News Nuggets | 21 August: ThinkMarkets Adds Taiwanese Index; Bitget Mandates KYC

MOIN Partners with Currencycloud

Currencycloud has formed a partnership with MOIN, a South Korean cross-border payment company. The collaboration is aimed at broadening MOIN's global reach and offering its customers improved security, quicker transaction speeds, and reduced fees for cross-border transactions.

This alliance will equip MOIN to adapt to the FX market changes, thanks to Currencycloud's attractive FX rates. This setup allows MOIN to handle over 33 currencies through Currencycloud, replacing its earlier multi-provider system, thereby ensuring a swifter and more economical remittance process.

TradingView Incorporates Indices from FTSE ST Index Series

TradingView has incorporated indices data from the FTSE ST Index Series. The series, an initiative by FTSE Russell, SPH Media Trust, and the Singapore Exchange, presents an extensive array of indices monitoring numerous companies and sectors within Singapore's market.

The FTSE ST Index Series catalogs companies of varied sizes, making it apt for benchmarking and formulating various financial products, like ETFs and derivatives contracts. Its prime index, the Straits Times Index (STI), acts as the benchmark for Singapore's stock market, monitoring the top 30 firms on the Singapore Exchange.

Warning Issued for AgroCura and Coinz Holding Imposter Websites

AgroCura's website, which claims to offer investment opportunities, is reportedly not registered to provide financial services in New Zealand and is suspected of withholding funds from investors. The website falsely claims to be affiliated with Agrocura Limited, a legitimate New Zealand company. This fraudulent representation is backed by the misuse of Agrocura Limited's name and Certificate of Incorporation.

A similar warning is raised concerning Coinz Holding's website. Like AgroCura, it offers investment schemes without being registered for financial services in New Zealand and is said to be retaining funds unlawfully. The website deceitfully associates itself with Coinz Holding Limited, a registered company in New Zealand. In both instances, the directors of the genuine companies have disassociated themselves from the imposter websites.

SEC Reveals Cryptocurrency Scam

The Securities and Exchange Commission (SEC) has accused a man from Georgia of deceiving investors by raising over $800,000. The individual falsely claimed that his cryptocurrency was backed by groundbreaking stem cell technology. This scam specifically targeted black investors.

SFC Fines CJCF $20M for Sponsorship Failures

The Securities and Futures Commission (SFC) has imposed a fine of USD $20 million on Changjiang Corporate Finance Limited (CJCF) due to alleged significant lapses in fulfilling its responsibilities as a sponsor for six listed applications.

The failure of CJCF spans from 2015 to 2017 and encompassed a lack of due diligence, improper guidance, and inadequate information disclosure in the listing applications, the regulator said. The matter involves listing applications for companies, such as Pacific Infinity, AsiaPac Net Media Holdings, Perpetual Power Holdings, Van Chuam International, Rising Sun Construction Holdings, and Byleasing Holdings.

SDX Leads Digital Token Identifier Adoption

The financial market infrastructure platform based on distributed ledger technology (DLT), SDX has embraced the ISO 24165 DTI standard managed by the Digital Token Identifier Foundation (DTIF). SDX's adoption of DTIs encompasses its comprehensive range of services, including digital asset trading, settlement, and custody, the company stated today (Monday).

Sassan Danesh, the CEO of Etrading Software, remarked: "We are delighted to issue a DTI to SDX's DL and welcome SDX's adoption of the DTIs in their platform. This is another important landmark for the industry to be able to identify digital assets in a standardized way."

UK Commits £100M to AI Chip Advancement

In a bid to secure a competitive edge in the race for the adoption of artificial intelligence (AI), the UK Prime Minister, Rishi Sunak has allocated up to GBP £100 million of public funds towards the acquisition of high-performance AI chips, according to a report by Telegraph.

Additionally, the government has reportedly engaged in discussions with tech giants NVidia Corp, Advanced Micro Devices Inc., and Intel Corp. to procure equipment for a national AI Research Resource. The initiative is led by UK Research and Innovation.

Empowered Files for Ark and 21Shares-Branded Bitcoin Futures ETFs

Empowered has submitted an application for the launch of three Bitcoin futures exchange-traded funds (ETFs) that will bear the names of renowned brands Ark Invest and 21Shares. Despite these brands being featured on the ETFs, the operational roles will differ, with 21Shares functioning as the subadviser and Ark acting as the sub-subadviser.

One of the ETFs, the Ark 21Shares Active Bitcoin Futures ETF, is designed to invest mainly in Bitcoin futures trading on the Chicago Mercantile Exchange. Notably, this ETF will also serve as the underlying asset for two other Bitcoin-related ETFs.

ThinkMarkets Adds Taiwanese Index

Australia-headquartered ThinkMarkets, a retail contracts for differences (CFDs) broker, has expanded its offering by introducing the Taiwan Stock Exchange Weighted Index (TAIEX).

“We’re delighted to expand our indices offering with the launch of TAIEX,” said Faizan Anees, the Director and Co-Founder at ThinkMarkets. “This index is perfect for traders seeking exposure to the Taiwanese stock market and the broader Asian region. One of our main goals at ThinkMarkets is to continually grow and expand the selection of instruments we offer to our clients, and the introduction of TAIEX is a further testament to this.”

The expansion came as the company is bound for a public listing and has already partnered with a blank check company.

GNB Swiss Investments and Reltime Dives in Cross-Border Payments

A fintech firm, Reltime has partnered with GNB Swiss Investments AG to launch an 'unrestricted' cross-border payments platform. The partnership is strategic as the two companies complement each other’s services.

“At GNB Swiss, we have always been committed to pushing the boundaries of financial innovation,” said Hani Salem, the Chairman and CEO at GNB Swiss Investments AG. “Teaming up with Reltime to introduce a highly Economic & Geographically Unrestricted Cross-Border Payments is a testament to our shared dedication to providing transformative solutions.”

Marlene Julo, the Co-Founder and Chair of the Board at Reltime, added: “Our combined efforts will unlock new opportunities for businesses and individuals, fostering stronger global connections and driving economic progress.”

Xceptor and Taskize Tie to Improve Counterparty Experiences

Xceptor, a data automation platform provider, and Taskize, a provider of inter-company workflow in the financial services industry, collaborated to supply financial institutions and energy firms with improved counterparty experiences and significant operational efficiencies.

Michiel Verhoeven, the CEO at Xceptor, said: “Historically, financial services and energy firms have risked financial loss through unsettled trades, experienced a lack of auditability and transparency across correspondence with counterparties, and spent costly analyst time on low value activities such as chasing. This integration with Taskize addresses these challenges in multiple ways.”

The CEO at Taskize, Philip Slavin, said: “Email correspondence is infamously hard to manage and audit. Taskize meets this challenge head on and provides a purpose-built consolidated solution that retains the useful elements of email and removes all the problematic” ones.

Bitget Updates KYC Requirements

The Cryptocurrency exchange, Bitget has announced the upcoming adjustment of its know-your-customer (KYC) requirements that will mandate completion of the “level 1 KYC verification” from September 1.

Under the new conditions, new users need to complete the level 1 KYC to access various services of Bitget, including deposits and trading. Existing customers of the crypto exchange have to complete the level 1 KYC between September 1 and October 1.

Nomura to Launch Actively Managed ETFs

Nomura will become the first in Japan to launch actively managed exchange-traded funds, following the approval from the Tokyo Stock Exchange. The asset management giant will launch two such funds: NEXT FUNDS Japan Growth Equity Active Exchange Traded Fund and NEXT FUNDS Japan High Dividend Equity Active Exchange Traded Fund.

The two ETFs will make their exchange debut on September 7, and there will be a minimum investment requirement of approximately 2,000 yen (per unit).