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.


Former Irish bank chief jailed over crisis-era fraud

Updated 1 min 1 sec ago
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Former Irish bank chief jailed over crisis-era fraud

  • Judge Karen O’Connor stressed that Drumm was not being jailed for “the financial crisis,” instead “only for the two specific offenses for which he has been convicted.”
  • Anglo Irish Bank required a huge state bailout and was nationalized in 2009, contributing to an economic crisis in Ireland that later forced Dublin to seek an €85-billion-international rescue.

Dublin: A judge on Wednesday jailed a former head of Anglo Irish Bank for six years for carrying out fraud at the start of the world financial crisis a decade ago.
David Drumm, 51, had at an earlier hearing been found guilty of fraud and false accounting at the bank, whose rapid fall from grace epitomised Ireland’s own financial collapse.
Ahead of sentencing, the court on Wednesday heard from the defense that Drumm had acknowledged a “huge error in judgment” over the €7.2 billion fraud.
Judge Karen O’Connor, sitting at Dublin Circuit Criminal Court, stressed that Drumm was not being jailed for “the financial crisis,” instead “only for the two specific offenses for which he has been convicted.”
Drumm had been accused of transferring huge sums between Anglo Irish Bank and another financial institution, sometimes only for a few hours, to make the bank’s balance sheet look better than it was as the global financial crisis took hold.
Anglo Irish Bank required a huge state bailout and was nationalized in 2009, contributing to an economic crisis in Ireland that later forced Dublin to seek an €85-billion-international rescue.
Drumm moved to Boston in the United States shortly after the collapse of Anglo Irish Bank, but was later arrested there and extradited to Ireland to face trial.
Two of Drumm’s Anglo colleagues and the former head of Irish Life and Permanent — the other financial institution involved in the fraud — had already been jailed over the same conspiracy.
Passing sentence on Drumm, O’Connor took into account the five months he had already served in the US custody awaiting his return to Ireland.