02 Sep, 2024

OKX Now Fully Licensed in Singapore, Hires Former Mas Official as Local CEO

Quick Take① OKX crypto exchange said its Singapore entity received the full MPI license from the local regulator.② It has also appointed a former MAS official to lead the exchange in Singapore.OKX Now Fully Licensed in Singapore, Hires Former Mas Official as Local CEOGlobal cryptocurrency exchange OKX announced that its Singapore entity, OKX SG, received the full Major Payment Institution license from the Monetary Authority of Singapore. It also appointed Gracie Lin, a former MAS official, as CEO of the regional arm.The license grants OKX SG to offer digital payment token and cross-border money transfer services, including spot crypto trading for Singaporean investors, its press release said. Lin, formerly part of MAS, sovereign wealth fund GIC and ride-hailing giant Grab, plans to focus on developing crypto products and services suited for the needs of Singaporean investors, according to OKX.OKX received its “in-principle” MPI license from Singapore in March this year. Its president Hong Fang said at the time that Singapore is a “priority market” for the digital asset exchange.OKX, one of the world’s largest cryptocurrency exchanges, processed over $67 billion worth of crypto in August, while Binance, its major rival, saw a monthly volume of $448.45 billion.

28 Aug, 2024

Inflation Rate in Laos Sees Slight Dip in August

Laos experienced a slight dip in its inflation rate in August, which stood at 24.3%, down from July’s 26.1%. Despite the slower increase, inflation remains a big challenge, particularly in health care, housing, and food, as reported by Laos Statistic Bureau.In recent months, several categories have seen substantial price increases. Health care and medicine experienced a 37.6% rise compared to July. Housing costs, which include expenses for water, electricity, and cooking gas, also surged by 34.9%. Restaurants and hotels followed with a 33.2 % increase, while home appliances jumped by 31.6%. The cost of food and non-alcoholic beverages rose by 22.5%.From July to August, the rate of price increase slowed down compared to the previous month. However, some sectors still saw significant price hikes. The restaurant and hotel sector faced notable increases, largely due to higher costs for wet rice, beer, and grilled chicken. The education sector also saw price rises, with school uniforms and textbooks becoming more expensive.In the food and non-alcoholic beverages category, prices continued to climb, with vegetables experiencing the largest increase. This was followed by aromatic vegetables, raw chilies, chicken eggs, and pork. The home appliance category also saw higher prices, particularly for mattresses, air conditioners, washing machines, and lamps.Meanwhile, some items saw price reductions. The transportation sector, for instance, experienced lower prices for cars, motorcycles, and fuel. The persistently high inflation in Laos can be attributed to several factors. The domestic production sector remains underdeveloped, and recent efforts to promote local production have yet to yield significant results. Furthermore, fluctuations in the exchange rate continue to undermine confidence in the economy, and the current mechanisms for managing commodity prices are still insufficient. As Laos grapples with these challenges, the inflation outlook remains a critical concern for policymakers and the public alike.