Finance

Bitcoin has jumped more than 140% this year to outstrip other investments like stocks and gold, and optimism for further gains is high. Its stellar performance comes after a turbulent period for the token. Following a crash in cryptocurrencies last year, FTX founder Sam Bankman-Fried is now in jail for fraud, while top exchange Binance and its founder Changpeng Zhao recently pleaded guilty to US anti-money-laundering and sanctions violations, and were hit with fines of US$4.3 billion (RM20.05 billion) for Binance and US$50 million for Zhao. Is bitcoin’s return to the US$40,000 level a sign the industry is maturing and another bull run is underway, or will the token be derailed again? Here’s all you need to know: Why has bitcoin just hit a 19-month high of almost US$41,000?...

Malaysia is expecting to see at least half of new financing by local banks aligned with climate-supporting or transitioning activities by 2026, said Bank Negara Malaysia’s (BNM) governor Datuk Abdul Rasheed Ghaffour. He said there is currently growing focus and concrete climate action taken by financial institutions in Malaysia and to date, the industry’s financial commitment stands at over US$43 billion (RM200.9 billion) for environmental, social and governance (ESG) purposes. “That said, Malaysia cannot do this on its own. As stated in the National Energy Transition Roadmap (NETR), the government anticipates that Malaysia will require investments of about US$280 billion by 2050 to meet our energy transition needs,” Abdul Rasheed said in his opening address at Malaysia’s Climat...

The government is now looking at further narrowing its fiscal deficit which eased to 5.6% last year after hitting 6.4% in 2021 amid a much-needed pandemic-induced spending to boost the economy and safeguard Malaysian’s livelihood at large. Initiatives to ensure more effective and sustainable financial management for the country have been one of the measures by the unity government led by Prime Minister Datuk Seri Anwar Ibrahim. Under the Mid-Term Review (MTR) of the 12th Malaysia Plan (12MP) 2021-2025 launched in September this year, the government said it will look at ways to broaden its fiscal revenue, with efforts, among others, to improve tax collection by promoting voluntary tax declaration and the introduction of e-invoicing. No GST, for nowDespite the brouhaha about th...

An investigative report by Forbes has unveiled a clandestine operation in the remote reaches of the Kingdom of Bhutan: a series of undisclosed Bitcoin mining facilities quietly operating amidst the mountainous terrain. Through the use of satellite imagery from various sources and insider information, Forbes uncovered four covert crypto-mining sites concealed within Bhutan's dense forests. These sites showcased elongated mining units and sophisticated data center cooling systems tucked away in the Himalayan landscape. Additionally, images revealed robust power infrastructure, including high-capacity lines and transformers connecting Bhutan's hydroelectric plants to these clandestine facilities. These covert operations, seemingly initiated in 2020 based on construction pattern...

Singapore and Indonesia announced the launch of a cross-border QR code payment linkage, allowing customers of participating financial institutions in both countries to conduct retail transactions seamlessly. Additionally, the Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) introduced a real-time payment systems linkage between Singapore's PayNow and Malaysia's DuitNow, enabling instant, secure, and cost-effective cross-border funds transfers. The initiatives aim to enhance regional payment connectivity, promoting economic connectivity and digital integration. MAS Managing Director Ravi Menon expressed the significance of the linkage, stating, "This linkage represents another step towards ASEAN’s vision for regional payments interconnectivity." Indonesi...

A joint venture between Binance Holdings Ltd and Gulf Energy Development Pcl is set to introduce a cryptocurrency exchange in Thailand early next year, following regulatory approval. Gulf Binance Co received the green light from the Thai Securities and Exchange Commission on November 10 to commence operations, as revealed in a late Wednesday stock exchange filing. The platform will initially operate as an invitation-only exchange before opening to the general public, with the anticipated launch in January, according to a presentation by Gulf Energy. Previous filings indicated that Gulf Energy held a 51% stake in the joint venture, while Binance owned the remaining share. Despite being the largest cryptocurrency exchange globally, Binance and its founder, Changpeng "CZ" Zhao, ...