Zhu Kuang Lee

MAS takes the lead in supporting asset tokenisation!! Just today during lunch I was discussing with some folks at Aurionpro how tokenisation will grow and spread globally and MAS announced the below. The article covers everything from tokenisation of bonds to funds to settlements using S$ Wholesale CBDCs!! https://lnkd.in/gpi2sugc

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The open banking portal was launched at Money2020 Asia. This was a great step forward in simplifying onboarding and implementation of API An open banking portal can offer significant advantages to banks, including faster onboarding, fewer errors, and the use of a sandbox for development and testing. Here's how these benefits contribute to the overall advantages of an open banking portal: 1. **Faster Onboarding**: Open banking portals can streamline the onboarding process for customers by providing easy access to account information and services from multiple banks in one place. This can reduce the time it takes for customers to sign up for new services or accounts, leading to a more efficient and convenient experience. 2. **Fewer Errors**: The standardization of data and processes within an open banking portal can help reduce errors in transactions and data exchange. By using standardized APIs and protocols, the risk of data discrepancies and processing mistakes is minimized, leading to improved accuracy and reliability. 3. **Sandbox for Development and Testing**: An open banking portal often includes a sandbox environment where developers and banks can test new applications and services safely. This environment allows for innovation and experimentation without affecting live customer data. It helps ensure that new solutions are thoroughly tested and secure before they are rolled out to customers. So what are you waiting for - Get registered and start exploring our API portfolio #digitalchannels #openbanking #api

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Shared Responsibility Framework – A unique initiative by Monetary Authority of Singapore (MAS) and IMDA in Singapore aimed at curbing #phishing #scams and clarifying the burden of responsibility (whether on Financial Institutions, Telcos, or Consumers) in cases of scam-related losses. With the growing number of #authorizedScams where consumers and small businesses willingly transfer funds to scammers under the influence of attractive deals, bulk orders, or urgent situations, is it time to consider an industry-wide or national database? Such a database could include suspicious account names, account numbers, web URLs, phone numbers, emails, IP addresses, and proxy IDs, equipped with real-time APIs to help detect and prevent potential fraudulent transactions. This could be similar to Hong Kong’s #Scameter initiative. More on Shared Responsiblity Framework here: https://lnkd.in/g6nfwUsg More on Hong Kong Scameter here: https://lnkd.in/g_RJHDSS #phishing #cybersecurity #cybercrime #malware #digitalbanking #FinancialSafety #FraudPrevention #DigitalSecurity #ScamAwareness #AuthorizedScams #UnauthorizedScams Jeffery Lee Aaron Chiew Raju Nair Jasmeet Wadhwa Joby Lim, BCCP Prateek Jobalia Nicholas N. Ricky Woo

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💡The Singapore FinTech Festival 2024 is baaaaack! 🔦 Spotlight will be on Artificial Intelligence and Quantum Technology. Sopnendu Mohanty / 漠汉帝 / 模範帝 / सोपनेंदु / ସୋପ୍ନେନ୍ଦୁ , Chief FinTech Officer of the Monetary Authority of Singapore (MAS) and Chairman of Elevandi Board said, “The financial services sector is at a critical inflection point, with AI and Quantum Computing poised to revolutionise the global financial ecosystem. SFF 2024 will seek to align technology, innovation, and regulation so that these transformative technologies are deployed with strategic foresight, collaboration, and adaptability to unlock new opportunities for economic and industry growth and resilience. Harmonising global FinTech regulations that support innovation, fostering cross-border collaboration on payments and credit, and ensuring a secure, inclusive, and sustainable financial ecosystem powered by responsible adoption of AI and Quantum Technologies will be the primary focus of SFF 2024.” “SFF will also feature the following highlights: ➡️ Invitation-only Dialogues and Signature Side Events such as the Insights Forum™ will convene 1,500 senior policymakers, top industry executives, and investors for leadership dialogues and collaboration discussions. ➡️ This year, the Global FinTech Hackcelerator, organised by MAS and in partnership with Elevandi is looking for innovative solutions to address problem statements centred on Improving Financial Health. ➡️ Blockchain Guardians Programme : a new skills-based learning initiative will commence on 2 September 2024. ➡️ Five Thematic Zones – Technology Zone, 🍀 ESG Zone, Regulation Zone, Founders & Investors Zone, and Talent Zone – where attendees can participate in dialogues, workshops, and explore an international showcase of the latest FinTech solutions. ❤️ MAS will also be introducing founder- and investor-focused mentorship sessions, masterclasses such as The Art of Storytelling, a spotlight on 🙋‍♀️women entrepreneurs, mental health and wellness workshops, and an alumni meet-up for past participants. ➡️SFF MeetUp , a new networking initiative, is expected to facilitate 20,000 meetings at the Festival.” 📒Registrations are open at https://lnkd.in/gtKbFp3E Read the full release on https://lnkd.in/gAk8GrsR #Fintech #AI #quantum #Talent #ESG

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Major banks in Singapore, including #DBS, will phase out the use of one-time passwords (OTPs) for bank account logins by customers who are digital token users. This will be implemented progressively over the next three months and is aimed at better protecting customers against phishing scams, said the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS). This latest measure will strengthen the authentication process, making it harder for scammers to fraudulently access a customer's account and funds without the customer’s explicit authorisation using his mobile device. According to the Singapore Police Force's annual report on scams and cybercrime, at least S$14.2 million (US$10.5 million) was lost to phishing scams last year. Read more: https://lnkd.in/gwFfTu_w

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Citi and Fidelity Investments International have introduced a solution integrating a tokenized money market fund (MMF) with an embedded digital FX swap, specifically designed for corporate treasurers. • 𝗙𝘂𝗻𝗰𝘁𝗶𝗼𝗻𝗮𝗹𝗶𝘁𝘆: This innovation allows real-time investment and withdrawal from U.S. dollar MMFs, combining fund purchases and currency swaps in a single, programmable, tokenized transaction. This streamlines access and enhances liquidity management for corporates. • 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀: Enables instant access to funds, bypassing traditional delays associated with daily issuance and redemption, offering treasurers flexibility for working capital needs. • 𝗠𝗮𝗿𝗸𝗲𝘁 𝗣𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹: The USD MMF market stands at $6 trillion, and tokenized funds are expected to reach $400 billion by 2030, as predicted by McKinsey and BCG. • 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗜𝗺𝗽𝗮𝗰𝘁: The project could drive a shift in global financial accessibility, setting a new standard for corporate treasury practices. Similar initiatives are underway in Singapore with UBS and Standard Chartered’s Libeara. How might this innovation reshape corporate liquidity management? Source: https://lnkd.in/ePytrkdy Your repost would be greatly appreciated. Thank you! For more weekly insight and thought-provoking analysis, ensure you get your copy at 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗕𝘆𝘁𝗲𝘀: https://lnkd.in/ev-WMFzG. Make sure you sign up to get your weekly analysis. #Tokenization #DigitalAssets #MoneyMarketFunds

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Cross Border Bank Transfers in South East Asia Part 1 Really cool to see the rise of cross-border bank transfer based payments. This is one area that Asia Pacific, and South East Asia + India in particular is leading the way in innovative payment methods! If you're based in Singapore and have not experienced this, just open any of your local banking apps, and you'll see a Overseas section: eg. - for DBS, click on PayNow, you'll see PromptPay (Thailand) and UPI (India) - for UOB, click on Pay or Transfer, you'll see DuitNow (Malaysia) and PromptPay (Thailand) If you have a good friend living in any of these countries, ask them for their mobile number (or UPI ID) and you can transfer monies to them from your SGD account to their respective bank accounts in their respective local currency instantly. It is a mind blowing experience, especially if you've done it by the old TT way before! When you travel to Thailand or Indo, you would be able to scan QRs there from your Singapore banking app too. There are still some drawbacks and areas for improvement -- will post about it in Part 2. https://lnkd.in/ga4JYtiT

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Singapore's DBS Bank and Ant International, an affiliate of Alibaba Group, are piloting a blockchain-based solution to streamline cross-border treasury and liquidity management. This project showcases the increasing adoption of blockchain technology to tackle real-world challenges in financial services. - Instant, Multi-Currency Transactions: The pilot utilizes DBS's permissioned blockchain and Ant International's Whale Cloud Business Online for instant settlement of cross-border transactions in multiple currencies. - Enhanced Efficiency and Transparency: By merging blockchain and AI, the solution aims to offer corporate treasurers real-time visibility and control over their global cash positions, reducing reliance on traditional, time-consuming processes. - Targeting the Future of Treasury: This collaboration caters to the evolving needs of businesses in a 24/7 digital economy, especially in sectors like e-commerce and on-demand services where efficient cross-border payments are vital. DBS’ latest project stems from the lender’s involvement in the Monetary Authority of Singapore (MAS) tokenization projects. This initiative is a prime example of major financial institutions embracing blockchain to enhance existing services and unlock new possibilities. The pilot project showcases blockchain's potential to revolutionize cross-border treasury management, providing a glimpse into the future of corporate finance in an increasingly interconnected global economy. #Crossborder #payment #solution #blockchain #eCommerce

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Thanks to EPAA and AWS for organising a topic of importance to all in the ASEAN region. I was happy to contribute to this discussion where different views from BIS, payment operators, Banks and Host of fintechs were discussed and next actions were agreed. It is always challenging when we talk about cross border payments over domestic RTP rails. What transpired was that it is relatively easier to get the tech stack implemented and a bigger challenge is to overcome host of other issues like governance, common policies across market, funding payments 24*7 when RTGS works over fixed time, fx documentation, etc… I am sure with so many stakeholders focusing on this topic, at an industry level we will find an optimal solution. Winnie Yap Manoj Dugar Yvonne Yiu Harish Kumar Nicholas Soo Rohit Rozario Shayan Hazir Tancy Tan Mun Liong Lee Shadab Taiyabi Ma-an David Saikat Mandal Lewis Lei Sun Sathya Ram Priya Kini Gilbert Ng, CFA Harish Venkatesan Natarajan Sriram Shane Fernando Nishka Thadani Debby Neo Austine Chu

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Driven by the growth potential of Asean economies, large local banks are likely to see significant opportunities to expand their regional business and enhance their revenue prospects. Many have large footprints already, but still have many legacy issues that will hinder their growth. Blockchain and crypto are already a staple of the younger generation but yet banking products are still far from embracing such tech in their main stream operations. Who will win the race for regional banking dominance and not at the branch level. The future is here! Talk to Roberto Kauffmann-Dev about what's happening across SEA. #futureofbanking #fsi #data #tech #blockchain #crypto

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Our experts, Alvin Chia, Manish M Kogundi, and Nilesh Late recently collaborated with Singapore Blockchain Innovation Programme (SBIP) to produce a whitepaper that examines blockchain interoperability solutions for secondary trading of tokenized real-world assets. Download the whitepaper to learn more. https://ow.ly/ze8J30sIw60 #NTDigitalAssets #Tokenization #Blockchain

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Be part of how SCB – Siam Commercial Bank, SCB 10X, and Lightnet Group are transforming the way money moves globally! 💪🏽💳 By harnessing the power of blockchain and stablecoin technology, this partnership is changing the game for businesses and individuals in Thailand. #FinTech #BlockchainTech #FintechInnovation https://loom.ly/RkbzAOU

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Digital Assets Update 2Q24: Base broadening DBS Bank Wei Liang Chang Tieying Ma Radhika R. #cryptos #digitalassets Broad participation is marking crypto position taking, with retail investors, high frequency traders, and hedge funds crowding into the trade. Authorities appear more amenable toward cryptos/CBDCs. Bitcoin prices have eased post-halving but remain well above end 2023 levels. Recent research on Bitcoin flows found that they respond differently to macro drivers, compared to equity and bond flows. Ether underperforms Bitcoin, attributed to waning optimism regarding ETH spot ETF approval by SEC. CBDCs are gaining traction amongst global central banks and multilateral organisations. Full report: https://lnkd.in/dsn5MFJ5

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#yangtzedelta #ICYDK 1) The University of Science and Technology of China (USTC) is in #Hefei, #Anhui! In 2023, USTC was domestically ranked #3, right behind Tsinghua University and Peking University. 2) One prominent Chinese brand from Anhui is #MideaGroup, mainly known for its household appliances and smart home solutions. While Midea is now based in Guangdong, it originated in Anhui and has grown into one of the world's leading consumer electronics and home appliance manufacturers. Another notable company is #CheryAutomobile, a state-owned car manufacturer based in Wuhu, Anhui. Chery is known for producing affordable vehicles and has expanded its presence internationally, including in the electric vehicle (EV) market. 3) Rich Historical and Cultural Heritage: Anhui is home to several UNESCO World Heritage sites, including the famous Huangshan (Yellow Mountain), known for its stunning natural landscapes. The province is also the birthplace of #Huiculture, which includes distinct traditions in architecture, cuisine, and art. #Anhui is emerging as an important #innovation and business #ecosystem in China due to several factors: a. Strategic Location and Connectivity: Anhui's proximity to major economic hubs like Shanghai and Nanjing, combined with excellent transportation infrastructure, including high-speed rail networks, positions it as a vital regional connector for commerce and industry. b. Tech and Innovation Focus: Anhui has invested heavily in technology sectors like AI, quantum computing, and advanced manufacturing. The Hefei National High-Tech Industrial Development Zone, for example, is becoming a major hub for R&D and tech-driven industries. c. Government Support and Talent: With strong backing from the government, Anhui offers incentives for businesses to set up operations. It also boasts a growing talent pool, partly due to top universities and research institutions like the University of Science and Technology of China (USTC), known for leading innovations in tech and science. Wanna know more? bit.ly/m/xnodesgguitek At XNode 创极无限 #yangtzedelta remains our strategic ecosystems to support Singapore startups and their market entires into China! Get nominated (before 3rd October 2024) to participate in the 3rd I&E Competition of Anhui to explore additional opportunities. Submit your nomination now: bit.ly/m/xnodesgguitek Wanna know more? We are hosting an online Info Session on 26 Sep at 11am to share more! RSVP via bit.ly/m/xnodesgguitek #china #pitchingcompetition #startups #innovation #entrepreneurship

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What a way to improve customer experience and confidence in banks card products while improving adoption and utilization.

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🚀 Uncover the 2024 Non-Gamer Insights! 🚀 GMO Research & AI has delved into the world of non-gamers in emerging markets (Singapore, Thailand, and Vietnam). Find out what drives their preferences and how they spend their leisure time. Get ahead with these valuable insights! 🌐 Read this report: https://hubs.li/Q02Jl-3g0 #GMOResearchAI #NonGamer #MarketingResearch #GamingIndustry #EmergingMarkets

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