New York makes registration mandatory for crypto lending platforms

New York makes registration mandatory for crypto lending platforms
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Updated 19 October 2021

New York makes registration mandatory for crypto lending platforms

New York makes registration mandatory for crypto lending platforms
  • State’s attorney general directs unregistered outlets to cease operations

RIYADH: New York has made it mandatory on cyrptocurrency lending platforms to register with the Office of the Attorney General if they wish to operate in the state or offer their products to New Yorkers.

New York Attorney General Letitia James on Monday said these steps are aimed to protect New York investors and markets from exploitation by high-risk virtual currency schemes.

The official also ordered the closure of two cryptocurrency lending platforms in New York and three other platforms were directed to provide information about their business.

“Cryptocurrency platforms must follow the law, just like everyone else,” James said.

The move comes weeks after the attorney general won a court order forcing the closure of cryptocurrency exchange Coinseed.

“My office is responsible for ensuring industry players do not take advantage of unsuspecting investors. We’ve already taken action against a number of crypto platforms and coins that engaged in fraud or that illegally operated in New York,” he said.


India's Paytm Payments Bank granted status upgrade

India's Paytm Payments Bank granted status upgrade
Image: Shutterstock
Updated 14 sec ago

India's Paytm Payments Bank granted status upgrade

India's Paytm Payments Bank granted status upgrade
  • It will also be eligible to be a partner in government-run financial inclusion schemes

India's Paytm Payments Bank has gained central bank approval to function as a scheduled payments bank, it said on Thursday, helping it to expand its financial services operations.

As a scheduled payments bank, Paytm Payments can participate in government and companies’ request for proposals, primary auctions, fixed-rate and variable rate repos, and reverse repos, along with participation in Marginal Standing Facility.

It will also be eligible to be a partner in government-run financial inclusion schemes.

Shares in One 97 Communications ended 2.6 percent higher in a broader Mumbai market that was up 0.3 percent.

Paytm founder and billionaire Vijay Shekhar Sharma owns 51 percent of Paytm Payments Bank, while the rest is held by One 97 Communications Ltd.

Paytm Payment Bank, a niche bank aimed at widening financial inclusion, still cannot lend or issue credit cards on its own.

It had more than 64 million savings accounts and over 52 billion Indian rupees ($688.5 million) deposits, including savings accounts, current accounts and fixed deposits with partner banks at the end of March this year.


Saudi PIF gains almost $3m from Tadawul Group’s market debut

Saudi PIF gains almost $3m from Tadawul Group’s market debut
Updated 3 min 47 sec ago

Saudi PIF gains almost $3m from Tadawul Group’s market debut

Saudi PIF gains almost $3m from Tadawul Group’s market debut

JEDDAH: Saudi Arabia’s Public Investment Fund achieved gains of SR1.1 billion ($2.9 million) after the strong market debut of the Saudi Tadawul Group.

Tadawul shares rose more than 14 percent during its first trading session following its initial public offering on Wednesday Dec. 8. 

The price reached SR119 ($31.7), fluctuating between an intraday high of SR127.6 and a low of SR115.4, according to a bourse filing.

PIF now owns 84 million shares of the company's 120 million shares, with the remaining 36 million shares offered for IPO, according to Al-Eqtisadiah paper.

The fund’s share in Tadawul Group is the seventh largest of its holdings in the Saudi Market, in terms of market value, and the second in terms of ownership percentage, Al Arabiya reported.


NEOM to build Cognitive City security system to defend against cyber attacks

NEOM to build Cognitive City security system to defend against cyber attacks
Updated 10 min 1 sec ago

NEOM to build Cognitive City security system to defend against cyber attacks

NEOM to build Cognitive City security system to defend against cyber attacks

RIYADH: NEOM signed an initial agreement on Thursday to build and trial the ‘Cognitive City’ quantum security system, a statement revealed.

NEOM has teamed up with Arqit Quantum, known as Arqit, to develop new software capable of defending cognitive cities against cyber attacks.

The new quantum system will be built and tested at NEOM during the first half of 2022, and it can also be exported to other cognitive cities around the world, the statement said.

“NEOM is without doubt leading the world in the development of cognitive communities, and therefore the perfect launch partner for this technology,” Executive Director of Emerging Technologies for NEOM Mansoor Hanif said.


Tighter state control eases China's producer inflation in November from 26-year high

Tighter state control eases China's producer inflation in November from 26-year high
Image: Shutterstock
Updated 57 min 32 sec ago

Tighter state control eases China's producer inflation in November from 26-year high

Tighter state control eases China's producer inflation in November from 26-year high
  • The jump in consumer prices was mainly driven by increasing food prices

Tighter government control triggered a slowdown in Chinese producer prices as they went up by an annual rate of 12.9 percent in November, easing from the previous month’s 26-year high of 13.5 percent, official data showed.

The loss of steam reflects the efficacy of the government’s policies of controlling commodity prices and supply shortfalls in the previous period. 

The world's second-largest economy has tried to adopt policies of supply and price stabilization to curb the rise in prices.

This would improve policymakers’ ability to boost the economy, Bloomberg reported.

On a monthly basis, producer prices didn’t experience any change in November compared to a 2.5 percent increase a month earlier.

Meanwhile, consumer prices went up by a yearly rate of 2.3 percent, up by 0.8 percent from a month earlier, to hit its highest level since August 2020. 

The inflationary pressures were attributable to last year’s low base effects.

The jump in consumer prices was mainly driven by increasing food prices, which went up by 1.6 percent, accelerating from the previous month’s drop. 

In particular, fresh vegetables prices surged by 30.6 percent while that of pork slumped by 32.7 percent.

In addition, annual core inflation rate, which excludes changes in volatile items such as food and energy, hit 1.2 percent in November dropping by 0.1 percent from October’s level.


Dubai-based organic nappy maker PureBorn raises $2m seed money 

Dubai-based organic nappy maker PureBorn raises $2m seed money 
Updated 09 December 2021

Dubai-based organic nappy maker PureBorn raises $2m seed money 

Dubai-based organic nappy maker PureBorn raises $2m seed money 
  • The female-led company will use the funds to expand internationally and further its product development

DUBAI: Dubai-based startup PureBorn, which produces eco-friendly baby products, has raised $2 million in its latest seed funding round. 

The female-led company will use the funds to expand internationally and further its product development, it said in a statement. 

“As a consumer goods, e-commerce business, and a female-owned and run SME (small and medium enterprise), we are thrilled to be paving the way in this exciting category,” PureBorn founder Hannah Curran said.