The Global Legal Entity Identifier Foundation (GLEIF) has approved multinational bank BNP Paribas as a ‘Validation Agent’ in its Global LEI System; enabling the bank and its clients to enjoy enhanced client onboarding and lifecycle management processes. BNP Paribas becomes the latest global financial institution to be approved as a Validation Agent, with over 15 currently operating globally. The programme and framework were developed to enable banks and other regulated institutions to leverage their know-your-customer (KYC) and client onboarding procedures to help clients obtain LEIs. By doing so, Validation Agents can improve their corporate client onboarding experience, accelerate client lifecycle management processes, and improve internal data management. The addition of BNP Paribas to the Global LEI System marks the first global systemically important bank (G-SIB) headquartered in the European Union to join the Validation Agent programme. Stephan Wolf, CEO of the Global Legal Entity Identifier Foundation Stephan Wolf, CEO at GLEIF, commented: “The Validation Agent role was designed to offer a multitude of benefits to any financial institution that engages corporate clients. Both BNP Paribas and its clients will benefit from enhanced client onboarding and lifecycle management processes. “In addition to the value derived from the role, BNP Paribas has a clear opportunity to evolve how LEIs are used, both in response to compliance mandates, and more broadly to facilitate greater transparency between organisations around the world to support the fight against financial crime. Welcoming BNP Paribas to the Validation Agent programme is a significant development for the Global LEI System and we’re delighted that BNP Paribas has recognised the opportunity presented by the role.” ‘Promoting greater trust and transparency between global businesses’ BNP Paribas will proactively provide corporate and institutional banking (CIB) clients with an LEI, ensuring the long-term efficacy of new processes by providing high data accuracy. BNP Paribas obtains LEIs for CIB clients as they are onboarded and will ensure LEI completeness during the KYC recertification process. This enables the bank to streamline onboarding processes and deliver a more convenient client experience by simplifying the entity identification procedures. Goulven Charlès, chief data officer at BNP Paribas Corporate & Institutional Banking Goulven Charlès, chief data officer at BNP Paribas Corporate & Institutional Banking, also said: “Assuming the role of Validation Agent marks our commitment to promoting greater trust and transparency between global businesses. As part of our continuous data efforts, we are deploying the LEI, thereby delivering value for our clients and across BNP Paribas CIB.” “By providing clients with an LEI, BNP Paribas is also promoting wider global uptake. Diversifying how LEIs are utilised by both the bank and its clients creates opportunities to leverage the standardised global business identity system in a range of use cases where counterparty verification is required. “This includes cross-border payments, KYC and anti-money laundering (AML), external provider matching, international supply chain relationships, environmental, social and governance (ESG) reporting, and digital identity applications. Support for broader adoption follows strong international advocacy for the use of the LEI in ISO 20022 payment messages to facilitate key cross-border payment use cases and to fight global financial crime. This includes the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI), The Wolfsberg Group and the Swift Payment Market Practice Group (PMPG). The post GLEIF Approves BNP Paribas as Latest Validation Agent in Global LEI System appeared first on The Fintech Times.
The post Hong Kong’s Bitcoin and Ethereum Spot ETFs Coming to Singapore appeared first on Coinpedia Fintech News Hong Kong’s Harvest Global Investments and Singapore’s MetaComp are teaming up to introduce new Bitcoin and Ethereum spot ETFs to Singaporean investors. This strategic partnership will leverage both companies’ strengths to introduce these cryptocurrency funds, which will start trading on the Hong Kong Stock Exchange on April 30. Introducing Innovative Crypto Products MetaComp, licensed by the Monetary Authority of Singapore, focuses on blockchain and cryptoassets. Together with Harvest Global Investments, MetaComp will make these new ETFs available through its Client Assets Management Platform (CAMP). This platform is designed to manage client assets with cutting-edge technology under strict regulatory frameworks, ensuring that Singapore investors can safely invest in these products. The memorandum of understanding between these two firms indicates a major move towards making innovative financial products more accessible globally. Harvest Global Investments has recently obtained approval from Hong Kong’s Securities and Futures Commission to launch these anticipated cryptocurrency ETFs. Building on Mutual Strengths The partnership does not just stop at cryptocurrency ETFs. Both companies are set to explore further integrating Harvest’s diverse asset management solutions into MetaComp’s offerings. MetaComp will also grant Harvest access to its Digital Payment Token services, broadening the scope of their collaboration. By aligning with Harvest Global Investments, MetaComp has said that it aims to tap into the scale and expertise of a leading global financial entity, thus significantly boosting its service capabilities and market reach. This strategy is expected to benefit both companies’ existing clients and attract new customers looking for advanced financial solutions that bridge traditional finance with crypto finance. Dr. Bo Bai, Chairman, and Co-Founder of MetaComp, shared his views on this partnership: “This strategic alliance with Harvest Global Investments Limited reaffirms MetaComp’s commitment to being the bridge that links traditional finance with crypto finance. We are confident that our partnership with Harvest Global Investments Limited will prove to be mutually beneficial.”
Pioneering force in the Middle East and Africa’s payments and revenue operations sector, MoneyHash and Visa, a world leader in digital payments, for delivering secure and enhanced digital payments experiences, announce collaboration.
A leading multinational bank, Access Bank Group, has today launched an innovative solution in collaboration with Mastercard to expand access to cross-border payments and remittances to and from the continent, bringing Africa closer to the global economy.
The post Crypto Trading Volume Plunges After 7-Month Surge, Bitcoin’s Winning Streak Snapped appeared first on Coinpedia Fintech News Cryptocurrency trading volume took a downturn in April, marking the first monthly decline in seven consecutive months of growth. The decline, attributed to geopolitical tensions and reduced inflows into U.S.-listed spot ETFs, had a significant impact on both spot and derivatives markets. Decline in Trading Volume According to a report by London-based digital assets data provider CCData, the combined volume in spot and derivatives markets fell sharply by 43.8% to $6.58 trillion, down from March’s record high of $9.12 trillion. The drop in trading activity was particularly pronounced in derivatives markets, which experienced a decline of 47.6% to $4.57 trillion. Concurrently, the spot market volume saw a more modest decrease of 32.6% to $2.01 trillion. Meanwhile, the CCData attributed this decline to unexpected macroeconomic data, escalating geopolitical tensions in the Middle East, and negative net flows from U.S. spot bitcoin ETFs. Bitcoin Volume Drop By 15% Bitcoin (BTC), the dominant cryptocurrency by market value, suffered a notable 15% decline in April, breaking its streak of seven consecutive months of gains. The sell-off was triggered by renewed risk aversion amid geopolitical uncertainties, reduced expectations of rapid Fed rate cuts, and strength in the U.S. dollar index. The broader cryptocurrency market also experienced significant declines, which tracks the most liquid digital assets, plummeting by nearly 20%. The total market capitalization of the crypto market fell by 16.8% to $2.177 trillion during the month. Impact on Binance Exchange Binance, the largest crypto exchange by volume, saw its market share decline to 41.5% in April, with combined spot and derivatives trading volume falling by 39.2% to $679 billion. This decline coincided with news of the exchange’s founder and previous CEO, Changpeng Zhao, being sentenced to prison for violating U.S. money laundering laws. Since Zhao’s departure and Richard Teng taking over as CEO, Binance’s spot market share has rebounded slightly to 33.8%, according to CCData. Overall, April’s decline in trading volume and market performance underscored the sensitivity of cryptocurrencies to macroeconomic factors and geopolitical events, highlighting the need for investors to navigate market conditions with caution.
The post Binance vs. Nigeria: CEO Richard Teng Confronts Authorities Over Alleged Abuse of Power appeared first on Coinpedia Fintech News Richard Teng, CEO of Binance, openly criticized Nigerian authorities for what he claims is an abuse of power and mistreatment of cryptocurrency exchange executives. He specifically mentioned Tigran Gambaryan, who is currently detained. Teng emphasized the importance of this situation for the business community following the arrests of Gambaryan and Nadeem Anjarwalla, head of Binance Africa. Regulatory Rift: Nigeria’s SEC Regulations vs Binance’s Attempts for Guidance The conflict arises from the 2022 SEC regulations governing crypto exchanges in Nigeria. Despite Binance’s proactive efforts to seek guidance, they have received no response. Moreover, Binance asserts that no Virtual Asset Service Provider (VASP) has been licensed under these regulations till date. Cryptocurrency Bribery Allegations: Binance’s Account vs. Nigerian Denials In early 2024, during discussions with Nigerian officials, Binance claims they were approached with a demand for a significant cryptocurrency payment to settle unspecified allegations. Nigeria denied these bribery allegations, dismissing them as tactics to divert attention from Binance’s activities. Also read: Tigran Detained!? Binance CEO Demands Release of Employee in Nigeria Nigeria’s Response: Dismissing Bribery Claims as Diversionary Tactics Nigeria’s Information Ministry spokesperson, Rabiu Ibrahim, rejected Binance CEO’s bribery allegations as baseless and claimed they were part of an orchestrated effort to deflect attention. Ibrahim also characterized these allegations as part of Binance’s strategy to divert attention from its activities. The Nigerian government firmly denied any involvement in bribery attempts. It accused Binance of making fictional claims and conducting media campaigns to improve its reputation amid ongoing criminal prosecutions in multiple countries. Cryptocurrency Scrutiny in Nigeria: Addressing Naira Depreciation and Regulatory Adjustments The dispute unfolds amidst Nigeria’s intensified scrutiny of cryptocurrencies, fueled partly by concerns over the depreciation of the local currency, the naira. The currency’s decline is partly attributed to adjustments in foreign exchange controls and increased volatility managed by the Nigerian authorities. The SEC has banned person-to-person crypto trading involving the naira to address these concerns. Additionally, they have hinted at forthcoming regulations to govern the sector. However, Binance has yet to respond to Nigeria’s accusations and denials, leaving uncertainty about Tigran Gambaryan’s future and the implications of Binance’s operations in Nigeria. BNB’s Positive Trading Despite Turmoil Despite the turmoil, BNB, Binance’s native token, continues to experience positive trading at $600, with an 8.3% increase last week. This resilience reflects investor confidence in the ability of Binance to weather the regulatory challenges and legal uncertainties. Also check out: BNB Coin Price Prediction 2024-2025: Will Binance Coin Price Reach $1000 in 2024?
Payment orchestration provider, BR-DGE, has announced its first in-region hire for Asia Pacific as the business expands its global presence.
Fractal, a new fintech platform exclusively servicing SaaS companies, today announces the launch of the most efficient payment processing services in the US.