Fintech PR

Trends in Focus: Ben Zhou Highlights Compliance, Growth, and AI in Crypto

Published

2 months ago

October 8, 2024

trends-in-focus:-ben-zhou-highlights-compliance,-growth,-and-ai-in-crypto

DUBAI, UAE, Oct. 8, 2024 /PRNewswire/ — Ben Zhou, co-founder and CEO of Bybit, shared his candid views on crypto compliance, sensible AI deployments, and new growth drivers at TOKEN2049. Sharing the main stage with panelists from other leading exchanges, Ben addressed the growing pains of mainstreaming exchanges, and how they are adapting to meet increasing regulatory requirements at the annual premier crypto event, attended by over 30,000 participants and amplifying leading voices in the blockchain and crypto economy.

Advance Compliance: A Necessary Luxury

“Compliance is not cheap, but the penalties are more expensive. And it comes with not just monetary but also other consequences,” Ben Zhou, co-founder and CEO of Bybit remarked.

Steering the world’s second-largest cryptocurrency exchange by trading volume, Ben Zhou admitted Bybit was on the same learning curve as other major exchanges.

“We are not the first ones, and we have the opportunities to learn and adapt the business,” he said about the rapid changes in the compliance landscape, acknowledging that all exchanges including Bybit are ramping up their compliance efforts.

Only a year ago, exchanges used to place an amount limit on compliance checks; but Bybit has been taking a prudent approach of standardizing compliance and safety checks on practically transaction of any amount, after witnessing “what had happened in the industry,” he disclosed.

Compliance overhead has increased accordingly. “The operations are getting a lot heavier with a lot more manpower,” he said, adding that third-party tools such as Chainalysis have been useful in improving due diligence and KYC, adding costs but also efficiency.

At the time of writing, a team of over 50 risk experts operate Bybit’s AI-enhanced risk engine alongside a growing legal and compliance function comprising compliance officers of various specialities and in-house counsel.

Ben also took pride in crypto’s contribution to improving compliance practices and raised the bar to make it harder for rogue actors to bypass sanctions. “In our industry, we have revolutionized how compliance has been done. For instance, someone trying to access our platform from a sanctioned address would be identified within minutes and the address would be blocked. The industry is revolutionizing the old ways of doing things in compliance,” he said.

Incorporating AI Tools and Finding Growth

Bybit takes a “slightly different approach” to AI and recognizes the gap between the native interfaces and users’ demands.

“We don’t like to use APIs because retail users don’t understand them. Instead, we think about the user experience when they interact with exchanges: we use AI to make it a little easier with automation,” he explains.

In the fast-moving world of crypto, users seek not Wikipedia-style explanations of a newly listed token, but hard data and community feedback. Bybit uses AI as a co-pilot to produce a timely summary to break down data points and guide users doing their research to analysis, project background, and social noise. “Basically we look at which part of the process is mundane, and try to streamline it,” he said of the way Bybit deploys AI.

Ben also revealed the geography of growth as crypto continues to serve as a driver for financial inclusion. He commented on the fast-growing TON ecosystem and play-to-earn games, drawing in diverse user groups from Africa, India to parts of Eastern Europe, mapping out a new trend of onboarding users from emerging economies.

Crypto offers an engaging way to empower these communities, he said, where traditional financial infrastructure may fall short for retail users.

Themed “Exchanges at the Helm: Driving Crypto from Niche to Mainstream”, the panel was moderated by Michael Casey, Chairman of the Decentralized AI Society featuring prominent speakers including Ben Zhou at Bybit, Gracy Chen at Bitget, Vivien Lin at BingX, Sonia Shaw at Coin W and Alicia Kao at KuCoin.

#Bybit / #TheCryptoArk / #TOKEN2049

About Bybit

Bybit is one of the world’s top three crypto exchanges by trading volume with 50 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media

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Fintech PR

Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

Published

8 hours ago

November 24, 2024

CISION (PR Newswire)

wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

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Fintech PR

Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

Published

8 hours ago

November 24, 2024

CISION (PR Newswire)

qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech,-wahed

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

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Fintech PR

China’s AIMA brand electric motorbike is now in Bangladesh

Published

21 hours ago

November 23, 2024

CISION (PR Newswire)

DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.