United Arab Emirates, Singapore and Bangkok in focus –

This week, the United Arab Emirates introduced Open Finance Regulation, Singapore made a key arrest and recovered $29 million in cryptocurrencies, and this year the Wiki Finance Expo will take place in Bangkok, where the latest developments will be showcased in blockchain and cryptocurrencies.

UAE introduces open finance regulation to boost fintech innovation

The Central Bank of the United Arab Emirates (CBUAE) 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 Economy of the Middle EastThe UAE financial sector has welcomed the new regulation as a significant development that will impact all categories of CBUAE licensees.

Abdulla Almoayed, CEO of Tarabut Gateway, envisions a world where Open Finance allows all accounts to be seamlessly aggregated into a single 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 sector in the UAE. Al Etihad Payments and Core42’s centralized API hub and trust framework provide a standardized and secure interface for all stakeholders, ensuring a safe, innovative and promising financial ecosystem within the UAE.

Commenting on the development, Zina Ashour, founder of Women in Crypto Arabia, said: “Open Finance is a secure way for financial institutions to open up their systems to accredited third-party providers. It allows these parties to access financial data held by the financial institution.”

He further explained that Open Finance can lead to the creation of innovative financial services solutions, tailored to the needs of individual customers. “Thanks to Open Finance, you could, for example, use a single app to manage all your bank accounts, investments and expenses, regardless of the institutions involved,” Ashour said.

Botnet mastermind arrested in Singapore and $29 million in cryptocurrencies seized

A Chinese national, Yunhe Wang, has been arrested in Singapore for his alleged role as the mastermind behind the “911 S5” botnet, believed to be the largest in the world. The FBI also seized $29 million in cryptocurrency.

The botnet has reportedly been used to steal billions of dollars from financial institutions, credit card issuers, account holders, and federal loan programs since 2014, with criminals using the botnet estimated to have committed approximately 5, $9 billion in fraud.

The botnet has reportedly infected computers in around 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 dismantle the botnet involved authorities from the United States, Singapore, Thailand and Germany, highlighting the importance of international cooperation in fighting cybercrime.

If convicted, Wang faces up to 65 years in prison on charges including computer fraud and money laundering.

Wiki Finance Expo Bangkok 2024 is ready to showcase the latest developments in Blockchain and Crypto

The Wiki Finance Expo Bangkok 2024, scheduled for September, is preparing to become a major event in the world of blockchain and cryptocurrencies.

The exhibit 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 a rapidly evolving industry.

The Wiki Finance Expo Bangkok 2024 will provide participants with a platform to share knowledge, exchange ideas and network with colleagues from around the world. The event features keynote speeches, panel discussions, workshops and exhibitions showcasing the latest products and services in the blockchain and crypto space.

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Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.

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