The Monetary Authority of Singapore (MAS) has committed an additional S$100million to support the development of quantum and artificial intelligence (AI) technologies in the financial sector. This investment is part of the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) and aims to foster innovation and enhance technological capabilities in finance. Quantum technology is poised to […]
The interest rate on a 30-year fixed-rate mortgage is 6.625% as of July 19, which is unchanged from yesterday. Additionally, the interest rate on a 15-year fixed-rate mortgage is 5.875%, which is 0.115 percentage points lower than yesterday. With mortgage rates changing daily, it’s a good idea to check today’s rate before applying for a loan. It’s […]
Asia’s foreign reserves have dropped this year as central banks have intervened to support their currencies, with Japan, Indonesia and South Korea leading the declines. Foreign reserves across 12 countries, from Japan to India, fell about $50 billion to $7.5 trillion by the end of June. They had risen 2.2% in the same period last […]
Hong Kong’s Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA), are set to finalise plans for a new licensing regime for fiat-referenced stablecoins (FRS), to combat associated financial stability risks. On 17 July, the two regulatory bodies jointly issued the conclusion of their legislative proposal to implement a regulatory regime for FRS issuers […]
Throughout the last two years, AI has exploded in popularity. The biggest buzzword for consumers and corporate businesses alike, the tech is promising to have an impact in every sector. Because of this, UAE retail investors now appear to heavily favour AI over big tech firms, according to new data from trading and investing platform eToro. […]
Chip stocks in Asia tumbled on Thursday following a tech selloff on Wall Street amid reports the U.S. may be considering tighter export restrictions. Shares of Taiwan Semiconductor Manufacturing Company — the world’s biggest chip supplier — fell as much as 4.3% in Asia trade, before paring losses. The company reported Thursday revenue and profit expectations in the […]
Asian equities slid on Thursday, led by chip stocks as investors fret over the prospect of escalating trade tensions between the U.S. and China, while the yen was firm after scaling a six-week high following suspected interventions by Tokyo. The U.S. dollar loitered closed to its weakest in four months against a basket of currencies […]
The American Fintech Council, the industry association representing responsible fintech companies and innovative banks, has welcomed new recommendations regarding buy now, pay later (BNPL) but warns that providers need more time to ensure compliance. In May 2024, the Consumer Financial Protection Bureau (CFPB), the independent agency of the US government responsible for consumer protection in […]
Singapore-based fintech startup Qashier has launched ‘Treats’, a new payment-linked loyalty programme enabling customers to earn points by paying with their linked cards. Since piloting the loyalty programme with 7,000 customers in June 2024, Qashier merchants have seen an average of 26 per cent increase in customer purchases and an increased return rate of customers within an […]
General Motors’ goal of being capable of producing 1 million all-electric vehicles in North America by the end of 2025 in heavily in doubt, following comments Monday by CEO Mary Barra. The production capacity target for next year was one of the last EV targets the automaker hadn’t lowered or withdrawn as demand for EVs […]
Google is considering spending $23 billion to buy Wiz, a cloud cybersecurity startup with partners that include Amazon and Oracle, reports The Wall Street Journal. At close to twice what it spent for Motorola Mobility in 2012, it would be the most Google has ever paid for another company. The New York City-based Wiz offers […]
Japan likely spent some 3 trillion yen ($19 billion) overnight to lift the yen from a 37-year low versus the U.S. dollar, market estimates and data showed Friday, despite government officials remaining reticent on whether authorities intervened. The suspected fresh market foray apparently sent the dollar tumbling over 4 yen from 161 yen in a […]
