Leading IDA to unleash the power of stablecoins & propel Hong Kong as a global digital asset hub

HONG KONG, Oct. 18, 2024 /PRNewswire/ — IDA, a Hong Kong-based fiat-referenced stablecoin issuer, officially announced the appointment of Dr. David Wong as its Board Chairman today. Dr. Wong will guide the strategic vision and corporate governance of IDA as it prepares for the launch of its fiat-referenced stablecoin, HKDA.

With over 30 years of distinguished experience in the banking industry, Dr. Wong is a formidable addition to IDA’s leadership team. Previously serving as Deputy Group CEO of Bank of China (Hong Kong) Limited, he oversaw a diverse array of financial market operations, including global markets, global transaction banking, investment management, insurance, asset management and other capital market-related businesses. His extensive background, particularly in promoting the internationalization of the RMB, equips him with valuable insights into regulatory frameworks and strategies for market adoption. These are crucial for advancing the use of stablecoins in global finance.

“Having witnessed the evolution of Hong Kong’s financial market over the past three decades — its challenges and opportunities — I am eager to contribute to the future of finance 2.0,” Dr. Wong remarked. “IDA is at the forefront of innovation in Web3 financial services. Its mission to enhance cross-border trades and payments through blockchain technology perfectly aligns with my vision of driving a sustainable and responsible Web3 financial ecosystem. Together, we can unlock financial inclusion and drive mainstream adoption of stablecoins.”

IDA is committed to positioning Hong Kong as a leading global digital asset hub. The HKSAR Government’s strong support for establishing a comprehensive stablecoin regulatory regime will accelerate Web3 development in the region.  By leveraging this support, IDA aims to attract a diverse range of businesses and investors, fostering a vibrant ecosystem that encourages growth and innovation. Dr. Wong underscored the importance of a supportive regulatory framework, stating, “By embracing blockchain technology and digital finance, we can propel Hong Kong’s status as the preferred destination for digital asset investment and innovation.”

Lawrence Chu, co-founder and CEO of IDA, expressed excitement about Dr. Wong’s appointment: “Dr. Wong is a visionary leader with a proven track record of advancing Hong Kong’s financial landscape. His insights will be invaluable as we navigate the complexities of corporate governance and chart a path for IDA’s innovative growth.” 

IDA’s stablecoin solutions will not only facilitate seamless transactions, but also enhance liquidity and transparency in the market. This will enable investors to engage with a wider array of asset classes, driving further interest and investment in Hong Kong’s digital economy. “IDA is currently in discussions with prominent companies in cross -border payments, banks, exchanges, virtual asset exchanges, retail businesses and real-world assets (RWAs) to explore the use of HKDA for B2B payments and tokenization.  By fostering partnerships, IDA aims to create an inclusive environment that benefits all stakeholders involved,” Lawrence added.

Joining Dr. Wong on the board is a dynamic team, including Martin Baumann, managing partner and co-founder of CMCC Global, alongside IDA co-founders Lawrence Chu and Sean Lee. This collaborative board brings together a wealth of expertise, ensuring a robust governance framework as IDA embarks on its ambitious journey.

About IDA Finance Hong Kong Limited (IDA)

IDA is the premier digital asset technology company to spearhead the widespread adoption of blockchain finance and to empower businesses to seamlessly integrate between Web2 and Web3.   

HKDA, a fiat-referenced stablecoin built on public blockchain protocols, will be the first product launched by IDA.  HKDA is designed to drive enhanced digital connectivity for seamless commerce and payments between Hong Kong and global markets, 24/7/365.  To maintain the highest level of security and stability, all circulating HKDA will always be fully backed by at least 100% reserve assets in regulated Hong Kong based authorized institutions.   

To maximize the network effect of HKDA for domestic and cross-border usage, IDA is partnering with key industry players to facilitate the minting, redemption and widespread acceptance of HKDA as a payment and settlement digital currency.   In subsequent phases, IDA will also launch key products denominated in other US Dollar (USD) pegged currencies with ecosystem partners across regulated financial institutions and Web3 platforms. 

More information can be found at www.idafi.xyz / LinkedIn / X 

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SOURCE IDA

DONGYING, China, Oct. 18, 2024 /PRNewswire/ — From October 16 to 17, the grand event of Smart Manufacturing • Greener Future 2024 Global Energy Forum & New Product Launch was held in Dongying, China.

More than 100 top oil and gas companies, oil service companies, and engineering companies from more than 40 countries and regions, as well as more than 300 experts in the oil and gas energy industry and representatives of strategic cooperation suppliers gathered to discuss the new situation and challenges faced by the oil and gas development sector and explore ways of solve the technical bottlenecks that constrain the development of oil and gas fields.

The forum comprised multiple sessions such as the new product launch, manufacturing base visit, equipment display, panel discussion, strategic cooperation signing, etc. It comprehensively demonstrated the latest achievements of KERUI in the field of “Green and Smart Manufacturing”. Over 10 global customers and strategic partners have reached cooperation intentions with KERUI, and signed strategic cooperation agreements with the intended contract value exceeding 1 billion dollars.

During the forum, KRIDS Intelligent Drilling System was launched globally. The equipment can realize one-button intelligent control, which substantially improves the effective operation time of the drilling rig. The digital drilling technology can raise the drilling speed by 30%; The electric energy storage technology can effectively reduce carbon emissions by up to 20%. And the ZMS2.0 system can realize the safety management of personnel and equipment.

Other new low-carbon and intelligent products independently developed by KERUI based on the technological trend in the industry and customers’ demands were also launched, including the world’s first set of Steam Boiler Flue Gas Capture and Injection Equipment, China’s first set of Intelligent Integrated Process Tubing Unit, KERUI “SECOND GENERATION” Truck-mounted Pipeline Gas Recovery Compressor Unit, and the Multi-functional Compressor Skid of Gas Lift and Gas-liquid Mixed Transportation. These new products will help customers realize the optimal allocation of resources and improve the overall energy efficiency.

KERUI is dedicated to providing customized and all-round solutions and developing efficient and energy-saving intelligent equipment to help customers raise their resource utilization efficiency. KERUI has established a fast response mechanism to provide full-lifecycle technical support and service, ensuring the smooth operation of customers.

In the future, KERUI will further upgrade the digital and intelligent level of equipment by actively integrating digital technologies with the core business. KERUI will continue to deepen its cooperation with global partners, jointly explore the low-carbon path, and promote green energy projects, thus facilitating the sustainable development of the oil and gas industry and making a contribution to the global energy transformation.

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DBS ranked 2nd on the 50 Safest Commercial Banks list for the third consecutive year

SINGAPORE, Oct. 18, 2024 /PRNewswire/ — DBS Bank today announced that it has been named “Safest Bank in Asia” by New York-based trade publication Global Finance. This is the 16th consecutive year that DBS has been recognised with this accolade, extending a track record dating back to 2009. The bank also maintained its 2nd position in the ‘World’s 50 Safest Commercial Banks’ list and ranked 12th in the ‘World’s 50 Safest Banks’ list, holding both positions for the 3rd consecutive year.

The Global Finance annual rankings of the World’s Safest Banks have been the recognised and trusted standard of financial counterparty safety for more than three decades. Winners were selected through an evaluation of long-term foreign currency ratings—from Moody’s, Standard & Poor’s and Fitch—of the 500 largest banks worldwide.

Joseph D. Giarraputo, Global Finance founder and editorial director, said, “Amid ongoing economic volatility and increasing scrutiny of digital currencies, financial institutions must contend with an ever-growing number of risks. DBS continues to be resilient in its risk management across their network and a bedrock of banking services for its clients in Asia.”

Said Chng Sok Hui, Chief Financial Officer of DBS Bank, “It is an honour to be recognised by Global Finance as Safest Bank in Asia yet again. In a world marked by increasing geopolitical and economic uncertainties, DBS’ resilient franchise and strong credit ratings – underpinned by a solid balance sheet, robust controls and sound risk management practices – instils confidence from our stakeholders. This accolade is a testament to our financial strength, upon which we continue to fortify our role as a trusted partner to our customers and the community.”

DBS has received global recognition from several prestigious financial publications, having been named “World’s Best Bank” multiple times by Euromoney, Global Finance and The Banker, and “World’s Best Bank for Corporate Responsibility” and “World’s Best Digital Bank” by Euromoney. Additionally, DBS has been featured in numerous case studies, with the latest by Harvard Business School, published in 2024, accessible here.

About DBS

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 16 consecutive years from 2009 to 2024.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

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