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The Straits Settlements were a group of British territories located in Southeast Asia. Originally established in 1826 as part of the territories controlled by the British East India Company, the Straits Settlements came under British Raj control in 1858 and then under direct British control as a Crown colony in 1867. In 1946, following the end of the Second World War and the Japanese occupation, the colony was dissolved as part of Britain's reorganisation of its Southeast Asian dependencies in the area.
The economy of Singapore is a highly developed free-market economy with dirigiste characteristics. Singapore's economy has been consistently ranked as the most open in the world, the joint 4th-least corrupt, and the most pro-business. Singapore has low tax-rates and the highest per-capita GDP in the world in terms of purchasing power parity (PPP). The Asia-Pacific Economic Cooperation (APEC) is headquartered in Singapore.
DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Development Bank of Singapore Limited, which "DBS" was derived from, before the present abbreviated name was adopted on 21 July 2003 to reflect its role as a global bank. It is one of the "Big Three" banks in Singapore, along with OCBC Bank and the United Overseas Bank (UOB).
The Monetary Authority of Singapore or (MAS), is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance. It was established in 1971 to act as the banker to and as a financial agent of the Government of Singapore. The Board is duly accountable to the Parliament of Singapore through the Minister-in-charge, who is also the Incumbent Chairman of the central bank.
The Brunei dollar, has been the currency of the Sultanate of Brunei since 1967. It is normally abbreviated with the dollar sign $, or alternatively B$ to distinguish it from other dollar-denominated currencies. It is divided into 100 sen (Malay) or cents (English). The Brunei dollar is issued by the Brunei Darussalam Central Bank.
The Singapore dollar is the official currency of the Republic of Singapore. It is divided into 100 cents. It is normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar-denominated currencies. The Monetary Authority of Singapore (MAS) issues the banknotes and coins of the Singapore dollar.
The EZ-Link card is a rechargeable contactless smart card and electronic money system that is primarily used as a payment method for public transport such as bus and rail lines in Singapore. A standard EZ-Link card is a credit-card-sized stored-value contact-less smart-card that comes in a variety of colours, as well as limited edition designs. It is sold by TransitLink Pte Ltd, a subsidiary of the Land Transport Authority (LTA), and can be used on travel modes across Singapore, including the Mass Rapid Transit (MRT), the Light Rail Transit (LRT), public buses which are operated by SBS Transit, SMRT Buses, Tower Transit Singapore and Go-Ahead Singapore, as well as the Sentosa Express.
Sukuk is the Arabic name for financial certificates, also commonly referred to as "sharia compliant" bonds. Sukuk are defined by the AAOIFI as "securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets." The Fiqh academy of the OIC legitimized the use of sukuk in February 1988.
Oversea-Chinese Banking Corporation, Limited, abbreviated as OCBC Bank, is a Singaporean multinational banking and financial services corporation headquartered in the OCBC Centre. OCBC Bank was created in 1932 during the Great Depression with the consolidation of three banks, the Chinese Commercial Bank Limited, the Ho Hong Bank Limited, and the Oversea-Chinese Bank Limited.
The Malayan dollar was the currency of the British colonies and protectorates in Malaya and Brunei until 1953. It was introduced in 1939, replacing the Straits dollar at par, with 1 dollar = two shillings four pence sterling.
The Straits dollar was the currency of the Straits Settlements from 1898 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Kingdom of Sarawak, Brunei, and British North Borneo.
Mas Selamat Kastari, an Indonesian-born Singaporean, was for more than a year Singapore's most-wanted fugitive after escaping from detention on 27 February 2008. The search for him has been described as the largest manhunt ever launched in Singapore. He was eventually recaptured in Skudai, Malaysia, on 1 April 2009, over a year after his escape, and has since been returned to Singapore. His escape was found to be one of the events in Singapore's history that Singaporeans were most aware of, with 95% being aware of it.
CEPAS, the Specification for Contactless e-Purse Application, is a Singaporean specification for an electronic money smart card. CEPAS has been deployed island-wide, replacing the previous original EZ-Link card effective 1 October 2009.
Circle began as a peer-to-peer payments technology company that now manages stablecoin USDC, a cryptocurrency the value of which is pegged to the U.S. dollar. It was founded by Jeremy Allaire and Sean Neville in October 2013. Circle is headquartered in Boston, Massachusetts. USDC, the second largest stablecoin worldwide, is designed to hold at or near a stable price of $1. The majority of its stablecoin collateral is held in short-term U.S. government securities.
Binance Holdings Ltd., branded Binance, is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies. Binance subsequently left Japan for Malta and currently has no official company headquarters.
A stablecoin is a type of cryptocurrency where the value of the digital asset is supposed to be pegged to a reference asset, which is either fiat money, exchange-traded commodities, or another cryptocurrency.
USD Coin (USDC) is a digital stablecoin pegged to the United States dollar. USD Coin is managed by a consortium called Centre, which was founded by Circle and includes members from the cryptocurrency exchange Coinbase and Bitcoin mining company Bitmain, an investor in Circle. USDC is issued by a private entity and should not be confused with a central bank digital currency (CBDC).
Hodlnaut is a Singapore-based cryptocurrency lending and borrowing platform that lost 69% of the cryptocurrencies that users deposited onto the platform.
Terra is a blockchain protocol and payment platform used for algorithmic stablecoins. The project was created in 2018 by Terraform Labs, a startup co-founded by Do Kwon and Daniel Shin. It is most known for its Terra stablecoin and the associated Luna reserve asset cryptocurrency.
StraitsX Indonesian Rupiah (XIDR) is a digital stablecoin pegged to the Indonesian Rupiah. XIDR is issued by PT Xfers StraitsX Indonesia, which is an Indonesian subsidiary of Fazz Financial Group. In Singapore, as the subsidiary of Fazz Financial Group, Xfers is a Major Payment Institution (MPI) licensed by the Monetary Authority of Singapore (MAS) for e-money issuance.
References
- ↑ "S'pore stablecoin XSGD could see more adoption with improving tech, demand". The Straits Times. Retrieved 30 May 2022.
- 1 2 3 4 5 "StraitsX Singapore Dollar (XSGD)". StraitsX.
- ↑ "Timely redemption, minimum reserves and capital among new Singapore stablecoin regulations". The Straits Times. Retrieved 15 August 2023.
- ↑ "MAS to conduct trials for digital Singdollar that support government payouts, vouchers". The Business Times. Retrieved 31 October 2022.
- 1 2 ""Shaping the Financial Ecosystem of the Future" - Speech by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at the Singapore FinTech Festival 2023 on 16 November 2023". Monetary Authority of Singapore. Retrieved 16 November 2023.
- ↑ "Introducing XSGD — the Singapore Dollar-backed and Travel Rule¹ compliant stablecoin". StraitsX. Retrieved 5 October 2020.
- ↑ "Digital assets, payments firms toy with stablecoin plans after release of new Singapore framework". The Straits Times. Retrieved 17 August 2023.
- ↑ "Privately issued crypto has failed as medium of exchange, store of value, says MAS chief". The Straits Times. Retrieved 16 November 2023.
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