“Labuan International Business and Financial Centre’s (Labuan IBFC’s) ‘digital family‘ continues to grow in recognition of the progressive approach the centre has taken in embracing the digital revolution by being as facilitative as possible to enable innovative digital business to take root in Labuan,” said Labuan Financial Services Authority (Labuan FSA) Director-General, Danial Mah Abdullah at the inaugural Connecting Digital Ecosystems in Asia 2019 (CoDE Asia 2019) conference in Kuala Lumpur today.
Mah added: “To this extent, the centre has used legacy licences like money broker, credit token licenses to provide the regulatory umbrella for the digital business to be carried out. Now that is innovation by itself. Thus, the centre has a ‘toolbox‘ of solutions to meet the needs of the rapidly expanding digital industry, whether from the supply or demand side”.
He went on to add that the digital business model must be legitimate, meeting international standards of compliance, transparency and prudential requirements. Thus, prospects would need to obtain Labuan FSA’s prior approval for any proposed digital business if the activities fall within the ambit of Labuan Financial Services Securities Act 2010 or Labuan Islamic Financial Services Securities Act 2010.
Labuan IBFC’s digital journey began in 2017, with eight licenses up to 2018 and 2019 has seen an exponential growth in the number of players in the centre with more than 30 licenses approved to operate as digital entities.
“Our bespoke and curated approach is an ideal match to the demands of a fast-evolving digital marketplace,” said Farah Jaafar-Crossby, CEO of Labuan IBFC Inc, the jurisdiction’s market development agency. She added Labuan IBFC’s tax neutrality and currency agnosticism adds to the appeal as a digital hub, especially since the digital marketplace is inherently borderless in its application.
“We have seen a significant increase in interest of our digital ‘toolbox‘ from regional and also international entities,” she said and cited Memorandum of Understandings signed between Labuan IBFC Inc with China Construction Bank, Labuan as well as Huobi Group of China, both in relation to the advancement and development of Labuan IBFC’s digital ecosystem.
She added the fast-growing ecosystem in the jurisdiction had also prompted the establishment of an industry-led Labuan Fintech Association, which is open to any party interested in participating and contributing to Labuan IBFC’s growing “digital family”.
Labuan IBFC which will celebrate its 30th year of establishment in 2020, is home to more than 6,000 active companies which includes top-ranked financial institutions comprising 55 banks, 217 insurance companies, 61 corporate service providers, more than 300 leasing companies and 43 commodity trading companies. Labuan IBFC entities employ more than 6,000 people, making the IBFC the largest employer compared to other industries in Labuan.
The Connecting Digital Ecosystems in Asia 2019 (CoDE Asia 2019) conference was attended by more than 250 delegates and featured a lineup of regional industry players and subject matter experts, discussing topics catered towards developing a holistic digital ecosystem in the region. For more information on Labuan IBFC and its offerings, log on to www.labuanibfc.com.
2020 Crypto World Summit “The Future of Security Tokens” to Address Latest Blockchain Developments with Leading Industry Experts
New York, NY, Jan. 23, 2020 (GLOBE NEWSWIRE) — (via Blockchain Wire) Leading experts in the digital money sector will gather at the Crypto World Summit in New York on February 20, 2020 to discuss the latest developments in security token offerings and digital assets, amongst other rising blockchain and alternative financing topics.
The most current SEC laws, rules, regulations, and compliance will be addressed at this 4th International Conference and Workshop streamed live on Fintech World Media.
This premier event features speakers and attendees from a wide range of sectors, attracting a who’s who of the industry. Other top discussions include: The Future of Bitcoin, The Digital Banking Industry, Blockchain and Real Estate, The ETF Cryptocurrency Market, DAO, Ethereum Investment, and Cannabis Banking Solutions.
Additionally, a special workshop will give participants a step-by-step walkthrough for creating a security token and running a security token offering (STO).
Blockchain Wire is the official wire service for Crypto World Summit. Receive 40% discount. Enter promo code “blockchainwire” Register here.
+1 (415) 879-1500
BitPay Taps Simplex to Make BitPay App an All-In-One Solution
Atlanta, Jan. 23, 2020 (GLOBE NEWSWIRE) — BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced a partnership with Simplex, the best-in-class processor of fiat-to-crypto transactions, that gives BitPay app users the ability to buy Bitcoin and other supported cryptocurrencies directly in app with a credit card. Users can now buy cryptocurrency, transfer funds, make purchases, buy gift cards and pay friends around the world all from a single app.
With the addition of Simplex’s credit card purchasing, BitPay aims to improve the overall user experience of the BitPay app. By eliminating the need to navigate a cryptocurrency exchange to fund payments, the company anticipates increased value to users, especially for new users unfamiliar with the space.
BitPay CEO and Co-Founder Stephen Pair said, “Cryptocurrency exchanges can be intimidating for new users. The Simplex integration, however, makes the blockchain payment experience seamless.” Pair added, “Whether converting fiat to crypto to make crypto payments, or converting crypto to fiat to pay with the BitPay card, the BitPay app is an all-in-one solution.”
“A real breakthrough in usability can only be achieved when the leading crypto payment app meets the leader in fiat infrastructure for crypto. We are proud to launch this partnership with BitPay and will work together to add more innovative solutions in the future,” added Nimrod Lehavi, Simplex founder and CEO.
Simplex, an EU licensed fintech company, is the industry choice for providing fraud-free cryptocurrency purchases via credit card. They list among their many clients industry leaders such as Binance, Bithumb, Xapo and Changelly. Their processing services eliminate fraud and ensure regulatory compliance, in part, by using AI technology to analyze each transaction with proprietary machine-learning algorithms. The Tel Aviv-based company was founded in 2014.
Founded in 2011, BitPay pioneered blockchain payment processing with the mission of transforming how businesses and people send, receive, and store money. Its business solutions eliminate transaction fraud, reduce the cost of payment processing, and enable borderless payments in cryptocurrency and fiat, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Visa® Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.
The BitPay Visa® Prepaid Card is issued by Metropolitan Commercial Bank, member FDIC, pursuant to a license from Visa, U.S.A. Inc. “Metropolitan” and “Metropolitan Commercial Bank” are registered trademarks of Metropolitan Commercial Bank © 2014. Use of the Card is subject to the terms and conditions of the applicable Cardholder Agreement and fee schedule if any.
Jan Jahosky BitPay 407-331-4699 firstname.lastname@example.org Dan Edelstein Simplex +972-545-464-238 email@example.com
Digital wealth manager Kristal.AI raises 6 million in Series A funding
Kristal.AI is a 4-year old invest-tech startup which uses a bionic approach to personalize investments. The company started its business in Hong Kong since 2016 and now it is planning to use its Series A funding, to bring its AI-driven personalized wealth platform to more countries in APAC regions.
Artificial Intelligence has long been hailed as the future of fintech, and Singapore-based digital wealth management platform Kristal.AI is proving that maxim true. The company, started by Indian entrepreneurs, has offices in Hong Kong, Singapore, and India. Kristal.AI is celebrating its 4-year anniversary in January 2020, after closing last year with a sizable Series A round of USD 6 million (upsized from an initial target of USD 4 million).
The funding round is led by long-term partners Chiratae Ventures (formerly IDG Ventures India) and influential names such as Desai Family Office, which has interests ranging from fintech to boutique investments. Other investors include HNWI names well known in the financial industry. This round brings the total Kristal.AI has raised till date to USD 11 million.
Financial technology has been evolving rapidly over the past decade. Despite the relatively small Hong Kong market, innovative technology companies have continued to emerge with the vigorous promotion of the government. Kristal.AI has also benefitted from the support provided by the Cyberport Incubation program and SFC Fintech Unit when commencing business here.
Hong Kong-based Co-founder of Kristal.AI Vivek Mohindra said, “Kristal.AI fulfils a much-needed gap in the HK market for the beginner and smaller investors who really don’t have much choices at present. We provide a digital mobile friendly solution that is educational and free of cost till HKD 400,000.” Hong Kong customers are now looking for smart investment platforms with higher transparency, lower fees, and other value-added services. The HKMA has recently released a report on the application of artificial intelligence in the banking industry, showing that nearly 90% of retail banks have used or plan to use artificial intelligence in their businesses.
Kristal.AI’s CEO and founder Asheesh Chanda added, “The aspirational class today does not live in boxes. We don’t work at the same job until retirement, we don’t all marry and buy houses at thirty, and most of us have a very different way of living than the generation before. However, the way we invest has not evolved with our evolving lifestyles. The new-gen investor needs strategies personalized for their individual risk profile, lifestyle, and expectations. Traditional banks offer such hyper-personalization only to high-profile clients, but we are bringing it to the everyman. Kristal.AI’s strategies are made for the new-age global investor.”
Kristal.AI will use the Series A funds towards bolstering its technology backend, crafting more curated strategies (called Kristals), and expanding further into the APAC and Middle-East market. The company is also poised to launch a new offering for its Indian market very soon.
Since officially launching in February 2016, Kristal.AI has experienced consistent growth and currently handles overUSD 100 million in AUM, with 10,000 users on its platform. The company’s custom-crafted strategies have provided consistent returns to investors even in volatile markets, with both its Leveraged Bond Kristal and Singapore REITs Kristal achieving around 14% returns historically.
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