Singapore Cooperated with Indian State Government to Explore FinTech

The central bank of Singapore cooperated with the government of the Indian state of Maharashtra to jointly explore FinTech initiatives in areas including blockchain technology
26 February 2018   434

On Monday, The Monetary Authority of Singapore (MAS) and the Government of Maharashtra (GoM) signed a Memorandum of Understanding (MoU) to strengthen cooperation in promoting FinTech innovation including blockchain technology in the two markets.

Two entities will explore joint innovation projects that will see the application of financial technologies including blockchain, digital and mobile payments and big data. According to the MoU’s terms, it will enable regulatory discussions and an exchange of information and data on FinTech-related trends in order to encourage the development of the sector.

It is believed that this agreement will foster engagements between FinTech startups in Singapore and Indian state Maharashtra. A FinTech-based curriculum developed for educational programs in the Indian state is also being considered.

More than that, in Mumbai, will be established a Centre of Excellence (COE) and a marketplace for Singapore-based FinTech solutions.

The creation of a Centre of Excellence and marketplace for FinTech solutions in Maharashtra could create more opportunities for Singapore-based FinTech firms.

Sopnendu Mohanty

MAS FinTech chief

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   74

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.