Tag: fintech

Thailand’s Finance Ministry Has Granted the 5th Digital Asset Trading License to Huobi to Operate Crypto Business

Thailand’s Ministry of Finance has officially granted the 5th digital asset trading license, which makes Huobi the fifth licensed digital asset exchange in Thailand to operate digital asset trading in compliance and permits it to start local fiat trading and token trading services. [www.sec.or.th/digitalasset]

“Huobi Thailand is built on Huobi Cloud, which provides a one-stop solution for global digital asset exchanges. Huobi Thailand will provide Thai users with secure and reliable digital asset trading services through Huobi Cloud’s verified technical capabilities. In the field of digital asset trading, Huobi is one of the largest exchanges in the world by trading volume and has accumulated six years of experience in safe operation. After entering Thailand, Huobi will also actively cooperate with the government and local enterprises to explore the application scenarios of blockchain.” said by Sakda, head of Huobi Thailand.

In the last two years, Thailand has improved legislation on digital assets to provide a safe investment environment for investors. In May 2018, SEC, Thailand’s digital assets regulator, announced that all companies in Thailand involved in digital asset business would only operate after receiving the license. It also required existing companies with related businesses to submit applications for licenses within 90 days. In January, after four months of the approval period, Bitcoin Exchange, Bitkub Online, Satang Corporation and a digital asset broker successfully received the licenses, while the applications of three other companies were denied.

On May 14, the Royal Decree on Digital Asset Businesses B.E. 2561 (2018) (the “Royal Decree”) went into effect. The Decree, which consists of 100 sections, clearly defines and classifies of digital assets, the business scope of virtual currency, and the subject and authority of supervision. In addition, the Decree also outlines strict prohibition against insider trading and market manipulation and sets punishments for violators.

When considering license applicants, the regulators focus on whether the applicant has a sound management system, the background of board and management team members, whether there is a monitoring system to detect conflicts of interest, and whether there is a routine cyber security check, etc. Obtaining a license requires the approval of the regulatory commission, who usually only makes it once a month.

In addition to regulated exchanges, Thailand’s government is also actively exploring other blockchain applications. In August, the Bank of Thailand announced the development of Intanon, its official virtual currency. Intanon would be based on the distributed ledger technology developed by R3 and CORDA platform, which aimed to use blockchain technology to improve the efficiency of interbank payments. Eight commercial banks in Thailand, including Standard Chartered Bank of Thailand and HSBC, announced support for the project.

As one of the world’s leading digital asset service providers, Huobi has a deep global layout with licenses and compliance teams across a number of regions. Its strategic partner in the United States holds an MSB as well as MTL licenses in 12 states. In Japan, Huobi has obtained No.0007 exchange license. In addition, Huobi has obtained one of the first DLT license under Gibraltar’s purpose build regulatory regime. 

About Huobi Group

Consisting of numerous upstream and downstream enterprises, Huobi Group is a leading global blockchain company. Established in 2013, Huobi Group’s accumulative turnover exceeds US$1 trillion. It proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 130+ countries. For more info, visit https://www.huobigroup.com

About Huobi Cloud

Huobi Cloud is a one-stop solution provider to help partners build reliable and stable digital asset exchanges. Huobi Cloud helps partners to build the system of OTC and digital asset trading. As of December 31, 2018, more than 120 digital asset exchanges have launched. Huobi Cloud’s partners come from Russia, the UK, Africa, Hong Kong, Singapore, Indonesia, Canada, Brazil, Thailand, etc. Huobi Russia, Huobi Indonesia and Huobi Thailand have built up.

Media contact: 
Huobi Global Limited 
Wu Fengheng 
E: wufengheng@huobi.com
U: www.hbg.com

TNG FinTech Group to Develop HK’s FinTech Community Into a Regional Financial Powerhouse

360 Innovation, Empowering The Next Generation Enterprises

TNG FinTech Group Inc. (“TNG”, together with its affiliates, the “Group”), Asia’s leading financial technology group, is pleased to announce the Grand Launch of its new initiative – The Wall Street Factory (“WSF”), a new interactive platform for FinTech entrepreneurs, startups and financial institutions to form a community based on networking, innovation and sharing resources; and to help their businesses growth by providing 360 all-round financial services. This further fulfills TNG’s mission in developing Hong Kong’s FinTech Community into a regional financial powerhouse.

Spanning over 25,800 square feet, WSF is headquartered in the heart of Hong Kong Island and aims to create a platform that empowers global startups, particularly FinTech companies to tap to the Asian FinTech hub. It has twelve signature conference rooms and three main event spaces, namely: Arena, Wall Street Corner and Sandbox, which are able to accommodate about 150-300 persons each. Every space is specially designed and furnished to support the business development and daily operations of FinTech players.

Empowered by TNG, WSF is committed to building a comprehensive, valuable and interactive platform that helps businesses grow through providing one-stop solutions from business incorporation, office space, bank account opening, working visa application, operation support, business referral, fundraising to capital market advisory. WSF also serves as a central connector to investors, regulators, financial institutions, business partners, potential customers and media resources with its key strengths as below:

– Furnished office space
– Premium facilities and amenities
– Professional corporate services
– Broad FinTech community
– Extensive banking and investor network
– Relaxing and recreation facilities for work-life balance (Time Out Cafe, Wall Street Fitness, etc.)

With its integrated platform, WSF is striving to collaborate with global e-wallets and financial institutions in offering and promoting their Open Banking APIs (Application Programme Interface) to global FinTech, WealthTech, InsureTech, PropTech companies and more. Currently, WSF has commenced collaboration with a few FinTech pilot players, covering Blockchain, Artificial Intelligence (AI), Big Data and PropTech companies.

Mr. Alex Kong, Founder and Chairman of TNG, said, “We are really excited to witness the official grand launch of WSF, which perfectly matches TNG’s commitment to elevating lives of billions with financial empowerment and financial services. WSF is designated to help startups grow to rising-stars to unicorns, and then to public listings in major stock exchange, by providing them a host of business and fundraising solutions.”

“We believe everyone in the world deserves a better life including the ability to access basic financial services. TNG’s aim is to realize this vision as quickly as possible with carefully managed resources, effort and passion to do more and personal integrity. WSF, with its strong network in WealthTech, CreditTech, Global E-money Alliance, Innovation Labs and Associations, Blockchain, etc., is believed to play a critical role of facilitator, accelerator and supporter for the business growth of global startups.”

About TNG
Headquartered in Hong Kong, TNG FinTech Group Inc., together with affiliates, is an industry pioneer providing the next generation financial services to over 1.2 billion unbanked population in Asia through its various e-wallet and e-money platforms. The financial services it provides include electronic payments, global remittance, global cash withdrawal and settlement, wealth management and more. Its ‘Global E-Money Alliance’ platform currently covers Hong Kong and over 160 countries, including Mainland China, the Philippines, Indonesia, Singapore, Malaysia, Thailand, Vietnam, India, Sri Lanka, Bangladesh, Nepal and Pakistan, European Union countries, which provides 24×7 cash-in and cash-out services to its users through a network of over 5,000 banks and over 400,000 cash pick-up points globally. For more information, please visit www.tngfintech.com 

Source: ACN Newswire

Goldman Sachs Backs $55m Series C in Japanese Fintech Startup Paidy

Japanese financial technology (fintech) startup Paidy Inc has announced raising $55 million in a Series C funding round backed by Goldman Sachs. The latest round raised the startup’s total capital to $80 million.

In a statement, Paidy said the Series C was led by Japanese firm ITOCHU Corporation. It will use the fresh capital to launch large merchants, expand into the offline market, and offer additional financial services.

The fintech firm expects to grow its customer base to 11,000,000 accounts by 2020.

Paidy started Japan’s first instant post-pay credit service for ecommerce consumers in October 2014. It requires no pre-registration or credit card to use; Paidy consumers purchase products online using only a mobile phone number and email address (verification is established through a four-digit code via SMS or voice pin-code) and settle a single monthly bill for all their purchases, either at a convenience store, by bank transfer or auto debit.

The startup also also supports multi-pay installments and subscriptions. There are currently over 1,400,000 Paidy accounts in use (June 2018).

“We are extremely honored that Paidy’s business concept was highly valued by one of Japan’s most prestigious business conglomerates, ITOCHU. Through this tie-up, we expect to launch new merchants in order to deliver Paidy’s frictionless and intuitive financial solution to a much broader audience,” said Russell Cummer, Founder and Executive Chairman of Paidy.

Cummer added that Paidy now aims to promote its vision of removing barriers and creating unique consumer experiences to as many people as possible.

Also Read: 
On-demand Logistics Platform GoGoVan Raises $250m
South Korea’s ProtoPie Raises $3.5m in KIP-led Series A

Paidy has proved a powerful means of persuading first time buyers to transact online. Its proprietary models and machine learning mean that transactions are underwritten in seconds, with guaranteed payment to merchants.

Paidy increases merchant revenues by reducing incomplete transactions, increasing conversion rates, boosting average order values, and facilitating easy repeat buying.