Tag: Calvin Cheng

Ex-Singapore Parliamentarian’s Swiss Company Launches Swiss Franc and Euro Stablecoins

Singapore investor and former parliamentarian Calvin Cheng has announced that his wholly-owned, newly rebranded Swiss company, Anchored Coins AG (“Anchored Coins”), will be issuing two stablecoins – a Euro-backed stablecoin AEUR, and a Swiss Franc-backed stablecoin ACHF. Both stablecoins will be backed 1-to-1 by their respective fiat currencies and held in Swiss banks. The stablecoins will be issued on the Ethereum and BNB Chain public blockchains.

Earlier this year, the company was granted membership in the Swiss VQF, which means it has to comply with Swiss anti-money laundering obligations.

Calvin Cheng, Chairman of Anchored Coins said, “Switzerland has very clear regulatory guidelines for the issuance of stablecoins. The reputation of Swiss banks is also second to none. There is a clear need for stablecoins to be pegged to currencies other than the US Dollar, given the regulatory uncertainty in the US. I feel this is the right time and right place, to launch highly compliant stablecoins in two other well-regarded global currencies, the Swiss Franc, and the Euro.”

Cheng further added that his company will comply with the European Union’s new Markets in Crypto Assets (“MiCA”) regulations once they come into effect in 2024.

Anchored Coins announced a partnership with DCS Card Centre (“DCS”) in Singapore. Formerly known as Diners Club Singapore, DCS is a 50-year-old financial institution that pioneered the issuance of credit cards in the Republic. Through this collaboration, DCS will accept ACHF and AEUR as a form of collateral placement for credit limits on its cards, thereby enhancing the value and utility of both stablecoins.

Karen Low, CEO of DCS said, “We believe that stablecoins are crucial in bridging digital assets to traditional finance. DCS aims to lead the charge on connecting Web2 and Web3 with integrated payment experiences that are co-created through partnerships. We are proud to partner with Anchored Coins in providing immediate value to their stablecoin holders by using ACHF and AEUR as collateral for instant credit limits on the cards we issue. We currently offer a choice of cards from global payment networks including Diners Club International, Mastercard, UnionPay and soon, Visa.”

Anchored Coins is in the process of launching, and will only be available to institutional partners during the first phase of its development. The company is also in advanced discussions with major digital asset exchanges to be listed.

ABOUT CALVIN CHENG

Calvin Cheng is currently the Republic Of Serbia’s first Honorary Consul to the Republic of Singapore. Cheng was a former appointed Member of Singapore’s Parliament, and a Young Global Leader of the World Economic Forum.

Cheng is a serial entrepreneur, formerly the President of Elite Models for Asia, as well as a director of Singapore’s largest luxury events management company Lumina. He was most recently Chairman of Australia Stock Exchange (ASX)-listed EdTech firm ReTech Technology Co, which he led to an Initial Public Offering, together with leading investors from China, including several co-founders of Alibaba, and other Chinese tech companies.

ABOUT DCS CARD CENTRE

DCS Card Centre Pte Ltd (“DCS”), formerly known as Diners Club Singapore is a financial institution governed by the Monetary Authority of Singapore (MAS) under the Banking Act to carry on the business of issuing credit cards or charge cards in Singapore. Established in 1973, DCS was amongst the founding institutions that pioneered cashless payments with its first series of credit and charge cards in Singapore.

As part of its name change in October 2022, the financial institution embarked on a massive business transformation to expand its network of payments schemes and new payment solutions. Along with a set of new shareholders and a leadership team helmed by industry veterans, DCS has since achieved remarkable milestones. These include an expansion of schemes from just Diners Club International to include Mastercard, UnionPay and Visa, as well as the launch of new solutions such as D-Vault, a feature for cardholders to seamlessly aggregate their assets through funds transfers and digital assets for instant spend limits, and a whole new DCS cards app that enables several card management services to ease customer convenience.

For more information about Anchored Coins AG, please visit: https://www.anchoredcoins.com

For media inquiries and interview requests, please contact:
Tang Hong Ee (Financial PR)
(T) 6438-2990
(E) hongee@financialpr.com.sg

Former Singapore Parliamentarian’s Swiss Digital Assets Company Receives Regulatory Approval

Singapore investor and former parliamentarian Calvin Cheng‘s Swiss company, Damoon Technologies (‘Damoon’) has been granted membership in the Swiss VQF, joining the ranks of some of the world’s leading digital assets businesses.

The latest development officially opens the door for Damoon to establish a presence in Switzerland. Thedigital assets company is building a platform for users to engage in crypto- to-fiat payments and vice versa, as well as a digital assets custody service.

VQF is the largest and oldest cross-industry Self-Regulatory Organisation (SRO) in the country and is officially recognised by FINMA, Switzerland’s financial services watchdog.

Damoon must now comply with Swiss anti-money laundering (AML) regulations. Thanks to this, the company is in a unique position to work with demanding clients and offer them a place that provides efficiency, security and regulatory clarity.

Calvin Cheng commented, “I believe in the future of digital assets, but this has to be done in accordance with traditional finance’s compliance standards. Switzerland is the pre- eminent global financial hub, and is the ideal place to base crypto-fiat-crypto financial services, as well as a trusted custodian.”

Recently, Damoon has also joined the Crypto Valley Association in Zug. “Crypto Valley Association are excited to welcome Damoon Technology and Mr. Calvin Cheng as members,” said a spokesperson for the organization.

Currently, Damoon is in the process of building its compliance and operational team in Zurich and Zug, Switzerland. The company expects to start operations by the end of Q2 2023.

Earlier in 2022, Cheng’s Web3 Holdings FZE was awarded the coveted provisional Virtual Asset License by VARA in Dubai, United Arab Emirates. The license granted similarly promotes greater customer assurance and risk protection.

About Calvin Cheng

Calvin Cheng is currently the Chairman of Australia Stock Exchange (ASX) listed EdTech firm ReTechTechnology Co, which he led to an Initial Public Offering, together with leading investors from China.ReTech’s shareholders include several co-founders of Alibaba, as well as founders of other leading Chinese tech companies.

Cheng was a former appointed Member of Singapore’s Parliament and a Young Global Leader of the World Economic Forum. He is also the Republic of Serbia’s first Honorary Consul to the Republic of Singapore.

For media inquiries and interview requests, please contact:
Tang Hong Ee (Financial PR) (T) 6438-2990
(E) hongee@financialpr.com.sg

Amber Lounge, the World’s Best Known F1 After Party, Partners with SO-COL to Launch NFT Memberships

Amber Lounge, the best-known F1 After Party in the world, is launching exclusive NFT-based VIP memberships with web3 company SO-COL. NFT holders can enjoy access and privileges at Amber Lounges at the F1 Grand Prix, FIFA World Cup in Qatar, and other destinations.

The Amber Lounge NFTs represent an exclusive club with over 2,000 memberships-on-the-blockchain available for purchase, granting NFT holders lifetime access to a range of Amber Lounge international VIP and global Pop-Up events frequented by high net worth and influential individuals across the globe including billionaires, celebrities and other jet-setters.

Amber Lounge is partnering with web3 NFT infrastructure company, SO-COL, founded by web3 key opinion leader Irene Zhao.

VIP Access to the Most Exclusive Formula One and World Cup Parties and Events

Some celebrity guests who have attended past events of Amber Lounge have included Lewis Hamilton, Nico Rosberg, Justin Bieber, Kim Kardashian, Richard Branson, Gordan Ramsay, Pamela Anderson, Kylie Minogue and supermodels such as Naomi Campbell, Josephine Skirver, Petra Nĕmcová and Victoria Silvstedt. Joining them this year would be prominent web3 founders who are also visiting Singapore for Token2049, right before Amber Lounge at Singapore Grand Prix.

Since its inception in 2003, Amber Lounge has been hosting exclusive and luxurious after-parties in many cities around the world, including their signature events following the Formula One circuit across key destinations such as Monaco, Singapore, Abu Dhabi, Mexico City and Shanghai. Their post-race dusk-till-dawn events typically feature an all-night party with live world-renowned DJs. In 2018, it hosted Fernando Alonso’s retirement farewell party; in 2016 Nico Rosberg celebrated his World Drivers’ Championship win at the Amber Lounge in Abu Dhabi.

2000 Lifetime Club Membership NFTs To Be Launched at Singapore Grand Prix

Shark Membership NFTs will be available for minting during the Singapore Grand Prix that will grant NFT owners lifetime access to all Amber Lounge events globally. Whale Membership NFTs that include more privileges will be released in the following months.

Prominent web2 and web3 KOLs have been invited to join Amber Lounge’s NFT membership program, and a series of drops to these KOLs will be progressively unveiled leading to Singapore F1.

Amber shareholders include the principals behind prominent global investment group Catcha Group, CEO Cher Ng who co-founded ZOUK Kuala Lumpur, and Managing Director, Jeanette Tan, who brought the renowned “The Box” to Asia.

It also includes former Parliamentarian of Singapore, Calvin Cheng, who recently established an NFT and fan token investment company that was granted a virtual asset licence from Dubai alongside Binance, FTX and Crypto.com.

Calvin Cheng said, “Web3 opens a whole new world of possibilities for membership programs. The better the events are, the more the memberships are worth. More importantly, there is an instant and global market for the trade of these memberships-on-the-blockchain. Imagine turning up to Amber Lounge at the World Cup knowing football stars and celebrities are inside. Tables and tickets are sold out. Only Members are guaranteed access. One quickly goes to an NFT marketplace to buy an Amber Lounge membership!”

Crypto-savvy clients will be pleased to know that the Amber Lounge NFTs work with standard Web3 wallets. Designed with a user-friendly interface and features, Web2 account login with Google and Facebook, and credit card payment will make the NFTs accessible for everyone.

Irene Zhao, co-founder of SO-COL, generated S$7.5 million of NFT sales of her own photos in 10 days earlier this year. She commented, “We are very honoured to partner with Amber Lounge. We hope to bring our NFT experience to one of the best known party brands in the world.”

About Amber Lounge

Amber Lounge is a VIP luxury party host that holds events in key cities across the globe, including the world’s most exclusive luxe lifestyle events following key Grand Prix destinations. Founded in 2003, Amber Lounge has become a world-renowned organisation for exceptional experiences from extravagant fashion shows and exhilarating dusk-till-dawn parties around the globe. Amber Lounge events are commonly frequented by billionaires, celebrities and other jet-setters.

In 2022, Catcha Group acquired Amber Lounge and launched the Amber Lounge NFT memberships initiative. Each NFT represents a lifetime membership granting the holder global access to Amber Lounge events, along with other perks. Representing Amber Lounge’s first foray into an expanding Metaverse initiative, Amber Lounge NFTs are the world’s first high-profile NFT-based memberships to be launched by a global luxe lifestyle events company.

Amber Lounge Official Channels
Website: https://amber-lounge.com
Instagram: https://www.instagram.com/amberloungeltd Twitter: https://twitter.com/AmberLoungeLtd
Facebook: https://www.facebook.com/AmberLoungeLtd/

Last event video from 2019: https://www.youtube.com/watch?v=9ZGEhVyz0AI

For media enquiries on Amber Lounge NFT, reach out to Vanessa@socol.io

Dubai Grants Ex-Singapore Parliamentarian Calvin Cheng’s Web3 Company a Virtual Asset License

Singaporean investor and entrepreneur Calvin Cheng has established a non-fungible token (NFT) and fan token investment holding company in Dubai. Cheng, formerly an appointed Member of Parliament in Singapore, will invest in projects to integrate crypto into fashion, media and entertainment via Calvin Cheng Web3 Holdings FZE.

The Dubai Virtual Asset Regulatory Authority (VARA) has granted the company a provisional Virtual Asset License. VARA is the world’s first specialised regulator for virtual assets, such as cryptocurrency. As Dubai moves towards safer economic freedom backed by greater technological innovation and digital transformation, VARA will play a central role in creating new investment opportunities in Dubai’s fast-growing virtual asset industry.

The announcement follows similar preliminary permits that enables readiness to operate under full regulatory supervision, that VARA is granting to world-leading crypto exchanges Binance, FTX, Crypto.com and Bybit among other VASPs in the chain.

Exclusive access and increased engagement

Calvin Cheng Web3 Holdings FZE’s portfolio will include AmberX, an exclusive membership NFT that allows qualifying members access to Amber Lounge: Formula 1’s leading VIP lifestyle and entertainment pop-up lounge. Another portfolio company will be Celeb X, an NFT and fan token system designed to allow celebrities to directly engage with their social media followers, and in turn, for the fans to access exclusive benefits with celebrities including models, actors, sports icons and others.

VARA: A ticket into the metaverse

Calvin Cheng Web3 Holdings FZE voluntarily elected to obtain a VARA license to gain access to a regulated ecosystem, despite their product offering not being subject to supervision in other global jurisdictions. The license provides greater customer assurance and increases consumer risk protection.

As the only global economy to have an independently regulated virtual assets environment under VARA, Dubai’s virtual asset’s ecosystem is governed by comprehensive legislation and internationally applicable policy frameworks. Designed as the world’s first participatory-governance model, where industry innovators and market shapers share responsibility with policy makers to create a more democratic and borderless economy, VARA is structured to increase collaboration and innovation, without compromising public protection.

Under the VARA regime, all business services will be subject to thorough regulatory oversight, and end-to-end mandatory Financial Action Task Force (FATF) compliance controls.
VARA noted, “Calvin Cheng Web3 Holdings FZE will be the first international business to actively seek regulation, despite being able to operate lawfully in many other qualifying global jurisdictions. Such appreciation of the need for strong governance in order for the sector to mature and safely scale, reflects credible intent of purpose and sound reputation of Mr. Cheng, which have supported our consideration for this company to participate in Dubai’s MVP programme.”

Calvin Cheng added, “Dubai is fast positioning itself as the leading Virtual Assets Hub in the world. Digital Assets is a new space, which needs progressive regulators to keep up with entrepreneurs’ focus on innovation and growth. We are proud to be the first NFT VASP to enter this regulated ecosystem as our commitment to support strong guard rails for the crypto industry to safely grow. A new and forward-thinking regulator like VARA is well-positioned to firmly establish Dubai as the leading global centre for digital assets.”

About Calvin Cheng Web3 Holdings FZE

Calvin Cheng is currently the Chairman of listed Chinese EdTech firm ReTech Technology Co, which he led to an Initial Public Offering, together with leading investors from China. ReTech’s shareholders include several co-founders of Alibaba, as well as founders of other leading Chinese tech companies. Prior to ReTech, Cheng was the Head of Elite Model Management for Asia. He was also the licensee for Ford Supermodel of The World for China, Singapore and Malaysia. Cheng launched a media investment fund with China’s leading film and media group, The Bona Film Group. In Singapore, Cheng was founding director of Lumina-Looque Group, which organises fashion events for global luxury brands like LV, Moncler and Ferrari. Lumina also involved in organising the launch of Dubai Meydan City.

Cheng was a former appointed Member of Singapore’s Parliament and a Young Global Leader of the World Economic Forum.

About VARA

Dubai Virtual Asset Regulatory Authority (VARA) is the world’s first specialised regulator for the Virtual Assets sector. Established in March 2022, following the effect of Law No.4 of 2022, VARA is responsible by decree for licensing and regulating the Virtual Asset sector in the Emirate of Dubai and its free zone territories (excluding DIFC), and oversees all licensing requirements and applications for authorisation of Virtual Asset activities under UAE law. VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.

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Anna Aye
Associate
Financial PR
Mobile: (+65) 8500 2011
Email: anna@financialpr.com.sg