The new cooperation will allow Coinbase to offer free transfers in Singapore.
After the banking turmoil in the USA, some crypto companies struggle to find banking partners.
Coinbase
Global Inc. has formed a strategic partnership with Standard Chartered in
Singapore to offer its clientele a seamless solution for transferring funds
between any financial institution and the cryptocurrency exchange.
This
collaboration comes at a crucial time when traditional banking services for
digital asset service providers are becoming increasingly scarce due to the
growing regulatory pressure and the recent collapse of crypto-friendly banks like
Silicon Valley Bank (SVB) and Signature Bank in the US.
Coinbase Finds New Banking
Partner in Singapore
According
to the Coinbase statement published on Wednesday, Coinbase customers may use
Singapore dollars for transfers via local banking institutions operating in the
Asian country without additional charges.
According
to Ankur Kanwar, the Head of Cash Products for Singapore and ASEAN at Standard
Chartered, the collaboration between Coinbase and the bank will empower users
to conduct real-time transactions while enabling automatic reconciliation of
user accounts.
In an
interview with Bloomberg, Hassan Ahmed, the Country Director for Coinbase
Singapore, mentioned that Standard Chartered will provide the facility to on-
and off-ramp their funds. Ahmed highlighted that this scenario for
banking integration contrasts with the current uncertainty of the markets. However,
he further revealed that the negotiations with Standard Chartered had been
underway prior to the recent downfall of three US banks in the past week.
Coinbase's
finding of a new banking partner is worth highlighting, especially when several
major cryptocurrency companies are struggling to find similar partners and
replacements in the US since the turmoil in the local banking sector began last
week.
Operations
were first halted by Silvergate Capital Corp. and then followed by SVB and
Signature Bank. The cessation of operations by those mentioned above is painful
for the cryptocurrency industry, as they provided 24/7 service, ensuring the
free flow of funds into and out of this booming sector.
Last year, Coinbase received in-principal approval from the Monetary Authority of Singapore (MAS),
thus gaining the status of a Major Payments Institution under the local Payment
Services Act. MAS' digital payment token license is considered to be one of the
most stringent approvals for cryptocurrency companies.
After Signature Bank
Collapsed, Coinbase Discloses Massive Exposure
Coinbase is
one of those cryptocurrency service providers that directly felt the adverse
effects of the collapse of US banks last week. The exchange has revealed a $240
million deposit with Signature Bank. However, the exposure did not affect
Coinbase's operations, as the exchange currently processes transactions through
other banking partners.
"Despite
the turbulence we have seen in the traditional banking sector recently,
Coinbase continues to operate as usual. At Coinbase, all client funds continue
to be safe and accessible, including USDC conversions which will resume on
Monday," Coinbase added.
Moreover, panic was evident for a while on Coinbase (NASDAQ:COIN) shares, which lost more
than 17% last week. However, they are recovering most of their losses this week
and are back above $62.
At the end
of February, the exchange published its fourth quarter results, reporting a
loss of $557 million and a 75% decline in net revenue to $605 million compared
to last year. However, quarterly revenue exceeded analysts' expectations of
$588 million.
Coinbase
Global Inc. has formed a strategic partnership with Standard Chartered in
Singapore to offer its clientele a seamless solution for transferring funds
between any financial institution and the cryptocurrency exchange.
This
collaboration comes at a crucial time when traditional banking services for
digital asset service providers are becoming increasingly scarce due to the
growing regulatory pressure and the recent collapse of crypto-friendly banks like
Silicon Valley Bank (SVB) and Signature Bank in the US.
Coinbase Finds New Banking
Partner in Singapore
According
to the Coinbase statement published on Wednesday, Coinbase customers may use
Singapore dollars for transfers via local banking institutions operating in the
Asian country without additional charges.
According
to Ankur Kanwar, the Head of Cash Products for Singapore and ASEAN at Standard
Chartered, the collaboration between Coinbase and the bank will empower users
to conduct real-time transactions while enabling automatic reconciliation of
user accounts.
In an
interview with Bloomberg, Hassan Ahmed, the Country Director for Coinbase
Singapore, mentioned that Standard Chartered will provide the facility to on-
and off-ramp their funds. Ahmed highlighted that this scenario for
banking integration contrasts with the current uncertainty of the markets. However,
he further revealed that the negotiations with Standard Chartered had been
underway prior to the recent downfall of three US banks in the past week.
Coinbase's
finding of a new banking partner is worth highlighting, especially when several
major cryptocurrency companies are struggling to find similar partners and
replacements in the US since the turmoil in the local banking sector began last
week.
Operations
were first halted by Silvergate Capital Corp. and then followed by SVB and
Signature Bank. The cessation of operations by those mentioned above is painful
for the cryptocurrency industry, as they provided 24/7 service, ensuring the
free flow of funds into and out of this booming sector.
Last year, Coinbase received in-principal approval from the Monetary Authority of Singapore (MAS),
thus gaining the status of a Major Payments Institution under the local Payment
Services Act. MAS' digital payment token license is considered to be one of the
most stringent approvals for cryptocurrency companies.
After Signature Bank
Collapsed, Coinbase Discloses Massive Exposure
Coinbase is
one of those cryptocurrency service providers that directly felt the adverse
effects of the collapse of US banks last week. The exchange has revealed a $240
million deposit with Signature Bank. However, the exposure did not affect
Coinbase's operations, as the exchange currently processes transactions through
other banking partners.
"Despite
the turbulence we have seen in the traditional banking sector recently,
Coinbase continues to operate as usual. At Coinbase, all client funds continue
to be safe and accessible, including USDC conversions which will resume on
Monday," Coinbase added.
Moreover, panic was evident for a while on Coinbase (NASDAQ:COIN) shares, which lost more
than 17% last week. However, they are recovering most of their losses this week
and are back above $62.
At the end
of February, the exchange published its fourth quarter results, reporting a
loss of $557 million and a 75% decline in net revenue to $605 million compared
to last year. However, quarterly revenue exceeded analysts' expectations of
$588 million.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨
From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable.
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Relive the best moments from the Finance Magnates Pacific Summit 2024 with our highlights video! ✨
From action-packed moments, insightful speaker sessions, the exclusive Opening Blitz, and immersive workshops, this video captures the energy and excitement of FMPS:24. Whether you attended or missed out, here’s your chance to experience the top moments that made FMPS:24 unforgettable.
🎬 Watch, share, and join the conversation!
Don’t forget to use the hashtags #fmps #fmps24 #FMevents when sharing.
Stay tuned for more events. See you next time!
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage.
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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