News & Events

Standard Chartered has announced plans to significantly expand its team of relationship managers in Hong Kong, Singapore, and the United Arab Emirates (UAE) as part of a five-year strategy to oversee an additional $200 billion in client funds.

According to Judy Hsu, CEO of Wealth and Retail Banking, the initiative includes a 50% increase in staffing by 2028, with a focus on private, priority-private, and international clients. Clients with a net worth exceeding $10 million will be a key target. The bank also plans to enhance international banking capabilities through its London advisory centre.

This move aligns with the UK-based lender’s October announcement to double its investment in wealth management to $1.5 billion, focusing on affluent and international clients while scaling back retail banking in markets like Botswana, Uganda, and Zambia.

Read the original article here: https://www.scmp.com/business/money/wealth/article/3289322/stanchart-hire-more-wealth-managers-hong-kong-singapore-under-us15-billion-plan

Singapore-based cryptocurrency payment provider DTCpay has announced it will phase out Bitcoin (BTC) and Ethereum (ETH) transactions by the end of 2024 and transition entirely to stablecoins by January 2025.

The shift is driven by the price volatility of Bitcoin and Ethereum, which complicates digital payments for users. Instead, DTCpay will focus on stablecoins like USDT (Tether), USDC (USD Coin), FDUSD (First Digital USD), and WUSD (Worldwide USD), offering consistent value pegged to fiat currencies like the U.S. dollar. This move reflects growing stablecoin adoption, particularly in Singapore, where transaction volumes nearly doubled to $1 billion in Q2 2024. Regulatory support, including frameworks from the Monetary Authority of Singapore (MAS) for stablecoins pegged to major currencies, has facilitated this trend.

DTCpay’s transition aligns with its vision to enhance scalability and interoperability in payments, supported by its payment institution license from MAS and partnerships with key players like Pontiac Land. The shift also underscores the global rise of stablecoins, especially in banking and digital payments across Asia, Europe, and the Middle East.

Read the original article here: https://cryptonews.com/news/dtcpay-to-replace-bitcoin-and-ethereum-with-stablecoins-by-2025/

Ghana has introduced a new chip-embedded e-passport with advanced biometric features, enhancing travel security and convenience.

The passport includes a microprocessor storing biometric and photo data, alongside anti-fraud security measures. Its design reflects Ghana’s cultural heritage, featuring Adinkra symbols like Fawohodie (Freedom) and Funtunfunefu Denkyemfunefu (Cooperation). At the launch, President Nana Addo Dankwa Akufo-Addo hailed the e-passport as a symbol of progress and a celebration of national identity. System-wide upgrades were also announced, including enhanced application platforms and streamlined processes.

Read the original article here: https://www.graphic.com.gh/news/general-news/ghana-news-chip-embedded-ghana-passport-launched.html#google_vignette