Paxos’ Post

Paxos Secures Full Approval to Offer Digital Payment Token Services from Monetary Authority of Singapore (MAS); DBS Bank to be Primary Banking Partner Walter Hessert Head of Strategy at Paxos, said: “Stablecoins issued in accordance with standards set by a regulator like MAS – known for its rigorous regulatory standards – represent a significant step towards democratizing access to commerce and financial services. Receiving approval from MAS is an important step for Paxos and our global enterprise partners to safely offer access to US dollars to more users around the world.” https://lnkd.in/edEn6qD5 Evy Theunis #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

How will BNY’s innovations drive the future of cross-border payments in Asia Pacific Read the full article: https://bit.ly/3ZfN4vk Jennifer Barker, global head of treasury services and depositary receipts at BNY, discussed the rapid evolution of cross-border payments in Asia Pacific, the impact of blockchain on FX transactions, and the pressing challenges in payment security. With BNY’s extensive history and presence serving financial institutions across the region, Barker provided a deep dive into the bank’s strategic innovations and its role in shaping the future of financial services across Asia. As the global economy becomes increasingly interconnected, the demand for efficient, secure, and transparent cross-border payment solutions has surged. BNY, with a history spanning over 240 years and a strong presence in Asia Pacific, has been at the forefront of this evolution. Jennifer Barker, global head of treasury services and depositary receipts, believes BNY’s pioneering innovations set new standards in the industry, and the bank is focused on leveraging technology to lead in the cross-border payments space, particularly in the Asia Pacific region. OCBC, Bank for International Settlements – BIS, Monetary Authority of Singapore (MAS), Commonwealth Bank, Swift Foo Boon Ping 胡文彬, TAB Global #CrossBorderPayments #FinancialInnovation #BlockchainTechnology #PaymentSecurity #RealTimePayments #FintechSolutions #AsiaPacificFinance #DigitalAdoption #SmartRouting #FraudPrevention #VirtualAccounts #TreasuryManagement #ISO20022 #GlobalPayments #FinancialServices #BNYMellon #TheAsianBanker #TABGlobal

Excited to share insights from Miriam Cross, Technology Reporter at American Banker, on the transformative power of blockchain in the financial industry. Her article, "Tokenization in Banking," offers a crystal-clear explanation, with real-world examples, of how blockchain technology is revolutionizing the way banks operate, particularly highlighting JPMorgan, Citigroup and other major banks' pioneering efforts. As someone deeply interested in the intersection of technology and finance, I found this piece exceptionally enlightening. It not only demystifies blockchain but also showcases its practical applications, especially in tokenization. This innovation promises to streamline transactions, enhance security, and open up new opportunities for banks but also for other financial institutions, and I can clearly see the significant implications for the Insurance and ReInsurance sectors. The early adoption of blockchain, as seen in the Intraday Repos, underscores the technology's potential to elevate commercial propositions. It's a game-changer, facilitating transactions at unparalleled speeds and efficiency. Echoing Sudhir Pai, Chief Technology and Innovation Officer at Capgemini, "it's not about one bank having a platform and looking at tokenization, it will only work when there is an ecosystem around tokenization." This statement resonates deeply, highlighting the need for collaborative efforts to fully harness blockchain's capabilities. Let's explore how we can collectively foster this ecosystem, unlocking new frontiers in finance and beyond. #Blockchain #FinanceInnovation #Tokenization #BankingFuture

"Yesterday Banking Circle announced the launch of EURI, a MiCAR compliant Euro-pegged stablecoin. Banking Circle has a Luxembourg banking license but doesn’t serve retail clients directly. Instead, it provides correspondent banking and global payment services to companies, including fintechs such as Stripe and Airwallex. It says one of its aims is to is to enable 24/7 access to digital money and out-of-hours settlement. Banking Circle claims to be the first MiCAR compliant stablecoin issued by a bank. Technically, that’s correct. Societe Generale FORGE (SocGen FORGE) has the EURCV stablecoin which it launched in 2023. SocGen FORGE received a license in France as an electronic money institution in time for MiCAR coming into force on 30 June this year. However, SocGen FORGE is not itself a bank. It is a subsidiary of a systemically important bank." ISIN# XTLGPZM7PJ93 #DTI LGPZM7PJ9 #stablecoins #crypto #cryptoassets #digitalassets #standards #micar https://lnkd.in/gRthmbnu

ℝ𝕖𝕧𝕠𝕝𝕦𝕥𝕚𝕠𝕟𝕚𝕫𝕚𝕟𝕘 ℙ𝕒𝕪𝕞𝕖𝕟𝕥𝕤 : 𝙐𝙣𝙫𝙚𝙞𝙡𝙞𝙣𝙜 𝙩𝙝𝙚 𝙋𝙤𝙬𝙚𝙧 𝙤𝙛 𝙎𝙒𝙄𝙁𝙏 𝙏𝙧𝙖𝙣𝙨𝙖𝙘𝙩𝙞𝙤𝙣 𝙈𝙖𝙣𝙖𝙜𝙚𝙢𝙚𝙣𝙩 𝙬𝙞𝙩𝙝 #ISO20022 Insights by BNY Mellon 🌐💰 🚀 The advent of the #SWIFT Transaction Manager, set to commence operations in 2022, signifies a pivotal stride in the evolution of the global payment system. Its focus on end-to-end transaction management empowers seamless and instant domestic and cross-border payments, reflecting a commitment to efficiency. The imperative migration from MT to ISO 20022 underscores SWIFT's dedication to providing enriched data, enhanced insights, heightened automation, and valuable supplementary services. This phased migration approach, coupled with the optional adoption of API channels, underscores SWIFT's commitment to meeting the evolving needs of a dynamic market, especially in burgeoning segments like SME and consumer #payments. SWIFT's strategy rests on three key pillars: rich data, optional API channel adoption, and the shift towards active transaction management. The ISO 20022 migration transcends mere message format alteration, extending to message translation to ensure seamless interoperability between ISO 20022 and MT users. This strategic move acknowledges the intricacies of the market and the necessity to maintain interconnectivity among parties. Mandatory updates to messaging interfaces for all institutions and thoughtful considerations regarding delivery channels and compliance underscore the gravity of these developments for participants. SWIFT's shift from a passive to an active model, emphasizing transaction management, offers end-to-end certainty in data and simplified access to data services for heightened payment quality. The emphasis on growth segments like SME and consumer payments reflects SWIFT's vision to address evolving needs in the global payment ecosystem. These advancements present an opportune moment for participants to proactively ready their infrastructure, aligning with the transformative shift towards a more modern and efficient payment landscape within the realm of Internet technology in banking and finance. 🌎💡 Kudos to BNY Mellon for delivering insightful perspectives that greatly benefit financial practitioners in the banking sector. Their valuable contributions and exploration of the Swift Transaction Manager, particularly its leverage of ISO 20022 structured data, showcase a commendable commitment to enhancing understanding within the dynamic landscape of #FinancialTechnology. 💪🚀💡 #FinancialRevolution #BankingInnovation #GlobalFinance #InvestmentBanking #CrossBorderPayment #RadithyaCoPartner #MataramPostmo #SolarNet #MPPlusStrategy #Blockchain #DeFi #Fintech #WealthAssetManagement #AssetManagement #CBDC #StableCoin #Crypto #DecentralizedEcosystem #GrowthInvestmentMindset

Stablecoin payments provider BVNK has launched US dollar payments via Swift, enabling global businesses to access its stablecoin services. Find out more below with comments from BVNK Director of Product and Core Banking, Maxim Ivanov. #Payments #Stablecoins #Fintech

🚀 BaaS for Crypto: Why Fabric Ventures Invested In Us 🚀 🔑 Key Highlights: 🏦 Revolutionizing Crypto-Fiat Transactions: Fiat Republic is leading the way in simplifying and securing transactions between crypto and traditional banking. 🌍 Global Compliance Made Easy: Tackling regional complexities, Fiat Republic streamlines banking processes for a seamless global expansion. 💳 Building Trust at the Crypto and Fiat Intersection: Fiat Republic sets new transactional security and efficiency standards with innovative solutions. 🔗 Read the article to uncover how we’re making BaaS work for Crypto. https://lnkd.in/e5R7wNHS

Multinational #banking and financial services company DBS Bank collaborated with digital payment provider Ant International on a new blockchain-based treasury and liquidity management solution. On Aug. 13, DBS Bank announced the pilot launch of DBS Treasury Tokens, which Ant International will use for instant and multicurrency treasury and liquidity management. The new DBS Treasury Tokens to be used by Ant International exist on DBS’ permissioned #blockchain for its entities across multiple markets. 💡 According to DBS, its permissioned blockchain is compatible with the #Ethereum Virtual Machine (EVM) and is integrated with the bank’s core payments engine. This development enhances the system’s extensibility and interoperability with various industry payment infrastructures connected to DBS. The announcement noted that the DBS Treasury Tokens project applies the company’s learnings and systems developed from participating in the Monetary Authority of Singapore (MAS)'s Project Orchid and Project Guardian, which tests the benefits of #tokenization. According to DBS, its Treasury Tokens are one of the applications tested under Project Guardian. DBS Bank’s group head of global transaction services, Soon Chong Lim, said that the new project is solving an urgent need due to the rise of e-commerce and on-demand services. The executive said: “DBS Treasury Tokens and our partnership with Ant International demonstrates how corporates can seize such opportunities with full confidence that their liquidity management capabilities can scale in tandem.” The executive added that DBS’ permissioned blockchain also forms the foundation for new efficiencies and capabilities in traditional banking services, including “programmable, fractionalized and atomic value transfer.” More details in the full Cointelegraph article by Ezra Reguerra. #AltBanking The leading aggregator, bringing the best actionable news, information and opportunities in this rapidly evolving ecosystem right to you. Follow us to stay up-to-date! #finance #fintech #Web3 #tokenisation #Singapore #TradFi #digitalassets #innovation #investment #currency #banking https://lnkd.in/d7CxY3Qy

Good morning Linkedin Community! Excited to Share Insights on Modern Banking Interoperability Discover the strategic significance of Interoperability in modern banking with our latest blog post, "Bridging Borders: The Strategic Significance of Interoperability in Modern Banking." Explore how Interoperability harmonizes diverse financial systems, paving the way for seamless cross-border transactions and fostering a dynamic global financial ecosystem. From local networks to international landscapes, learn how Interoperability unlocks the doors to a truly interconnected world of modern banking. Join the conversation and share your views on the Symphony of Connectivity in banking. Visit our blog https://lnkd.in/dUdZsE-C to read the full post and leave your comments. Let's bridge borders and shape the future of banking together! #Banking #Interoperability #Finance #GlobalEconomy #ModernBanking #FinancialTechnology #Fintech #CrossBorderTransactions #RegulatoryCompliance #Blockchain #APIs #DigitalTransformation

For Large, Global, Commercial Banks, this is next to impossible. Yet we did it! Integration of blockchain to SCB's core, payment systems in production! You have heard me say this 1,000 times... the future of Financial Market Infrastructure is M1 (ok, M3 - our customers' claims on the Bank) and M0 (The Bank's claim on the Central Bank) on chain. This is the first step of putting M1 on chain. You might ask: So what? Why? True game changer for all of our customers' financial needs, interactions and life-blood of their businesses. Imagine: 1. Real time transactions – no more waiting for cut off times and opening hours - for what matters, large scale transactions measured in Billions of $. 2. JIT – move your working capital when and where you need it instantly… no more leaving idle (trapped) cash awaiting clearance to effect a large payment in the markets. 3. 24.7 – allow your working capital to move freely when half or more of your world is asleep. No more waiting for market A to open to settle in Market B. 4. Automation – Smart contracts are code and so programmability of your working capital becomes real – using market or treasury based triggers to collect, hold, pay – end to end working capital lifecycle - automatically. There is sooo much more to come. Please join us in the world of integrated money, anytime, anywhere.