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Onomy Protocol Opens the Door For Institutions To Take On DeFi

Onomy Protocol has recently announced plans to open the world of Decentralized Finance (DeFi) to traditional Centralized Finance (CeFi) operators with its ambitious cross-chain stablecoin infrastructure.
Institutions worldwide are looking to tap into blockchain’s edge on secure, trustless, and quick transactions. Financial entities are aware there is a Great Financial Migration currently underway, but they face significant stumbling blocks as they move their currency operations on-chain. Goldman Sachs’ Crypto Trading Desk is one of the first forays into blockchain by a major bank, with private entities like Fidelity Investments providing enterprise-grade custody and execution services for institutional investors. Likewise, JPMorgan has just announced plans to give wealth clients direct access to crypto funds.

Despite the acknowledgement of the promising underlying technology, volatility is cited as the primary concern holding back traditional institutions. This has led to the proliferation of ‘stablecoins’ that are digital crypto tokens pegged to major national currencies, enabling access to decentralized finance and crypto financial infrastructure whilst evading volatility concerns. Stablecoins have grown from a market capitalization of $10B, to over $108B within the year, spawning an entirely new segment of financial products that offer extremely competitive yield when compared to traditional financial products. Stablecoins are currently dominated by US Dollars, but Onomy Protocol sees an imminent future wherein other major national currencies will gain prominence in the cryptocurrency space – opening the door to foreign currency exchange markets (Forex) migrating on-chain.

Onomy Protocol provides the bridge for this migration, empowering institutions to onboard their fiat exchange operations on-chain through the use of stablecoins, conceiving a new and enhanced outlet for the $6.6 trillion daily volume traded across the foreign exchange markets. Through Onomy, users are empowered with a secure platform to onboard their liquidity into decentralized finance in a manner that evades volatility concerns and provides access to novel products and yield opportunities not present in traditional finance.

By making Forex more accessible by plugging it into the booming blockchain economy, it opens opportunities for banks, enterprises, and retail users to enhance the utility of their assets. Institutions have traditionally struggled to implement new technologies at scale due to the size of their operations and depth of asset pools, but Onomy Protocol’s products will sustain the migration.

Moreover, each blockchain platform is siloed unto itself, increasing friction and inefficiencies when attempting to exchange assets cross-chain. Onomy is built on cross-chain architecture, enabling assets to transfer freely amongst prominent blockchain economies.

Onomy Protocol bolsters adoption through the suite of products available on its ecosystem, powered by the ONET blockchain, a Proof-of-Stake and application-specific network operating at unprecedented efficiency. These include the ONEX (Onomy Exchange), a hybrid DEX that converges automated market maker (AMM) and order book functionalities into a standalone stablecoin & native assets exchange, suitable for emulating the Forex market on-chain.

The stablecoin economy is a force to be reckoned with, granted that even under the heavy storm of market plunges, stablecoins have proven resilient and have effectively maintained their peg, allowing for the entire market to grow due to the confidence in these digital safe havens.

Onomy Protocol therefore plans to build on the success of fiat-pegged digital assets, opening this economy to holders of the world’s 100+ currencies, who may easily mint, trade, and lend stablecoins.

Institutions will participate and onboard liquidity into a cross-chain stablecoin economy in an efficient manner that emulates and eventually supersedes their traditional operations. With trustless transactions being validated at speed, financial institutions can leverage their currency reserves to take advantage of the DeFi marketplace and other opportunities that develop as blockchain technology evolves.

To enact this goal, Onomy has announced one of its partnerships with Avalanche, a prominent and interoperable blockchain economy backed by Andreesen Horowitz’s A16z crypto fund, which facilitates the deployment of decentralized apps and enterprise blockchains.

Onomy Protocol aims to serve as the world’s decentralized reserve bank. In allowing both retail and institutional users to mint, deploy, exchange and utilize their currency reserves through digital stablecoins that can interact with the entire DeFi landscape, it solves long-standing issues that hamper the potential of the Forex market. Just as the computer and the movement away from the gold-standard unleashed an economic explosion in the mid-seventies, Onomy hopes to be the bridge that realizes the potential of currency markets, and currency itself.

Central Global Continues with Proactive Business Sustainability Measures Despite Lockdown

Central Global Berhad (“Central Global” or “Group”), a producer of industrial masking tapes and label stocks as well as general building contractor, will continue to keep a tight rein on cashflow in order to ensure business sustainability following the government’s decision to lengthen the extended movement control order (“EMCO”) in certain areas of Kuala Muda, Kedah where the Group’s factory is located by a further two weeks to 1 August 2021.

Central Global executive chairman Dato’ Faisal Zelman

Central Global’s factory, which produces masking tapes and label stocks, has been closed since 5th July 2021 given its location in Kuala Muda which is currently under the EMCO. The factory employs almost entirely locals, with several among the 170 employees having been with the Group for more than four decades.

Central Global executive chairman Dato’ Faisal Zelman said: “We have always been cautious about the outlook for this year given the uncertainties of further COVID-19 outbreaks and while we will continue to tap into opportunities arising from a more fragmented regional competition landscape and the sporadic local supply-chain disruption, we are also mindful of the risks.”

“We have backlog orders to fulfil which will keep factory busy until year end, but operations have been affected due to the EMCO. We are consistently in discussion with the authorities despite of the lock down measures which has been imposed in the EMCO zones. We managed to obtain permission to operate on a partial basis being categorised as an Essential Industry (Packaging) during the period of the MCO 1.0 and we hope that the government will consider applying the similar regulations for the current EMCO as well. At the same time, we want to reassure all stakeholders that the management will do all it can to ensure that business sustains and maintain operational efficiency and quality.”

Central Global has two scheduled meetings annually to review the Group’s manufacturing operations’ internal controls and risk management under a risk management framework to mitigate business and operational risks. The Group’s lean manufacturing process ensures that costs are kept under scrutiny while driving productivity and quality through employee suggestion programmes and reward schemes.

“We will monitor the situation and continue to adhere to all standard operating procedures as laid out by the National Security Council and Ministry of Health guidelines to ensure the safety and health of employees and vendors. In the meantime, we have to manage our customers’ expectation in fulfilling their orders,” Faisal concluded.

For more information, please contact Hakim J. Munif at +60 12-318 5410 or h.juraimi@swanconsultancy.biz.


Topic: Press release summary

Dynafront Successfully Lists on LEAP Market of Bursa Malaysia

Dynafront Holdings Berhad (“DynaFront” or the “Company”), an insurance technology specialist, made a successful debut on the LEAP Market of Bursa Securities Malaysia Berhad (“Bursa Securities”) today at 23 sen per share, which was 2 sen or 9.6% higher than its offer price of 21 sen per share.

L-R: DynaFront Non Independent Non Executive Director Mr. Chan Choong Wai; DynaFront Executive Director/Group Chief Operating Officer Ms. Gan Hui Ping; DynaFront Managing Director/Group Chief Executive Officer Mr. Chan Eng Lim

The Company and its subsidiaries (“Group”) specialises in developing and providing proprietary and customised enterprise information technology (“IT”) solutions for a broad range of life insurance companies, including conventional life insurers, Takaful operators, independent corporate life insurance agencies and group assurance operations. DynaFront’s solutions, offered either as proprietary software products or managed services, have been successfully deployed to markets in Malaysia, Indonesia, Singapore, Philippines, Taiwan and Hong Kong.

The Group offers a comprehensive suite of software solutions extending from front-end sales automation systems to back-end individual and group life administration systems including PrecentiaCMS for front-end sales automation system, PrecentiaLife for back-end individual life administration system as well as PrecentiaGroup, a suite of back-end group life administration systems for employee benefits. DynaFront also offers PrecentiaTakaful supporting the Wakalah, Mudharabah and hybrid concepts and can be integrated into various Takaful models.

Mr. Chan Eng Lim, Managing Director and Group Chief Executive Officer of DynaFront said during the Listing Ceremony today, “We pride ourselves with the fact that many of our key management staff were formerly from the life insurance industry. Our extensive industry background and in-depth domain knowledge, coupled with our broad IT expertise, have been instrumental not only in the design and engineering of our software solutions, but also to our Group’s success over the years.”

“Moving forward, our Group will continue to expand and evolve our solution offerings by adopting microservices based architecture to deliver consistent, high-quality services with security, reliability and agility in all our solutions to our customers. With this adoption of microservices architecture, we expect our next generation of software solutions to be lightweight with modern technology stacks and AI driven, in our quest to create a smarter insurance ecosystem.

DynaFront is also moving into the virtual insurance space, with the Group’s research and development team focusing on the development and implementation of new mobile applications in wearable technologies, including web-enabled smart devices that use embedded systems, such as processors, sensors and communication hardware, to collect, send and act on data acquired from their environments such as temperature screenings and, movement detections to smart watches and wearable health devices. Real-time syncing and processing of data between wearables and our platform microservices as well as real-time health monitoring will enable life insurance companies to structure insurance products which are more customised and suited for the policy holders.

Hong Leong Investment Bank Berhad is the Approved Adviser, Placement Agent and Continuing Adviser for the listing exercise.

For more information, please contact Hakim J. Munif at +60 12-318 5410 or h.juraimi@swanconsultancy.biz.


Topic: Press release summary

Cuentas and WaveMax Sign an Exclusive and Definitive JV Agreement for 1,000 Locations to Offer Advertising on WiFi6 Next Generation Patented Technology in Cuentas’ “Bodegas” Network throughout the USA

Cuentas, Inc. (NASDAQ: CUEN & CUENW)(‘Cuentas’), a leading FinTech provider (Top 4 Fintech) of mobile banking, digital wallet and payment solutions focused on Hispanic and Latino communities has signed an exclusive, definitive JV agreement to rollout WaveMax’s SharedWiFI6 patented technology (Wavemax Patent) in 1,000 locations. This Rollout will begin in the New York City metropolitan area with 500 locations in NYC, 330 locations in New Jersey and 170 locations in Connecticut. The agreement also includes plans to roll out the service in other areas throughout the US. The parties will install advanced WiFi6 Access Points and Small Cells in these 1,000 “Bodega Stores” in a 50/50 joint venture. These will become Cuentas premium locations that will be near public train stations and mass transit hubs and will be offering all Cuentas products and services on secure networks. The WiFi6 service will enhance customer experience while in the Bodega stores, by automatically connecting to SharedWiFi high-speed internet to receive special in-store offers. Users at Cuentas Point of Sale (POS) locations will also receive promotions for the Cuentas GPR card and discounted products sold through the Cuentas Mobile App.

This unique agreement that our organizations are bringing to the market will allow Cuentas to enter the advertising ecosystem using major brands to advertise through mobile handsets and additionally Cuentas products & services will benefit from 50% discounts for most favored nation pricing on this digital advertising platform.

WaveMax’s SharedFi patented technology allows for a shared network of WiFi access points and small cells. The user has access to this shared network and, if he has opted in, be impacted with location-based advertising. These ads are configured by advertisers using WaveMAX’s dashboards targeting, manually or programmatically, the right audience, at the right time, and the right place.

“I am proud that we were able to sign a definitive agreement with WaveMax for their state of the art technology. This is the first time that Cuentas is announcing to its public shareholders that it was able to complete this unique agreement and I am looking forward to expand this network for the rest of Cuentas’ Bodega network nationwide,” said Arik Maimon, Cuentas Founder and Interim CEO.

“We are very pleased to enhance our original commitment to the first 1,000 bodegas in Cuentas’ network. We are happy to add value to Cuentas’ unique proposition in the US market and its Mobile Banking App,” said Eduardo Velasco, WaveMAX CEO. (Shared Wi-Fi 6 Network)

“Cuentas was recently classified and deemed as a technology sector vertical (Technology Sector), we are very excited for the upcoming events of our company and we are very confident that Cuentas has a bright future,” said Michael De Prado, Founder and Executive Vice Chairman of Cuentas.

ABOUT CUENTAS

Cuentas, Inc. (Nasdaq: CUEN & CUENW) is a Fintech company utilizing technical innovation together with existing and emerging technologies to deliver accessible, efficient and reliable mobile, new-era and traditional financial services to consumers. Cuentas is proactively applying technology and compliance requirements to improve the availability, delivery, reliability and utilization of financial services especially to the unbanked, underbanked and underserved segments of today’s society. Its products are supported by its core methods, procedures, contracts and intellectual property. For more information, visit https://cuentas.com.

ABOUT WAVEMAX CORPORATION

WaveMax is a WiFi-5G sharing company leveraging US patented technology to create an ecosystem monetizing mobile interactions between Telcos, Retailers, Providers, Apps, and Users. WaveMax ecosystem in 2020 supported millions of Wi-Fi accesses and it is rapidly growing, creating new synergies and network effects.

FORWARD-LOOKING STATEMENTS

This news release contains ‘forward-looking statements’, as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as ‘estimate’, ‘anticipate’, ‘believe’, ‘plan’ or ‘expect’ or similar statements are forward-looking statements. Forward-looking statements contained in this news release include statements relating to other publicly available information regarding Cuentas.

Contact:

Cuentas:
investor@cuentas.com
800-611-3622

WaveMax:
info@wavemaxcorp.com
512.902.8038

PM condoles loss of lives in an accident in Nagarkurnool, Telangana

The Prime Minister, Shri Narendra Modi has expressed grief over the loss of lives in an accident in Nagarkurnool, Telangana. The Prime Minister has also announced an ex-gratia of Rs. 2 lakh to be given to the next of kin of those who lost their lives and Rs. 50,000 to those injured. 

In a PMO tweet, the Prime Minister said, “Condolences to those who lost their loved ones in an accident in Nagarkurnool, Telangana. May the injured recover at the earliest. From PMNRF, an ex-gratia of Rs. 2 lakh each will be given to the next of kin of the deceased and Rs. 50,000 would be given to the injured: PM Modi”

Condolences to those who lost their loved ones in an accident in Nagarkurnool, Telangana. May the injured recover at the earliest. From PMNRF, an ex-gratia of Rs. 2 lakh each will be given to the next of kin of the deceased and Rs. 50,000 would be given to the injured: PM Modi

— PMO India (@PMOIndia) July 23, 2021

ప్రధాన మంత్రి జాతీయ సహాయ నిధి నుండి మరణించిన ప్రతి ఒక్కరి కుటుంబ సభ్యులకు 2 లక్షల రూపాయల చొప్పున, అలాగే గాయపడిన ప్రతి ఒక్కరికీ 50000 రూపాయల చొప్పున నష్ట పరిహారం ప్రకటిస్తున్నాను: ప్రధాన మంత్రి నరేంద్ర మోడి

— PMO India (@PMOIndia) July 23, 2021

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DS/SH

(Release ID: 1738364)
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