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In this 2013 photo, Singapore's central business district is shown at dusk. Edward Tian | Moment | Getty Images Singapore still wants to be a hub for digital assets, but not one for speculating on cryptocurrencies, said Ravi Menon, managing director of central bank the Monetary of Singapore. "If a crypto hub is about experimenting with programmable money, applying digital assets for use cases or tokenizing financial assets to increase efficiency and reduce risk in financial transactions, yes, we want to be a crypto hub," said Menon in his opening address at the Singapore Fintech Festival 2022 on Thursday. Tokenizing a financial asset involves converting its ownership rights into digital tokens . DBS Bank is testing out Singapore's first digital money live pilot for government vouchers, enabling merchants to program and self-execute the distribution and usage. "But if it is about trading and speculating in cryptocurrencies, that is not the kind of crypto hub we w...

GP: JPMorgan office S3studio | Getty Images News | Getty Images SINGAPORE — Banks have to prioritize consumer protection as they embark on digital asset experiments, said Umar Farooq, chief executive officer of JPMorgan's blockchain unit Onyx. Many blockchain projects and other crypto protocols have the potential to make financial services more efficient, accessible and affordable. But without proper precautions, they could also expose customers to cybersecurity risks. In recent months, many crypto investors have been struck by hacks and scams. For example, crypto exchange Binance was hit by a $570 million hack in October and Deribit lost $28 million in a hot wallet hack this month. "What a bank needs to do from a regulatory point of view and customer's point of view is that we need to protect our customers. We cannot lose their money," Farooq said during a panel at the Singapore Fintech Festival 2022 on Wedneday. "I do think you need some sort of identity sol...

GP: JPMorgan office S3studio | Getty Images News | Getty Images SINGAPORE — Banks have to prioritize consumer protection as they embark on digital asset experiments, said Umar Farooq, chief executive officer of JPMorgan's blockchain unit Onyx. Many blockchain projects and other crypto protocols have the potential to make financial services more efficient, accessible and affordable. But without proper precautions, they could also expose customers to cybersecurity risks. In recent months, many crypto investors have been struck by hacks and scams. For example, crypto exchange Binance was hit by a $570 million hack in October and Deribit lost $28 million in a hot wallet hack this month. "What a bank needs to do from a regulatory point of view and customer's point of view is that we need to protect our customers. We cannot lose their money," Farooq said during a panel at the Singapore Fintech Festival 2022 on Wedneday. "I do think you need some sort of identity sol...

In this 2013 photo, Singapore's central business district is shown at dusk. Edward Tian | Moment | Getty Images Singapore still wants to be a hub for digital assets, but not one for speculating on cryptocurrencies, said Ravi Menon, managing director of central bank the Monetary of Singapore. "If a crypto hub is about experimenting with programmable money, applying digital assets for use cases or tokenizing financial assets to increase efficiency and reduce risk in financial transactions, yes, we want to be a crypto hub," said Menon in his opening address at the Singapore Fintech Festival 2022 on Thursday. Tokenizing a financial asset involves converting its ownership rights into digital tokens . DBS Bank is testing out Singapore's first digital money live pilot for government vouchers, enabling merchants to program and self-execute the distribution and usage. "But if it is about trading and speculating in cryptocurrencies, that is not the kind of crypto hub we w...