Key Sentence:
- Binance, the world’s largest cryptocurrency exchange, has appointed former Singapore.
- CEO Richard Teng as CEO of its Singapore subsidiary underscoring the city-state’s burgeoning status as a digital currency hub.
“Cryptocurrency Exchange are delighted that Richard is leading the Binance Singapore team in securing more strategic partnerships, driving innovation. Strengthening the local cryptocurrency ecosystem in Singapore,” said Changpeng Zhao, Founder, and CEO of Binance. Zhao was inducted into Singapore’s richest list earlier this month with a net worth of $1.9 billion.
Ten previously served as chief executive of the global financial services regulator in Abu Dhabi. Previously, he served as Chief Financial Officer at the Singapore Stock Exchange and Director of Corporate Finance at the Singapore Monetary Authority.
Cryptocurrency Exchange appointment comes as Singapore builds its fintech community, including cryptocurrency, blockchain, and digital payment services.
In an email, the city-state’s fintech technology sector has grown from 100 in 2015 to more than 1,400 companies. A spokesman for Singapore’s monetary authority said. Last year, according to the central bank, Singapore attracted more than $1.03 billion in fintech investment, 34 percent more than in 2019.
“Singapore has a very favorable regulatory environment with fairly clear if stringent, rules,” said Jason Hsu. A former lawmaker and now vice president of the Taiwan Fintech Association.
“Take cryptocurrency, for example,” Hsu said. “While another countries in the region are still figuring out how to regulate, Singapore has implemented laws and guidelines that allow the exchange of digital assets to obtain operating licenses.”
Other companies are expanding in Singapore. Earlier this month, South Korean internet giant Kakao launched a blockchain business in Singapore under billionaire Kim Beom-soo.