Banking and Finance

Paypal Transactions Now Possible Over Messenger

Paypal Transactions Now Possible Over Messenger

It was announced last Friday that US Paypal users can now send and receive person-to-person payments on Facebook Messenger. The plan, which was jointly announced around a year ago by both companies, now allows US customers to shop from Messenger chatbots, and pay via Paypal. Facebook users can now also link their Paypal accounts to Messenger and set it as a default method of payment. Paypal also announced that customers may now get support by chatting with their Messenger bot, which can process normal, everyday language. Live reps are still available to take requests which are beyond the chatbot’s capabilities. […]

Malaysia to Form Task Force for Blockchain Tech Exploration

Malaysia to Form Task Force for Blockchain Tech Exploration

In a recent forum held in Kuala Lumpur, Malaysia’s Minister of Science, Technology and Innovation (MOSTI) Datuk Seri Panglima Wilfred Madius Tangau announced that the country will be creating a National Task Force which will explore the opportunities offered by blockchain technology. The plan was mentioned in the minister’s speech which was read by MOSTI deputy secretary-general Prof. Madya Dr Ramzah Dambul. It was also revealed that the task force will be composed of government agencies and several organizations from the private sector.    According to MOSTI, Malaysia is on its way to adopting blockchain tech in line with emerging […]

Chrome May Stop Cryptocurrency Miners Via Special Permission

Chrome May Stop Cryptocurrency Miners Via Special Permission

Chrome engineers are planning to use a special browser permission to stop in-browser cryptocurrency miners. Chrome engineer Ojan Vafai suggested implementing a “battery saver mode” where tasks are aggressively throttled. A tab in battery saver mode which is put in the background will have its tasks stopped completely. It was also revealed that the engineers have shelved the idea of blocking the miner’s Javascript code at browser level by using a blacklist, calling it impractical.   Until Chrome engineers can agree on a final solution to the issue, users are advised to use miner blocking extensions like AntiMiner, minerBlock, or […]

Digital Payment Boom to Help APAC e-Commerce Hit $2.1 Trillion

Recent reports showed that the Asia-Pacific e-commerce market is seeing a yearly growth of around 12%, and is set to hit US2.1 trillion in 2021. Many see the rapid adoption of digital payment as a significant contributor to this growth. According to stats provided by WorldPay, consumers are increasingly shifting away from traditional platforms towards online payment options. In China, the world’s largest e-commerce market, e-wallets account for as much as 62% of payments. In HongKong, payments via e-wallets are expected to hit 28% by 2021, while in India it is already the the most popular payment method at 26%. […]

JPMorgan to Acquire Online Payment Startup WePay

JPMorgan to Acquire Online Payment Startup WePay

Last Wednesday, JPMorgan Chase & Co. announced their intention to purchase fintech startup WePay, an online payment provider used by many small companies. WePay offers small businesses convenient payment capabilities, making it popular among rising entrepreneurs. The company assists online software service companies like FreshBooks, as well as crowdfunding platforms like GoFundMe. WePay allows businesses to process electronic payments while supporting overall user experience with integrated payment functions. According to Wall Street Journal, WePay’s reported price range is estimated at $220 million–the value it reached during its 2015 fundraising project. To date, the terms of the deal have yet to […]

Hackers Make ATMs Spit Out Cash Using “Cutlet Maker”

Hackers Make ATMs Spit Out Cash Using “Cutlet Maker”

Last Tuesday, a hacker or hacker organization was reported to be selling an ATM malware called Cutlet Maker that uses a USB port to command ATMs to churn out cash. The malware has been on the Dark Web market AlphaBay since May 2017. However, since AlphaBay was shut down, moderators created a new website called “ATMjackpot” to sell it back on the web. The new version operates on any type of Wincor Nixdorf ATM, requiring simple connection to the machine’s USB plug. On the website, hackers uploaded four videos showing how anyone can run the malware to obtain instant cash. […]

Cyberspies Attack APAC Banks to Steal Funds for Operations

Cyberspies Attack APAC Banks to Steal Funds for Operations

Reports last Tuesday revealed that cyber espionage organizations based in Asia Pacific (APAC) have began targeting banks to pilfer credit to their operations. According to Yury Namestnikov of Kasperky Lab’s Research Centre of Global Research and Analysis Team (GReAT), they found that the APT (Advanced Persistent Threat) groups attack APAC banks that are easy to infect. The research team named active cyberespionage groups like Cobalt Goblin and Lazarus that were responsible for hacking financial institutions in Hong Kong, Bangledesh, Philippines, Malaysia, and South Korea. Though Kaspersky was not able to determine how much money the banks lost, they were able […]

BSP Releases New Cryptocurrency Guidelines

BSP Releases New Cryptocurrency Guidelines

Said to be the first of its kind in the region, a circular by the Bangko Sentral ng Pilipinas on cryptocurrency has recently been discussed in the news, particularly because of the rapid surge in Bitcoin prices in the past week. According to BSP deputy director Melchor Plabasan, millions in cryptocurrency are being traded in the country each day, and the guidelines seek to balance the interests of harnessing innovation with managing risks. He added that virtual currencies can easily be used for money laundering which cannot be countered by anti-money laundering laws and KYC practices. Meanwhile, Satoshi Citadel Industries […]

Russia Plans to Issue Its Own Cryptocurrency

Russia Plans to Issue Its Own Cryptocurrency

In the wake of the country’s hard stance on cryptocurrency, a report by CoinTelegraph revealed that Russia may soon issue its own digital currency to be called the “CryptoRuble”. According to scarce details gathered from Russian news agencies, the currency will be blockchain-based. However, it cannot be mined and can only be issued by by the government, and will be tracked like any ordinary currency. Some say that this practically defeats the purpose of this kind of currency, which is traded primarily because it is unhindered by government regulation.   It was said that the Russian government’s minister of communications, […]

IBM to Speed Up Cross-Border Payments Using Blockchain

IBM to Speed Up Cross-Border Payments Using Blockchain

IBM recently announced a partnership with blockchain startup Stellar, and payment company Kickex, on a system which uses blockchain technology to increase the efficiency of cross-border payments. Blockchain, the technology underpinning cryptocurrency, will be used to reduce the time and costs associated with global payments, according to IBM. At present, it takes days to weeks to complete international transactions, and while services like TransferWise already exists, it only remains accessible to small businesses and savvy consumers. IBM adds that the blockchain solution would also lessen errors while allowing banks heightened transparency and flexibility. The system is already being used in […]

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