This week, the UAE introduced Open Finance regulation, Singapore made a key arrest and recovered $29 million in crypto, and Wiki Finance Expo is set to take place in Bangkok this year where latest developments in blockchain and crypto will be showcased.
UAE Introduces Open Finance Regulation To Boost Fintech Innovation
The Central Bank of the United Arab Emirates (CBUAE) has recently issued the Open Finance Regulation, establishing a comprehensive framework to regulate the licensing, supervision, and operation of Open Finance in the country.
According to local media outlet Middle East Economy, the UAE’s financial sector has welcomed the new regulation as a significant development that will have an impact on all categories of CBUAE licensees.
Abdulla Almoayed, CEO of Tarabut Gateway, envisions a world where Open Finance enables all accounts to be seamlessly aggregated into one interface, with money automatically transferred between savings and investment accounts without manual intervention.
The Open Finance Regulation is expected to have a significant impact on the fintech domain in the UAE. The centralized API hub and trust framework by Al Etihad Payments and Core42 provide a standardized and secure interface for all stakeholders, ensuring a secure, innovative, and promising financial ecosystem within the UAE.
The launch of the Open Finance Lab follows the recent signing of a MoU between the Central Bank of the UAE and DIFC Authority to promote the development and growth of the UAE financial technology sector.#technology #uae #news pic.twitter.com/9hhNN7IcgS
— Smashi (@smashibusiness) June 29, 2022
Commenting on the development, Zina Ashour, founder of Women in Crypto Arabia said, “Open Finance is a secure way for financial institutions to open their systems to accredited third-party providers. It allows these parties access to financial data held by the financial institution.”
She further explained that Open Finance can lead to the creation of innovative financial services solutions, tailored to individual customer’s needs. “Thanks to Open Finance, you could, for instance, use a single app to manage all your bank accounts, investments and spending, regardless of the institutions involved,” said Ashour.
Botnet Mastermind Arrested In Singapore, $29 Million In Crypto Seized
A Chinese citizen, Yunhe Wang, has been arrested in Singapore for his alleged role as the mastermind behind the “911 S5” botnet, believed to be the world’s largest. The FBI has seized $29 million in cryptocurrency as well.
The botnet was reportedly used to steal billions of dollars from financial institutions, credit card issuers, accountholders, and federal lending programs since 2014, with criminals using the botnet estimated to have committed about $5.9 billion in fraud.
The botnet reportedly infected computers in approximately 200 countries and facilitated various illicit activities.
Wang made $99 million by selling access to this botnet to criminals.
The operation to arrest Wang and disrupt the botnet involved authorities from the US, Singapore, Thailand, and Germany, highlighting the importance of international cooperation in combating cybercrime.
If convicted, Wang faces up to 65 years in prison over charges including computer fraud and money laundering.
Wiki Finance Expo Bangkok 2024 Set to Showcase Latest Developments in Blockchain and Crypto
The Wiki Finance Expo Bangkok 2024, scheduled for September, is gearing up to be a major event in the world of blockchain and cryptocurrency.
The expo will cover a wide range of topics, including decentralized finance (DeFi), non-fungible tokens (NFTs), central bank digital currencies (CBDCs), and the regulatory landscape for cryptocurrencies. The expo will bring together industry leaders, innovators, and enthusiasts to discuss the latest developments and trends in the rapidly evolving sector.
The Wiki Finance Expo Bangkok 2024 will provide a platform for participants to share knowledge, exchange ideas, and network with peers from around the world. The event will feature keynote speeches, panel discussions, workshops, and exhibitions showcasing the latest products and services in the blockchain and crypto space.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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