by our clients throughout this competition. Congratulations to Rigardt and Helgard for their outstanding performance and well-deserved success.”
Rigardt Maartens, the grand prize winner, shared his joy, saying, “I am deeply honoured and grateful for this incredible reward. Competing in the Tour de Banxso has been an amazing journey, and I am proud to be part of the Banxso community.”
Runner-up Helgard Gous echoed this sentiment, stating, “Participating in the Tour de Banxso competition has been a highly rewarding experience. I am thankful for this opportunity and look forward to continuing my trading success with Banxso.”
The winners were honoured in Cape Town on Friday, June 7, where they received their prizes and had the opportunity to meet the Banxso team.
Operating under stringent regulatory oversight, Banxso ensures the highest levels of security and confidence for its clients. Authorized by the South African Financial Sector Conduct Authority (FSCA) with license number 37699, Banxso adheres to strict conditions, including the maintenance of segregated client accounts to protect client funds. Additionally, Banxso submits monthly reports to the FSCA and the Financial Intelligence Centre as part of its regulatory compliance.
Banxso offers access to CFD trading across a wide range of financial instruments, including indices, stocks, commodities, cryptocurrencies, and forex. For more information about Banxso and how to start your trading journey, please visit banxso.com.
About Banxso:
Based in the vibrant heart of Cape Town, Banxso redefines the online trading experience. Banxso champions the aspirations of young traders while fostering an inclusive, dynamic, and welcoming community. As a gateway to financial trading and investing, Banxso provides an optimal platform for navigating every phase of your financial journey.
Since its inception in 2022, Banxso has operated under meticulous regulatory frameworks, ensuring security and confidence for its clients daily. Authorized by the South African Financial Sector Conduct Authority (FSCA) No. 37699, Banxso exclusively serves South African citizens.
Banxso is more than just a platform; it is your personal portal to the financial markets. Committed to empowering clients with successful and confident trading skills, Banxso has democratized the process by eliminating commissions and lowering spreads, addressing the financial realities of trading.
Recently, Banxso introduced its interest-bearing brokerage account offering up to 8.7% interest, a pioneering initiative for online traders in South Africa, with interest paid weekly in arrears.
Banxso proudly sponsors Dricus du Plessis, the current UFC Middleweight Champion and the first South African to win a UFC championship, as well as South Africa’s national soccer team, Bafana Bafana.
Media Contact:
Manpreet Singh
Email: [email protected]
Phone: +16465064978
Photo: https://mma.prnewswire.com/media/2438953/Winner_tour_de_banxso.jpg
View original content:https://www.prnewswire.co.uk/news-releases/epic-triumphs-banxso-announces-winners-of-prestigious-tour-de-banxso-trading-competition-302173954.html
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Hong Kong Boosts Fintech Scene with Focus on DeFi and Metaverse
The Hong Kong government is now concentrating on decentralized finance (DeFi) and metaverse technologies to bolster its global fintech reputation.
Recent insights from the Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the Hong Kong Academy of Finance (AoF), back this strategic shift.
According to the HKIMR report, the DeFi sector has seen remarkable growth, with its market capitalization surging from $6 billion in 2021 to over $80 billion in 2023. Despite this rapid expansion, DeFi still accounts for only 4% of the overall crypto-asset market. The report indicates that over 70% of crypto businesses have yet to fully explore DeFi’s potential.
The report also highlights the challenges DeFi faces, such as governance, compliance, and security issues. However, it remains hopeful about DeFi’s ability to offer innovative financial services. These services can increase automation and financial inclusion, making them a significant component of future financial systems.
Metaverse Engagement Among Financial Institutions
Another report from HKIMR delves into the metaverse, showing a moderate level of engagement from Hong Kong’s financial institutions. Despite the interest, more than half of the respondents (51%) expressed doubts about the metaverse’s future potential. Nonetheless, certain segments of Hong Kong’s fintech sector are actively exploring metaverse-related developments, signaling a growing recognition of its potential.
Enoch Fung, CEO of the AoF and executive director of the HKIMR, commented on the integration of emerging technologies with financial services.
“The emerging technologies of DeFi and the metaverse, which are closely connected to the broader virtual asset and Web3 developments, will likely present various opportunities for the financial services industry in Hong Kong.”
Promoting Hong Kong in the International Tech Scene
Hong Kong officials are actively promoting the city as a premier destination for fintech and Web3 startups. They participated in the Collision 2024 tech conference in Toronto, highlighting Hong Kong’s readiness to serve as an offshore technology hub for Canadian crypto and Web3 businesses. This event was co-hosted by the Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK).
Despite its efforts to position itself as a crypto-friendly hub, Hong Kong has seen a series of crypto exchange closures. In March 2024, HKVAEX, allegedly linked to Binance, withdrew its license application. This was followed by the exits of IBTCEX, QuanXLab, Huobi HK, Gate.HK, OKX HK, and Bybit (Spark Fintech Limited) in May. As a result, 17 virtual asset trading platforms remain on the application list, with 11 companies withdrawing or returning their license applications.
The withdrawal of license applications has sparked concerns about Hong Kong’s cryptocurrency licensing system. Hong Kong Legislative Council member Wu Shuo has publicly criticized the system, claiming it undermines market confidence. These recent closures and withdrawals underscore the challenges crypto businesses face in navigating Hong Kong’s regulatory environment.
Source: coinfomania.com
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Auto industry product liability and recall
India’s automobile sector has recently seen a surge of incentives aimed at attracting investment, increasing capital expenditure, and boosting domestic value addition in auto manufacturing. These policies, which include tariff reductions, duty waivers and concessions, production-linked incentives, and consumer subsidies, also bring statutory liabilities, increased regulation, and heightened oversight.
This comes amidst rising reports of manufacturing defects. Between 2012 and 2023, India documented over 5 million “moderate to serious” incidents, primarily involving fossil fuel-dependent vehicles. More recently, incidents involving electric vehicle (EV) motors catching fire have raised concerns about the safety, suitability, and adequacy of stress testing new technologies for India’s climatic and driving conditions.
Regulatory Interventions and Their Impact
Key regulatory measures include a new product liability regime with significant implications for original equipment manufacturers (OEMs) and other stakeholders in the value chain, such as component suppliers, dealers, distributors, and service providers. Significant developments include updated technical standards in manufacturing, enhanced safety norms for vehicles, and the empowerment of governmental authorities to initiate investigations, impose penalties, and order product recalls.
The Motor Vehicles (Amendment) Act, 2019 (MVA), authorizes a designated authority to recall vehicles when a defect affects the product safety of a specific number or percentage of annual sales. The MVA permits designated officers to inspect manufacturers’ premises and review records and procedures. Non-compliance with manufacturing specifications, technical standards, and safety norms can lead to vehicle recalls and penalties. The MVA holds directors and officers vicariously liable for the company’s actions, including non-executive directors who approve contravening acts through board decisions.
Enhancing Safety and Consumer Protection
While the MVA enhances manufacturing safety, the Consumer Protection Act, 2019 is consumer-focused legislation addressing product liability. It shifts the burden of proof from the consumer to the manufacturer and seller to disprove liability for specified defaults.
Implications for OEMs and Component Manufacturers
These regulatory changes require OEMs to certify that new vehicles meet improved technical standards and safety norms, involving additional testing, mandatory anti-hazard safeguards, smart management systems to prevent overcharging and short circuits, and comprehensive warranty support.
Japanese companies, among others, must note that OEMs and component manufacturers are subject to presumptive liability. The regulatory amendments necessitate OEMs to review and update product testing and commissioning processes, enhance compliance, conduct audits, and perform thorough vehicle risk assessments. Manufacturing processes must be thoroughly documented. OEMs must ensure adherence to safety norms, pre-certification, and warranty coverage, while drafting carefully worded liability management provisions in supply contracts to apportion statutory liability and costs to component manufacturers and other parties.
To mitigate product liability, OEMs should implement comprehensive and robust quality controls and testing measures throughout the manufacturing lifecycle. Third parties should conduct testing and validation, and OEMs must maintain detailed records to demonstrate due diligence and transparency. With statutory powers allowing for investigations, document reviews, and procedure recordings, OEMs must prepare for business disruption risks and potential breaches of confidentiality.
Strategic Recommendations
OEMs should regularly audit suppliers and track parts to identify defective vehicles, facilitating the assignment of liability and costs. Board procedures must be rigorous, ensuring nominees fulfill their fiduciary duties. Insurance policies must cover product liability and recall.
OEMs should develop clear escalation procedures and crisis management plans, and establish robust contracts with suppliers and partners that include warranties, indemnities, and allocated responsibilities.
Cost Implications
In the near term, these measures may increase manufacturing costs in India. Given India’s highly competitive and price-sensitive market, OEMs might find it challenging to pass these costs onto consumers.
Source: law.asia
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Jumio Study: Deepfakes, Fraud Fears Drive Demand for Stronger Bank Security
A recent study by Jumio, an AI-driven identity verification and compliance solutions provider, has revealed that 78% of consumers in Singapore are prepared to switch banks due to insufficient fraud protection.
The Jumio 2024 Online Identity Study highlights the increasing concern among consumers about their banks’ ability to protect them from fraud. The study found that 75% of consumers globally, and 78% in Singapore, would consider changing their banking provider if fraud protection was inadequate.
Surveying over 8,000 adults across the United Kingdom, United States, Singapore, and Mexico, the study reveals that 75% of consumers hold their banks ultimately responsible for safeguarding against cybercrime and fraud.
The rising sophistication of fraud tactics, such as deepfakes and voice cloning, has intensified these concerns. Deepfake technology, in particular, is being used more frequently to deceive consumers into divulging sensitive information, significantly contributing to their anxiety.
In Singapore, 78% of respondents are especially concerned about their bank’s efforts to combat deepfake-powered fraud, compared to the global average of 67%. Additionally, 74% of Singaporeans call for stronger cybersecurity measures, surpassing the global average of 69%.
The expectation for financial institutions to provide robust fraud protection is increasing, with three-quarters of consumers expecting a full refund if they become victims of cybercrime.
Source: fintechnews.sg
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