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Artificial Intelligence to take centre stage at the Singapore FinTech Festival 2023


The Monetary Authority of Singapore (MAS) and Elevandi today announced the theme of the Singapore FinTech Festival (SFF) 2023 Applications of Artificial Intelligence (AI) in Financial Services’. SFF 2023 will focus on the growth and adoption of AI and how this technology can potentially be used in financial services. Organised by MAS and Elevandi, in partnership with Constellar and in collaboration with The Association of Banks in Singapore, this year’s SFF will be held from 15 to 17 November at the Singapore EXPO, with The Capital Meets Policy Dialogue™, Elevandi Insights Forum™ and the annual Innovation Lab Crawl taking place on 13 and 14 November. It will convene leaders from the government, financial services, investment, and technology sectors.

2023 will see the continued exponential growth of AI applications and adoption, with venture capitalist investments in Generative AI having reached a new high of US$2.6 billion in 2022 and with Generative AI seeing the fastest-growing consumer take-up in history. Leaders in the financial industry are keen to understand how AI can help build greater resilience in financial services.

SFF 2023 will examine how technologies such as AI and Web3, and digital public goods, can help to accelerate the transition to a low-carbon future and re-imagine the financial system architecture to better address the needs of the underserved.  There will also be a focus on securing the digital economy against modern climate, technology, and cyber risks.

SFF 2023 will be divided into five thematic zones, with each zone hosting deep-dive dialogues and educational workshops, and showcasing innovative solutions by leading organisations:

  • The Technology Zone will give participants a glimpse into current and future technologies shaping financial services, such as digital assets, and demonstrate the latest advancements in AI applications.
  • The ESG Zone will spotlight the Environmental, Social and Governance financial services ecosystem, including financial institutions, real economy solutions, Internet of Things manufacturers and sustainable micro start-ups.
  • The Regulation Zone is a space for international financial policymakers and regulators to exchange insights on their regulatory and development strategies, and will feature RegTech and SupTech solutions in the areas of regulatory compliance, cybersecurity and anti-money laundering.
  • The Founders Zone provides a dedicated platform for financial services founders, entrepreneurs and investors worldwide to connect. SFF 2023 will also see the return of The Founders Peak stage, a popular platform where exceptional founders share insights on successful entrepreneurship.
  • The Talent Zone will expand on the signature Talent Pavilion to advance learning, upskilling and the future of work by highlighting the talent development initiatives of the public and private sectors. The Zone will also include two hackathons – Global FinTech Hackcelerator and PolyFinTech100 – that will allow promising tech talent to showcase their capabilities.

The Capital Meets Policy Dialogue, Asia-Pacific Chapter, to be held on 13 November, will bring together policymakers, regulators and investors. Following the success of the inaugural Dialogue at SFF 2022, Elevandi will host the Africa Chapter of the Dialogue in Rwanda and the European Chapter in Switzerland in June 2023. This will be followed by the Asia-Pacific flagship Dialogue at SFF 2023, which will focus on policy and regulatory priorities as well as key areas of AI investment. 

The Elevandi Insights Forum, scheduled from 13 to 14 November, will host deep-dive roundtables with public and private sector organisations to address challenges faced in scaling up digital finance, ranging from frictions in cross-border data flows to differing maturity in digital infrastructure. Last year’s Forum saw nine reports published based on the 22 roundtables led by public sector organisations such as the Asian Development Bank, BIS Innovation Hub, International Finance Corporation, and the International Monetary Fund.

In partnership with the National University of Singapore Asia Institute for Digital Finance, the ChatGPT and AI in Finance certificate programme will be launched for SFF pass-holders. It will comprise self-paced online classes and feature exclusive industry talks by industry luminaries at the Festival.

Participants can also look forward to the day-long Innovation Lab Crawl on 13 and 14 November and the SFF Global FinTech Awards gala event on 16 November.  

Sopnendu Mohanty, Chief FinTech Officer, MAS and Chairman of Elevandi Board, said, “Innovations in technology continue to present us with powerful tools to enhance the global financial industry’s responses to economic and financial challenges. At SFF 2023, we have the opportunity to convene a global dialogue that will explore the potential of transformative technologies and policies for financial services, and bolster the FinTech ecosystem against future shocks.”

Chua Wee Phong, Group Chief Executive Officer of Constellar, said, “Catering to attendees and exhibitors both new and returning, we have created a cohesive visitor experience enabling stronger connections on the show floor with an important difference: It will be the first SFF to be powered by renewable energy entirely from the Festival venue at Singapore EXPO. This is a significant milestone in the SFF’s sustainability journey towards Net Zero in collaboration with like-minded partners.”11 SFF 2023 registration is now open. Complimentary passes are available for policymakers, regulators, think tanks, academics, coders and students. Start-ups can also enjoy discounted tickets.

China’s White Paper Signals New Opportunities for Hong Kong’s Digital Asset Industry


Beijing’s Web3 White Paper and Hong Kong’s Crypto Regulations Provide Hope Amidst Global Regulatory Uncertainty

In a significant development for the digital asset industry, Beijing has released a white paper titled “Web3 Innovation and Development,” outlining its plans to foster innovation and advance the Web3 ecosystem. This move coincides with the recent introduction of new regulations for digital assets in Hong Kong, sparking renewed interest in China’s stance on cryptocurrencies and blockchain technology.

The white paper, unveiled by the Beijing Municipal Science and Technology Commission at the Zhongguancun Forum, acknowledges Web3 technology as an “inevitable trend for future Internet industry development.” With a vision to establish Beijing as a global innovation hub for the digital economy, the commission has committed to allocating a minimum of 100 million yuan ($14 million) annually until 2025. This investment underscores China’s ambition to position Zhongguancun, often referred to as China’s Silicon Valley, at the forefront of technological advancements.

China’s stance on digital assets has been characterized by a ban on cryptocurrency usage since 2021. However, with the release of the Web3 white paper, China appears to be signaling a potential shift in its approach to the crypto industry. The recent coverage of cryptocurrencies on state-owned China Central Television, featuring the Bitcoin logo and a Bitcoin ATM in Hong Kong, further adds to the speculation.

In the midst of global regulatory crackdowns on cryptocurrencies, Hong Kong has taken a contrasting approach. The city’s Securities and Futures Commission (SFC) has introduced new rules for “Virtual Asset Trading Platform Operators,” allowing licensed exchanges to sell highly liquid cryptocurrencies to retail investors. This move aligns with Hong Kong’s historical role as a gateway to mainland China’s markets and its enthusiasm for adopting blockchain technology.

To gain insights into the significance of these developments, we reached out to Ben Caselin, Chief Strategy Officer of MaskEX, for expert commentary. Caselin said: “For many years already, Hong Kong has been of global significance to the crypto ecosystem. In recent years, its position has been uncertain, but its recent opening up to Web3 – in other words, the digital assets economy – has put the city back on the world stage. Such a move could not have been made without the endorsement from Beijing, which is confirmed by recent reporting on Web3 by Chinese media outlets. While in the Chinese mainland activities involving digital assets remain strained, arguably in a concern of undesired outflow, Hong Kong’s opening up can be seen as a strategy to reinvigorate the Greater Chinese economy and elicit inflow and talent, and to stay competitive. This is good news for the region, especially given the regulatory stalemate in the US.“

The alignment between Beijing’s white paper and Hong Kong’s crypto regulations signifies a growing recognition of the potential benefits of digital assets. By establishing clear guidelines and safeguards for investors, Hong Kong aims to strike a balance between customer safety and fostering innovation in the virtual asset industry.

As the digital asset market continues to mature, institutional and retail adoption is expected to increase. The coordinated efforts of Beijing and Hong Kong in embracing Web3 and digital assets provide new opportunities for businesses and investors alike.

With Hong Kong’s proactive approach and China’s evolving stance, the region has the potential to become a thriving hub for digital asset innovation, offering a promising alternative for those navigating the rapidly changing global regulatory landscape.


Disclaimer: The information in this article is for informational purposes only and should not be construed as investment or financial advice. Always conduct your own research and consult with professionals before making any investment decisions.


MaskEX Aims to Drive Mass Adoption of Digital Assets and Strengthen Presence in MENA Region


In an exclusive interview, Ben Caselin, Chief Strategy Officer at crypto exchange MaskEX, discusses the company’s mission to promote mass adoption of digital assets, the importance of a holistic approach to this adoption, and how MaskEX is targeting the MENA and SEA regions. The exchange offers a comprehensive suite of products and services while working closely with regulators and governments. Caselin also shares insights on regulation, global expansion plans, and his perspective on Bitcoin’s recent surge.

MaskEX is on a mission to drive the mass adoption of digital assets. How do you see the future of digital assets, and what role do you see MaskEX playing?

When we talk about the ‘mass adoption’ of digital assets, we need to be quite holistic in our thinking. Of course, in essence, it refers to the idea that the majority of our economic activities come to be organized on the blockchain, or perhaps that humanity moves onto a Bitcoin Standard. However, at this early stage in the industry’s development, mass adoption needs to be more flexible at the conceptual level. So, we can think of people from all walks of life coming into the virtual asset space with different needs and varying levels of understanding; from so-called accredited investors, traders and hype-driven speculators to digital nomads who need easy payment solutions to everyday people who simply never had access to modern finance. 

In this context, MaskEX offers a pretty comprehensive suite of products and services around digital assets, from spot and perpetuals to a wide range of fiat to crypto on- and off-ramps, including VISA-powered virtual cards. We are primarily targeting the MENA and SEA regions, working with institutional partners, but also building out the foundation for retail growth. 

Because we enjoy a strong network of support, MaskEX holds a unique position, especially in the MENA region. And so, if we think of Coinbase as being on the US side and we place Binance, along with a few other big exchanges on the APAC side, then in due time MaskEX will certainly come to represent the MENA region as among the top-tier players. 

I believe this is part of a healthy growth process of regional consolidation in the exchange space, where we can see different regions proliferate and liquidity become more regionally distributed. If we compare this to a decade ago, when more than 80% of all bitcoin spot trading occurred on one single exchange, namely Mt. Gox, then we’ve come a long way. 

The digital asset industry is highly competitive, with new exchanges popping up every day. What sets MaskEX apart from its competitors, and how do you stay ahead of the curve?

While it’s true that there are hundreds of exchanges, both centralized and decentralized, throughout the years we’ve also seen the demise of many, from Mt. Gox to FTX, and we should expect such “culling” to continue for quite some time still. 

Best practices are still being articulated and regulators are still finding their way into this industry, but at the same time we can see consolidation happening. It’s important now that as an industry we don’t regress to some form of monopoly, but instead build strong consolidated liquidity pools across different regions. 

With MaskEX, we’ve invested heavily in our technology stack to make sure our systems are sound and robust. The exchange has a strong capital base with no reliance whatsoever on some kind of FTT-like platform token. Additionally, we take our relationships with regulators and governments seriously and we’re fully audited, which is crucial to long-term growth. This is something that will prove to be a very significant differentiator in the months to come. 

Our approach enables us to offer a very comprehensive suite of products and services, some of which I am not able to disclose yet. Notable products are our VISA-enabled virtual card, which enables users to make online and offline payments with USDT for back-end settlement. More than digital assets alone, MaskEX also offers ample exposure to both US and Hong Kong stocks. Over the coming months, users will also be able to access more efficient fiat channels, at highly competitive rates.  

Regulation is a hot topic in the digital asset industry. What is your take on regulation, and how do you see it impacting the industry and MaskEX specifically?

We have to look at these things at different levels of analysis. At a high level, if we take the bitcoin protocol, we can see it is already highly regulated by its own code and by a global community of miners and nodes. How Bitcoin operates is outside the scope of government and the usual arbiters of power – instead Bitcoin is decentralized and in the hands of many, never the few. 

However, how is bitcoin presented to the public and promoted? Are people able to access reliable information to guard themselves against scam projects and Ponzi schemes? How are crypto tokens traded across different markets and how do we ensure these markets are free from manipulation? How is custody organized for both bitcoin and other crypto assets? In what ways are stablecoins protected against market stress and how can we ensure the underlying assets are actually in place to justify the peg? How do we ensure that crypto assets are not used for nefarious purposes without trying to bring it under the legacy fiat system which is itself famously susceptible to the very malpractice crypto is often accused of facilitating? 

Obviously, at this stage in the development of the industry, it is very important to work closely with regulators and government bodies to come to a common view. In fact, such collaboration opens doors or, more specifically, they open the fiat channels necessary for the masses to transition into this newly emerging economy.

MaskEX recently announced its global expansion efforts. Can you tell us more about your plans for expansion, and which regions you are most excited about entering?

We are currently focused primarily on the MENA, CIS and SEA regions. The Middle East is especially ripe for disruption with Dubai, Abu Dhabi and the UAE at large leading in providing the most favorable conditions for innovation and adoption. In this context, we recently received the initial approval from the regulator in Dubai as part of our application for the full trade license. Once we do bring in this license, we will be able to unlock the opportunities that will prove to be game-changing.  

Each jurisdiction has its own challenges and opportunities. In El Salvador, for example, there was a clear incentive to adopt bitcoin as legal tender to optimize remittances and reduce exposure to US fiscal policies. Hong Kong recently altered its stance and is rapidly opening up to the digital assets economy – this obviously serves to underscore Hong Kong’s positioning as a global financial hub between Mainland China and global financial centers in the West. It’s good to remember that despite more restrictive rules in the Mainland, Hong Kong’s bold move would not have happened without Beijing’s endorsement.

When we look at the UAE, it’s all about digitalisation and futurism. In adopting digital assets, the UAE will be able to further innovate around the concept of the “smart city”, boost its reach and influence in the wider region, optimize across remittances, payments, business, real estate and global trade, and attract foreign investment.  

Bitcoin has been a hot topic in the news lately, with its price skyrocketing to new highs. What is your perspective on Bitcoin’s recent surge, and how do you see it impacting the digital asset industry?

Bitcoin remains one of the most important innovations of the century. We should applaud experimentation with blockchain, but we should not subscribe to the false idea that bitcoin is like the MySpace of the Internet – as if to say it has lost relevance. This is a narrative that some VCs, crypto exchanges and professors might want to push, mostly in service of their own needs and aspirations, but let us not be fooled. 

Bitcoin is the reserve asset, the core index that underlies the entire crypto market and industry. It serves as a shield for the rest of the market and is the final safe haven. It exists as a viable and working alternative to the legacy system and as an antidote to monetary debasement. 

Bitcoin has cautiously picked up some momentum again, especially since US banks have been under great duress, and since inflation is soaring almost everywhere. But let’s not be too focused on price at this time just yet. 

Indeed “bitcoin is volatile”, but let us not fall in the trap of mistaking bitcoin’s volatility for anything else but the erratic policies of some Central Banks and the fact that the general public is only gradually coming to grips with deeper questions around the nature of money. 

Wider market uptake across different types of digital assets, from new Layer 1 protocols or memecoins, can be attributed to the same underlying factors. It will take time for true price discovery to play out and only then can we see which protocols and projects have real staying-power. 

These coming 12 to 18 months might prove to be the most interesting time in the digital asset space both in terms of resistance against its rise as well as the great strides made by those who strategically align themselves with this new ethos. 

Ben Caselin is Vice President and Chief Strategy Officer of Crypto Exchange, MaskEX, headquartered in Dubai. 

FinaMaze Appoints European Banking Expert Michael McManus-Schouchana to Lead European Expansion, Wins Best AI Investment Provider Award


FinaMaze announced the appointment of Michael McManus-Schouchana as a key member of the Advisory Board.

Michael, a renowned business development expert with over 20 years of international experience, will lead the charge in driving FinaMaze’s strategic growth and development in Europe.

Michael’s impressive resume includes working with prestigious companies such as Merrill Lynch and J.P. Morgan in the United States, as well as Capgemini, IBM, HP, and Oracle in Europe. Prior to joining FinaMaze, he held the position of regional partner manager at Temenos, where he oversaw Western and South Europe.

“FinaMaze is thrilled to welcome Michael to our team,” said Mehdi Fichtali Founder and CEO of FinaMaze. “His unique perspective and extensive knowledge of the European market will be invaluable as we expand our footprint across Europe. We look forward to the remarkable accomplishments we will achieve together.”

In addition to this exciting appointment, FinaMaze recently won the prestigious title of Best AI or Robo Investment Provider of The Middle East 2023 at the 3rd Annual Middle East WealthTech Forum & Awards. This significant recognition highlights the firm’s innovative and effective approach to asset management as The company’s AI-powered wealth management platform has proven to be a game-changer in the financial services industry.

According to a survey by Accenture, the demand for AI-powered wealth management solutions in Europe is on the rise. The survey, which polled 50 senior executives from banks and wealth management firms in Europe, found that 64% of respondents were already utilizing or intending to use AI-powered wealth management solutions within the next three years. Moreover, the survey found that 94% of respondents believe that AI-powered tools will become increasingly crucial in the wealth management industry over the next few years. These findings highlight the growing acceptance and demand for AI-powered investment solutions in Europe. FinaMaze’s expansion into Europe comes at a time when the market is ripe for innovative investment solutions that meet the needs of today’s tech-savvy investors.

Eurosystem has launched the new T2 wholesale payment system

  • Eurosystem’s new real-time gross settlement (RTGS) system and central liquidity management tool went live on 20 March 2023
  • New consolidated payment system successfully completed first day of operations
  • Upgraded system to contribute to harmonisation and efficiency of Europe’s financial markets

The Eurosystem has successfully launched the new T2 wholesale payment system, which comprises an RTGS system and a central liquidity management tool. Migration to the new system took place between 17 and 20 March 2023. T2 has replaced TARGET2 as the new RTGS system for settling payments related to the Eurosystem’s monetary policy operations, as well as bank‑to‑bank and commercial transactions. TARGET2 processed payments worth €2.2 trillion per day on average. The first day of T2 operations went smoothly despite a delayed closure, the root cause of which was identified and fixed. The new RTGS system settled around 400,000 transactions, broadly in line with the average volume experienced before the migration.

The software and the environment for the new system were delivered by the Banca d’Italia, the Banco de España, the Banque de France and the Deutsche Bundesbank – the four national central banks that act as service providers for TARGET services (T2TARGET2-Securities and TIPS). All Eurosystem central banks have supported their national communities throughout this project, and the successful launch reflects the commitment and efforts of all parties.

This project was initiated in December 2017 with the aim of harmonising and integrating TARGET services for the benefit of Europe’s financial markets and improving cost efficiency. The new system offers enhanced cyber resilience and optimises the use of liquidity, as participants are able to steer, manage and monitor liquidity in central bank money across all TARGET services. Harmonisation is achieved through a move to the ISO 20022 message standard, as well as a set of common components that are shared across TARGET services, bringing further cost savings for participants. Technical changes were made to TARGET2-Securities in July 2022 in preparation for the launch of the new T2 wholesale payment system, which brings the consolidation project to an end.

This project is part of the Eurosystem’s continued efforts to modernise market infrastructure, ensuring that it is future-proof and meets the needs and expectations of market participants, and further improving the efficiency of Europe’s financial markets.

Coordinated central bank action to enhance the provision of US dollar liquidity

  • ECB and other major central banks to offer 7-day US dollar operations on a daily basis
  • New frequency effective as of 20 March 2023 to remain in place at least through the end of April to support smooth functioning of US dollar funding markets

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing US dollar liquidity swap line arrangements.

To improve the swap lines’ effectiveness in providing US dollar funding, the central banks currently offering US dollar operations have agreed to increase the frequency of 7-day maturity operations from weekly to daily. These daily operations will commence on Monday, 20 March 2023, and will continue at least through the end of April.

The network of swap lines among these central banks is a set of available standing facilities and serves as an important liquidity backstop to ease strains in global funding markets, thereby helping to mitigate the effects of such strains on the supply of credit to households and businesses.

Paymentology powers Fondeadora to launch Apple Pay in Mexico  


Paymentology, the leading global issuer-processor, and Mexico’s leading financial service provider Fondeadora, today announce a strategic partnership to expand payment services in Mexico and are among the first to bring Apple Pay to digital banking customers in Mexico.

Fondeadora is a digital financial services provider in Mexico that aims to address the shortcomings of the conventional banking system. Through its advanced app, both individual and corporate clients can use, save, and manage their money more efficiently. As part of a new collaboration, Fondeadora is leveraging Paymentology’s cutting-edge cloud-based digital payment platform to deliver a seamless payment experience to its customers. By doing so, Fondeadora can offer faster transaction processing, advanced security measures, and enhanced data analytics.

This marks a significant achievement for the partnership as Fondeadora has become one of the front-runners in Mexico to offer its customers the convenience of using their debit card through their Apple Wallet. With this feature, cardholders can quickly and securely make payments online or in-store with participating merchants who accept this payment method.

Jorge Fernández General Manager at Fondeadora commented: “We’re incredibly proud to be one of the first financial institutions in Mexico to bring Apple Pay to our customers. Without the help of our steadfast issuer-processor partner, Paymentology, we wouldn’t have been able to launch such a dynamic service. We look forward to our continued relationship with the expert team at Paymentology and creating many more industry milestones.”

Fondeadora’s launch of Apple Pay is a significant step forward in providing the latest and most innovative financial services to Mexico’s payments market which has a projected Compound Annual Growth Rate of 15.75% (2022-2027). It enables customers to make payments across several Latin American countries: Argentina, Colombia, Costa Rica, Brazil, and Peru as well as anywhere else in the world that accepts Apple Pay.

Dark March: Signature Bank Closed by Regulators Citing Systemic Risk


Dark March continues for the US-based banks, with three consecutive banks shut down by regulators in the past days, despite Yellen’s assurance that SVB’s collapse is not a contagion. State regulators closed New York-based Signature Bank (SBNY.O) on Sunday, two days after authorities shuttered Silicon Valley Bank (SIVB.O) in a collapse that stranded billions in deposits.

The Federal Deposit Insurance Corporation (FDIC) took control of Signature, which had $110.36 billion in assets and $88.59 in deposits at the end of last year, according to New York state’s Department of Financial Services.

All of the depositors of Signature Bank and Silicon Valley Bank will be made whole, and “no losses will be borne by the taxpayer,” the U.S. Treasury Department and other bank regulators said in a joint statement.

Representatives for the lender did not immediately respond to a request for comment.

Signature’s failure followed Silicon Valley Bank’s Friday shutdown, the second largest in U.S. history behind Washington Mutual, which collapsed during the 2008 financial crisis.

Investors were unnerved by the speed at which startup-focused SVB, the 16th largest lender in the U.S., was toppled by customer withdrawals. The episode last week erased more than $100 billion in market value from U.S. banks, prompting swift action from government officials over the weekend to try and restore confidence in the financial system.

Silicon Valley Bank scrambles to reassure clients after 60% stock wipe-out


According to Reuters, SVB’s CEO Gregory Becker has been calling clients to assure them their money with the bank is safe, according to two people familiar with the matter.

SVB Financial Group (SIVB.O) scrambled on Thursday to reassure its venture capital clients their money was safe after a capital raise led to its stock collapsing 60% and contributed to wiping out over $80 billion in value from bank shares.

SVB, which does business as Silicon Valley Bank, launched a $1.75 billion share sale on Wednesday to shore up its balance sheet. It said in an investor prospectus it needed the proceeds to plug a $1.8 billion hole caused by the sale of a $21 billion loss-making bond portfolio consisting mostly of U.S. Treasuries. The portfolio was yielding it an average 1.79% return, far below the current 10-year Treasury yield of around 3.9%.

Investors in SVB’s stock fretted over whether the capital raise would be sufficient given the deteriorating fortunes of many technology startups that the bank serves. The company’s stock collapsed to its lowest level since 2016, and after the market closed shares slid another 26% in extended trade.

Some startups have been advising their founders to pull out their money from SVB as a precautionary measure, the sources added. One of them is Peter Thiel’s Founders Fund, according to one of the sources.

One San Francisco-based startup told Reuters they successfully wired all their funds out of SVB on Thursday afternoon, and the funds had appeared in their other bank account as a “pending” incoming wire by 4 pm Pacific Time on Thursday.

Bybit partners with Mastercard to offer crypto payments debit card


Bybit announced the launch of Bybit Card, a debit card powered by the Mastercard network, issued by Moorwand. This card will allow users to off-ramp crypto into the fiat world to make purchases or take out cash from ATMs with ease.

Bybit Card will enable users to skip intermediaries and other off-ramp providers and debit their crypto balances directly to pay for goods and services. It will be available for clients in eligible countries in Europe and the UK who have completed the necessary KYC and AML procedures.

Initially, Bybit Card will be available for a selection of blue-chip cryptocurrencies, namely, BTC, ETH, USDT, USDC, and XRP. Payment requests will automatically convert balances in these digital assets into EUR or GBP, depending on the client’s country of residence.

Bybit launched its free virtual card earlier this week allowing for online purchases, with a physical card planned to launch in April. The plastic cards will be mailed directly to clients and allow them access to ATM withdrawals as well as spending at merchants worldwide with spending limits aggregated across currencies held in their Bybit account.

“Bybit users will be able to access and manage their funds faster, more securely, and more conveniently,” said Ben Zhou, co-founder and CEO of Bybit. “By launching Bybit Card, we are creating a full 360-degree journey for our users, offering next level reliability, products, and opportunities. We are confident that these innovative payment solutions will improve people’s lives and are a step towards a brighter future for crypto and finance.”

Christian Rau, Senior Vice President, Fintech and Crypto, Mastercard Europe added “Mastercard enables customers, merchants and businesses to move digital value — traditional or crypto — however they want, with the confidence that they are doing so safely and securely. With launches like this, we’re excited to continue to innovate in payments by making digital assets more accessible across the ecosystem.”

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