Malaysian firm adds Islamic certification to GOLDX cryptocurrency

HelloGold’s cryptocurrency product, dubbed GOLDX, was launched at the end of last year and has now received certification from Amanie Advisers, a Malaysia-based Islamic finance consultancy. (Reuters)
Updated 20 February 2018
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Malaysian firm adds Islamic certification to GOLDX cryptocurrency

SYDNEY: Malaysia-based firm HelloGold has received a Shariah-compliant certification for its gold-backed cryptocurrency and plans to launch its online gold platform in Thailand later this year, the company said.
Its cryptocurrency product, dubbed GOLDX, was launched at the end of last year and has now received certification from Amanie Advisers, a Malaysia-based Islamic finance consultancy, said chief marketing officer Manuel Ho.
Unlike other cryptocurrencies, GOLDX involves the issuance of a token backed by physical gold stored in a Singapore vault, and transactions must be completed within a defined time period, Ho said.
This means the issuance process and audited assets can address transparency, certainty and immediacy of transactions — important principles in Islamic financial contracts.
The move highlights how fintechs, companies that use new technology to revamp banking services, are extending their influence to Islamic finance markets spanning the Middle East and Southeast Asia.
Over the past year, the firm has rolled out a mobile app in Malaysia that is based on blockchain, the system that first emerged to facilitate digital currencies such as bitcoin.
That mobile app, which allows users to buy and sell physical investment grade gold, was also certified by Amanie Advisers.
HelloGold plans to expand its gold platform into Thailand in coming months, while potentially adding a third market by the end of the year, said Ho.
The firm is also exploring other unspecified assets for its blockchain technology, which involves a shared electronic ledger that allows parties to track transaction information through a secure network.


Toyota recalls 70,000 vehicles to replace air bag inflators

Updated 12 December 2018
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Toyota recalls 70,000 vehicles to replace air bag inflators

  • Takata uses the chemical ammonium nitrate to create a small explosion and inflate the bags
  • Can deteriorate and burn too fast, blowing apart a metal canister

DETROIT: Toyota is recalling about 70,000 Toyota and Lexus brand vehicles in North America to replace air bag inflators that could explode and hurl shrapnel at drivers and passengers.
The recall covers the 2003 to 2005 Corolla, the 2002 to 2005 Sequoia, the 2003 to 2005 Tundra and the 2002 to 2005 Lexus SC.
Takata uses the chemical ammonium nitrate to create a small explosion and inflate the bags. But it can deteriorate and burn too fast, blowing apart a metal canister.
The Toyota and Lexus vehicles were recalled previously and the inflators replaced with new ones that still used ammonium nitrate. In the latest recall, Toyota will use inflators made by another company with a safer chemical.
Owners will be notified early next year. Toyota says it has replacement parts available.
About 65,000 of the recalled vehicles are in the US
Toyota says it’s doing the recall a year ahead of a schedule set by the US National Highway Traffic Safety Administration.
At least 23 people have died worldwide due to the problem caused by inflators made by Takata Corp., resulting in the largest series of auto recalls in US history. They cover 37 million vehicles and about 50 million inflators in the US About 100 million inflators are being recalled worldwide.
The recalls forced Takata of Japan to seek bankruptcy protection.