Ex-Fed Danger Specialist Michael Shing joins XREX as Director of Danger Administration

Fenika Bench

Shing joins at an necessary level of the corporate’s journey as XREX expands its markets and monetary options to extra customers in India, Africa, the Center East, South America, Southeast Asia, and past.

As Director of Danger Administration, Shing will oversee the evaluation and modeling of the operation and enterprise dangers as XREX broadens its product choices and publicity throughout numerous markets. Along with the administration group, Shing will construct thought management via regulatory analysis and outreach, establishing XREX as a power in driving blockchain adoption and integration with conventional banking techniques.    

“With a wealth of expertise within the regulatory area working with monetary establishments, abilities like Shing might be an necessary addition to accountable and compliant crypto operators like XREX in the long term,” mentioned Wayne Huang, co-founder and CEO at XREX. “We’re devoted to bridging conventional banks and crypto monetary improvements to additional join superior economies and rising markets. We’re excited to work with Shing and drive crypto improvements collectively for additional monetary inclusion.”

Throughout his tenure on the Federal Reserve Financial institution of San Francisco (FRBSF), Shing was concerned in guaranteeing the security of the biggest banking establishments in america by assessing threat administration practices together with threat governance, threat urge for food, and technique. His space of focus included Treasury-related dangers equivalent to liquidity and rate of interest, asset-liability administration, and funding portfolio. Previous to that, Shing led the implementation of a wide range of vendor fashions on the New York Fed, offering well timed stress-testing evaluation, and reporting on funding securities portfolios throughout a number of asset courses.

“At the moment, services supplied by crypto companies and exchanges, and even decentralized finance (DeFi) initiatives, try to attain the identical performance enabled by conventional banking,” Shing mentioned. “As blockchain creates new and revolutionary methods of borrowing, lending, and leveraging, regulators could look to manage crypto in an analogous method as banks and introduce consolidated supervision. Therefore, the convergence of conventional monetary companies and crypto companies emerges.”

XREX facilitates remittances, receivables, and worldwide payouts every day, offering customers with a safe, low-cost, and real-time cost methodology. XREX additionally helps retailers in rising markets resolve US greenback liquidity shortages by providing stablecoins as a mode of clearing and settlement.

On his determination to be part of the XREX group, Shing mentioned: “The area of interest that XREX serves may be very compelling. Many exchanges supply merchants leverage and entry to hypothesis, which is okay. Nonetheless, XREX is fixing actual and significant wants and ache factors.”

Shing will additional XREX’s longstanding dedication towards safety and compliance, mitigating the corporate’s threat because it continues to supply customers with a protected and dependable platform for all their banking wants.

In January, XREX acquired Canada’s Money Services Business (MSB) license, being the one Taiwan-based agency to have completed so. Extra lately, XREX grew to become compliant with Taiwan’s Financial Supervisory Commission (FSC) after finishing the Anti-Cash Laundering (AML) and Countering the Financing of Terrorism (CFT) report submitting. XREX is within the strategy of making use of to the Financial Authority of Singapore (MAS) for a Main Fee Establishment license, which can enable XREX to conduct cash transfers, enterprise funds, and digital cost token companies.

About XREX
XREX is a neo fintech leveling the enjoying discipline by partnering with banks, regulators, and verified people to redefine banking collectively. Our blockchain-driven options create a collective monetary system that empowers all to take part and contribute to the worldwide economic system.

Based in 2018 and headquartered in Taipei, XREX contains a group of world-leading consultants in cybersecurity, fintech, compliance, and cryptocurrency to supply a full suite of revolutionary merchandise equivalent to BitCheck, XREX Circles, and Risk Level Detector to unravel the dollar-liquidity scarcity points confronted by cross-border retailers in rising economies.

Comply with XREX on Discord, Telegram, Twitter, Facebook, and LinkedIn.

Contact:

Yoyo Yu
[email protected]

SOURCE XREX Inc.

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