Ubin is an island located northeast of the Singapore mainland, close to the border between the island republic and the Malaysian state of Johor.
Go-Jek, Indonesia’s biggest ride-hailing service, agreed to acquire three local financial-technology companies, underscoring its ambition to become the dominant player in the country’s nascent digital-payments industry.
Elaine Ou, a blockchain engineer and Bloomberg View columnist, answered questions about cryptocurrencies from Bloomberg Terminal customers in a TOPLive chat on Tuesday with Julie Verhage, who covers markets for Bloomberg News.
Singapore banks have closed accounts of several companies which specialise in providing cryptocurrency and payments services, according to two local bodies which represent financial-technology firms.
China plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, dealing another blow to the 150 billion dollars cryptocurrency market after the country outlawed initial coin offerings last week.
Earlier this week, the world was bombarded with unfavourable news about bitcoin. Chinese media outlet, Caixin, posted an article that said China is planning to shut local bitcoin exchanges.
As the world grows smaller and connected, many organisations and individuals become highly depended on technology-based interfaces for various financial services including banking, payments, money transfers, fund-raising and asset management.
Japan’s Fisco Ltd. is experimenting with selling bonds denominated in bitcoins, figuring that the digital currency will eventually become a legally recognized financial asset in Japan and help boost its business.
Financial technology (FinTech) is pressuring banks and financial institutions (FIs) in the Southeast Asian region to rethink on how to improve their business strategies in particular to enhance interaction with their customers.