LONDON, March 18 — Indonesian banks will see “more than 12 per cent” loan growth in 2018 thanks to a recovering global economy and a pickup in commodity prices, the country’s financial regulator said. Wimboh Santoso, head of Indonesia’s…
In financial planning, you need to assess where you are now in financial terms, such as what do you own and what do you owe, how much money do you have and after making the various payments, how much money there is left. When doing this, there are two types of personal financial statements come […]
PETALING JAYA: A week after Bank Negara Malaysia released its policy document on cryptocurrencies, London-based digital currency exchanger Luno has not resumed operations in Malaysia due to an outstanding issue with its banker.
In an email reply to SunBiz, Luno Malaysia marketing/community lead Aaron Tang said its bank account is still being locked down.
This is despite having its accounts unfrozen by the Inland Revenue Board (IRB).
“Having a bank account is a basic requirement to operate a digital currency exchange since it involves receiving funds and processing withdrawal. Reactivating our bank account and activating new accounts is our main focus in Malaysia,” he noted.
Tang believes “the slow progress” is due to a clear direction needed by the bank from the regulators on the issues related to cryptocurrencies.
Luno is working with the bank to resolve outstanding issues, he stressed.
Luno has not been able to process deposits or withdrawals in Malaysia since late last year after the IRB froze its bank account pending a probe.
IRB had requested information on all of Luno’s Malaysian customers, including identification, deposits/withdrawals and transactions following concerns over heavy transactions on its platform.
The other three active digital currency exchangers in Malaysia – Coinhako, XBit Asia and PinkExc – were not affected.
Tang said the IRB wants to make sure that Luno complies with standard procedures in Malaysia. Luno has had numerous discussions with the IRB and continues to work with the tax authority to clarify the legislation.
“Overall, the IRB is happy with our responses and has chosen to unfreeze the funds in our account now that they understand that the money is not ours, but belongs to our customers.”
Luno allows the trading of the two largest digital currencies – bitcoin and ethereum – on its platform.
Year to date, bitcoin’s price has fallen 24.1% to US$13,860 (RM54,054), but ethereum’s price was 8.4% higher at US$788 (RM3.073) as at 5pm today.
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PETALING JAYA: RHB Banking Group has also refuted allegation made by Sarawak Report over its involvement in a financial scandal, calling it baseless and untrue, a day after the Employees Provident Fund (EPF).
On Wednesday, the EPF said it has never had any dealings nor entered into any agreements with Limage Holdings SA, Limage Southwest Holdings, the individual known as Matrai nor any parties as alleged by the Sarawak Report.
Sarawak Report claimed that RM10.64 billion has been siphoned off from the EPF for the “Integrated Medical City” project in Sabah through a RHB bank account.
However, the EPF clarified that it had lodged a police report on Oct 28, 2015 after it found a fake “Letter of Indemnity” dated Aug 20, 2015 addressed to Gyorgy Matrai of Limage Holding S.A. alleging an agreement between the EPF and Limage Holdings S.A, which was made known to the EFP on Oct 26, 2015.
SINGAPORE, Feb 22 — Singapore will help migrant workers set up bank accounts to ensure wages are paid after a report by a support group found some employers skipped town without paying their workers. The wealthy city-state with a rapidly…
COME July, Bank Negara Malaysia’s Interoperable Credit Transfer Framework (ICTF) will come into effect, effectively dropping the barriers that previously kept non-bank e-payment players out of the established banking ecosystem. The measures themselves should not catch banks and non-banks by surprise — both have been in consultation with Bank Negara. The ICTF itself was circulated to the industry in December last year to obtain feedback, which was submitted earlier this year. But once implemented, the ICTF could have far-reaching implications for consumers and how they will pay for goods andRead More
MUMBAI: India’s City Union Bank said today that “cyber criminals” had hacked its systems and transferred nearly US$2 million (RM5.8 million) through three unauthorised remittances to lenders overseas via the SWIFT financial platform.
The comments come after the small private lender on Saturday had disclosed it had discovered the three “fraudulent remittances”, which were sent via correspondent banks to accounts in Dubai, Turkey and China.
CEO N. Kamakodi called it a “conspiracy” involving multiple countries, and added the lender was still investigating how it had happened.
“This is basically a cyber attack by international cyber criminals,” he told Reuters in a phone interview.
Kamakodi added they saw “so far no evidence of any internal staff involvement”, but said “we are very clear now the account holders are part of this conspiracy”.
City Union said yesterday it had been able to block one of the remittances, totalling US$500,000, that was being sent through a Standard Chartered Bank account in New York to a Dubai-based lender. A second transfer of €300,000 (RM1.46 million) was routed through a Standard Chartered Bank account in Frankfurt to a Turkish account, although the Turkish lender had blocked the transfer from being finalised.
A third totalling US$1 million was sent through a Bank of America account in New York to a China-based bank, which Kamakodi today identified as Zhejiang Rural Credit Cooperative Union in Hangzhou, China.
Kamakodi said the lender was working with Indian authorities to work with affected countries to investigate what happened. He added City Union was also strengthening its internal monitoring systems.
Brussels-based SWIFT has been urging banks to bolster security of computers used to transfer money since Bangladesh Bank lost US$81 million in a February 2016 cyber heist that targeted central bank computers used to move funds.
Banking security experts said Indian banks that rely on the SWIFT messaging platform needed to be more vigilant. Industry experts say more than 100 financial institutions in India are connected with SWIFT including the central bank. – Reuters
CARACAS, Feb 17 — Venezuela’s long-standing economic problems have made paper money hard to come by. So, it’s fueling a boom in digital payment apps, like Vippo and Tpago, which function like PayPal. It’s attracted everyone, from…
KUALA LUMPUR — Malaysian authorities said on Wednesday (Feb 14) that they have arrested three persons in connection with a massive foreign exchange scam which has raked in RM1 billion (S$335.8 million) from 70,000 victims, and are hot on the heels of two more suspects believed to be the masterminds. Federal Commercial Crime Department director Amar Singh said the trio, aged between 35 and 49, were arrested on Saturday (Feb 10) after police received 116 reports concerning losses totalling RM6.2 million from the syndicate’s activities nationwide. “We seized 13 luxuryRead More