Why China could win the Economic War against the USA

China and the United States, as the two largest economies, are engaged in an intense economic competition. While the U.S. maintains global economic dominance, several factors suggest China could outpace or even win an economic war against its rival.

Crypto Lend-Stake Platform By StakedVaults

StakedVaults is an innovative platform in the decentralized finance (DeFi) space, designed to offer users a streamlined and secure way to maximize their cryptocurrency holdings. The platform provides various staking and lending solutions, allowing users to earn passive income on their digital assets. 

One of the standout features of StakedVaults is the Lend-Stake option, which combines lending and staking mechanisms to provide users with optimal returns. This dual approach allows users to lend their cryptocurrencies to others and earn interest, while also staking their assets to participate in network security and governance, earning additional rewards. 

How Lend-Stake Works

Lend-Stake is a hybrid model that enhances the potential earnings from digital assets. Here’s a detailed breakdown of how it works:

1. Lending: Users can lend their cryptocurrencies through the platform, providing liquidity to borrowers. In return, lenders earn interest, which is determined by the supply and demand dynamics of the crypto market. This interest can be compounded over time, significantly increasing the potential returns.

2. Staking: Simultaneously, users can stake their assets in various blockchain networks supported by StakedVaults. Staking involves locking up cryptocurrencies to support the operations of a blockchain network, such as transaction validation and governance. In return, stakers receive rewards, typically in the form of additional tokens.

3. Combined Rewards: By combining lending and staking, the Lend-Stake model allows users to earn dual rewards. This not only maximizes the yield on their assets but also diversifies the income streams, reducing risk and enhancing overall returns.

Benefits of Using StakedVaults.com

- Security: StakedVaults employs advanced security protocols to ensure the safety of users' assets. The platform’s smart contracts are audited to prevent vulnerabilities and malicious attacks.

- Flexibility: Users have the flexibility to choose between different staking and lending pools, each offering varying returns and risk levels. This allows for a customized investment strategy tailored to individual risk appetites and financial goals.

- Ease of Use: The user-friendly interface of StakedVaults makes it accessible even for those new to DeFi. The platform simplifies the complex processes of lending and staking, making it easy to manage and monitor investments.

- Transparency: All transactions and smart contracts on StakedVaults are transparent and can be verified on the blockchain. This ensures accountability and trust within the ecosystem.

Future Prospects

As DeFi continues to grow, platforms like StakedVaults are positioned to play a crucial role in shaping the future of finance. The Lend-Stake model, in particular, represents a significant innovation, providing users with robust opportunities to leverage their crypto assets for maximum returns. With ongoing development and potential new features, StakedVaults aims to remain at the forefront of the DeFi revolution.

For more information, visit StakedVaults at https://www.stakedvaults.com/

StakedVaults is Legit

Shopee Buy Now Pay Later (BNPL): A Game Changer for Online Shopping

The trend of online shopping has gained significant momentum in recent years, especially in Southeast Asia. To stay ahead of the competition, e-commerce platforms are introducing new features and services to make the online shopping experience more convenient and affordable for consumers. 

One such feature is the "Buy Now Pay Later" (BNPL) option, which has gained immense popularity on the Shopee platform.

What is Shopee Buy Now Pay Later?

Shopee Buy Now Pay Later (BNPL) is a payment option that allows customers to buy products now and pay for them later, typically in installments. With this feature, Shopee users can purchase products without paying the full amount upfront, making online shopping more affordable and accessible.

How does Shopee BNPL work?

To use the Shopee BNPL option, users need to select the "Buy Now Pay Later" option at the checkout page. The payment will be split into several installments, which will be automatically deducted from the user's credit card or debit card on a specific due date. Users can choose from various installment plans with different tenures, interest rates, and fees.

Benefits of Shopee BNPL
The Shopee BNPL option has several benefits for consumers, including:

Convenience: Shopee BNPL makes it easier for users to purchase products that they may not be able to afford outright. They can pay for the product in installments over time, making it more affordable and manageable.

Affordability: Shopee BNPL allows users to spread out the cost of their purchase over several months, making it more affordable and accessible. This option also helps users avoid high-interest rates that may come with credit card payments.

Flexibility: Shopee BNPL provides users with the flexibility to choose an installment plan that works best for their budget and needs. Users can select the number of installments and the payment frequency that suits them best.

Rewards: Shopee BNPL also offers rewards and promotions, such as cashback, discounts, and vouchers, which can help users save money and make their shopping experience more enjoyable.

Challenges of Shopee BNPL
While Shopee BNPL has several benefits, it also has some potential drawbacks that users should consider. These include:

Interest rates and fees: Shopee BNPL may come with interest rates and fees that users should carefully review before opting for this payment option. These additional costs may make the purchase more expensive than originally anticipated.

Late payment fees: Users should also be aware of late payment fees that may apply if they miss an installment payment. These fees can add up quickly and increase the overall cost of the purchase.

In conclusion, Shopee Buy Now Pay Later is a game-changer for online shopping, providing users with a convenient and affordable way to purchase products. It has several benefits, including affordability, convenience, flexibility, and rewards. 

However, users should also be aware of the potential drawbacks, such as interest rates, fees, and late payment fees. Overall, Shopee BNPL is an excellent option for those who want to enjoy the convenience and affordability of online shopping without breaking the bank.

The Threat of Ah Longs (Money Lenders) in Malaysia

The Threat of Ah Longs (Money Lenders) in Malaysia

Introduction:

In Malaysia, the term "Ah Long" is used to refer to illegal money lenders who provide unregulated loans to individuals in need. Ah Longs often use unethical and illegal tactics to collect repayment, which can result in severe financial and personal consequences for borrowers. In this journal, we will discuss the threat of Ah Longs in Malaysia and how to avoid falling victim to their scams.

 

Scams:

Ah Longs are known to use scams and deception to lure in unsuspecting borrowers. Some common tactics include offering loans without proper documentation, promising quick and easy approval, and using high-pressure tactics to force borrowers into taking out loans they cannot afford. These tactics often result in borrowers being trapped in a cycle of debt with no way out.

Intimidation:

Once a borrower has taken out a loan with an Ah Long, they often resort to intimidation tactics to collect repayment. This can include physical threats, harassment, and even violence. Ah Longs are known to target the most vulnerable individuals, such as low-income earners, single mothers, and the elderly, who are less likely to have access to legal protection.

Legal Action:

It is important to note that borrowing from an Ah Long is illegal in Malaysia. If you have taken out a loan with an Ah Long, you have no legal protection and cannot seek legal action against them. This means that you are at the mercy of the Ah Longs and their unethical tactics.

Prevention:

To avoid falling victim to Ah Long scams, it is important to only borrow from licensed and regulated financial institutions. This includes banks, credit unions, and licensed moneylenders. These institutions are regulated by the government and must adhere to strict lending standards and consumer protection laws.

Conclusion:

Ah Longs pose a significant threat to individuals in Malaysia who are in need of financial assistance. By using scams and intimidation tactics, Ah Longs trap borrowers in a cycle of debt with no way out. To avoid falling victim to their scams, it is important to only borrow from licensed and regulated financial institutions and to be aware of the dangers of borrowing from unregulated sources. If you have fallen victim to an Ah Long scam, seek help from the relevant authorities and legal assistance as soon as possible.

Malaysia Digital Bank License

With Hong Kong and Singapore having accelerated the issuance of their digital banks licenses, is Malaysia’s foray into the space a bit slow?

Based on this week’s announcement by Bank Negara, digital bank licenses will be issued only by the first quarter of 2022. The concern is would the Malaysian digital bank landscape have lost ground by then? Globally, digital banks are already in advance stages of operations.

To be sure, setting the rules right on the onset for digital banking is of utmost importance. It involves the main artery of the economy, namely the banking system. Perhaps this is why Malaysia’s central bank is not rushing the matter.

On Thursday, Bank Negara issued a policy document on licensing framework for digital banks following a six-month public consultation.

Bank Negara said the licensing framework for digital banks aims to enable the innovative application of technology to uplift the financial well-being of individuals and businesses and foster sustainable growth.

This includes expanding meaningful access to and promoting responsible usage of suitable financial solutions to the unserved and underserved segments.

The framework adopts a balanced approach to enable admission of digital banks with strong value propositions while safeguarding the integrity and stability of the financial system, as well as depositors’ interests.

To achieve these outcomes, a simplified regulatory framework will be applied to digital banks during the initial stage of operations, commensurate with an asset threshold of not more than RM3bil for three to five years.

Submission of applications to conduct digital banking business or Islamic digital banking business shall be made to the Bank no later than June 30,2021.

Up to five licenses may be issued to qualified applicants. Notification on the grant of license will be made by the first quarter of 2022, Bank Negara said.

It does seem that the central bank is on the right track with ensuring only the most qualified applicants get to run digital banks.

That said, one wonders how the digital banking space will grow globally and whether Malaysian licenses could have lost any ground by 2022.

Making Money Out Of Thin Air

In early 2010, Nish Bhalla sat down at his computer with one objective: steal a huge amount of money from a bank.

real ATM printed receipt

It wasn't a typical heist. Bhalla is the chief executive of Security Compass, a company that tests security systems at banks, retailers, energy companies and other organizations with sensitive data. His clients -- including the bank branch in the United States that he targeted in his 2010 attack -- pay him to break into their systems.

It can be easier than most people think. The alleged thieves who made headlines last week for their $45 million bank heist used a similar type of attack that "created" money out of nowhere.

Bhalla talked and explained his caper.

Here, in four easy steps, is how he made himself into a millionaire.

Step one, get access. Bhalla had one big advantage on actual thieves: His client gave him access to the bank's internal network. For real-world crooks, there are some surprisingly easy ways to get in.

It's possible, Bhalla said, to gain access in some places simply by logging on to the bank's wireless network -- an amenity more and more banks are providing as a service to customers. Once you're on the bank's Wi-Fi, the internal and external networks are frequently not segregated enough. It can be possible to fool the bank's other computers into thinking that your computer is a bank computer, a process known as "arp spoofing."

Another on-ramp: Someone posing as a janitor could insert a thumb drive into a teller's system and reboot it using a new operating system, which would enable them to access the hard drive of the teller's system. From there, user names and passwords are often readable. Because he could simply log straight into his client's network, Bhalla and his assistants skipped the "get physical access" step and dove straight into finding the money.

Step two, start exploring. Bhalla used "sniffer" software, available online for free, to map out which of the bank's systems were connected to each other.

Then he "flooded" switches -- small boxes that direct data traffic -- to overwhelm the bank's internal network with data. That kind of attack turns the switch into a "hub" that broadcasts data out indiscriminately.

The machines that the tellers use quickly became Bhalla's prime target. Again, the sniffer software was deployed to look for login information and passwords in the data flood. Eventually, one hit. He was inside a teller's machine.

Step three, move up the ranks. Amazingly, the information being sent between the tellers' computers and the branch's main database was not encrypted. This meant passwords and bank account numbers were all out in the open.

Step four, cash in. Rather than steal money from depositors' accounts, Bhalla just invented a new account for himself.

"We went into the database where the accounts are and set up an account with $14 million," Bhalla explained. "We just created $14 million out of thin air."

If he wanted to, he could have walked into any bank branch, transferred the money to an offshore account, and never have had to work again. Instead, he went to an ATM to print out a record of his ill-gotten wealth.

"The bank executives were extremely surprised," Bhalla said. "Their faces were shocked."

The bank promptly deleted Bhalla's bounty, he said, and took steps to shore up its network.

In the heist that came to light last week, federal officials say the thieves hacked into networks at firms that process transactions for pre-paid debt cards and created accounts with high spending limits. From there, it was just a matter of making physical debt cards for those accounts and going around to ATMs to withdraw the cash.

"They just updated the database with that debit-card information," Bhalla said. "That's how simple it was."

In many cyber bank heists, including the recent $45 million scam, it's hard to pin down who is ultimately liable for any losses. It's typically not individual customers. U.S. law protects consumer checking and savings accounts from losses stemming from fraud. Business accounts, though, have fewer protections.

Bhalla said some financial institutions have insurance to cover the losses -- but he noted that insurance companies are reluctant to issue policies with high coverage limits because the risks in this area area still poorly understood.

In the end, he said the losses are likely born by a combination of the company, insurance firms and governments.

@ Global Info Center

Global Economy Worsening

TOKYO, Feb 19 – The yen resumed falling yesterday after Japan signaled it would push ahead with expansionist monetary policies having escaped criticism from the world’s 20 biggest economies at the weekend.

Industrial metals also dipped and European shares were soft on lingering worries about the economic outlook, especially for the euro zone. While the risk of an inconclusive outcome in Italy’s forthcoming election added to investor concerns.

However, activity was curtailed by the closure of markets in the United States for the Presidents’ Day holiday.

The yen, which has dropped 20 per cent against the dollar since mid-November, fell further after financial leaders from the G20 promised not to devalue their currencies to boost exports and avoided singling out Japan for any direct criticism.

The dollar rose 0.5 per cent to 93.95 yen, near a 33-month peak of 94.47 yen set a week ago. The euro added 0.3 per cent to 125.40 yen, to be midway between Friday’s two-week low of 122.90 and a 34-month high of 127.71 yen hit earlier this month.

Strategists said the yen was likely to stay weak, though its decline could lose momentum until it becomes clear who will be taking the helm at the Bank of Japan when the current governor steps down on March 19.

“The yen probably will weaken a little further in anticipation of more aggressive easing under a new leadership team at the Bank of Japan,” said Julian Jessop, chief global economist at Capital Economics.

Japan’s Prime Minister Shinzo Abe is poised to nominate the new governor in the next few days. Sources have told Reuters that former financial bureaucrat Toshiro Muto, considered likely to be less radical than other candidates, was leading the field.

Meanwhile the euro dipped slightly against the dollar when European Central Bank president Mario Draghi said the currency’s recent gains made any rise in inflation less likely and added that he had yet to see any improvement in the euro zone economy.

Speaking before the European Parliament, Draghi said the euro’s exchange rate was not a policy target but was important for growth and stability, adding that appreciation of the euro “is a risk”.

The comments left the euro down 0.2 per cent at US$1.3334 (RM4.132).

Elsewhere in the currency market, sterling hit a seven-month low against the dollar, after a key policymaker made comments about the need for further weakness and recent poor data which has kept alive worries of another British recession.

Sterling fell 0.25 per cent to US$1.5476 having earlier touched US$1.5438, its lowest since July 13.

DATA LOOMS

A big week for data on the outlook for the world’s economy weighed on other riskier asset markets following the recent dire fourth-quarter growth numbers for the euro zone and Japan, along with Friday’s soft US manufacturing figures.

In European markets, attention is focused on the euro area Purchasing Managers’ Indexes for February and German sentiment indices due later in the week which could affect hopes for a recovery this year.

Analysts expect Thursday’s euro area flash PMI indices, which offer pointers to economic activity around six months out, to show growth stabilizing across the recession-hit region, leaving intact hopes for a recovery in the second half of 2013.

Concerns over an inconclusive outcome in the Italian election on Sunday and yesterday have added to the weaker sentiment as a fragmented parliament could hamper a future government’s efforts to reform the struggling economy.

The worries about the outlook for Italy were encouraging investors back into safe-haven German government bonds yesterday, with 10-year Bund yields easing 3.5 basis points to be around 1.63 per cent.

“Political uncertainty will keep Bunds well bid this week,” ING rate strategist Alessandro Giansanti said, adding that only better than expected economic data could create selling pressure on German debt in the near term.

Italian 10-year yields were 4 basis points higher on the day at 4.41 per cent. 

G20 defuses talk of ‘"currency war"

MOSCOW, Feb 16 — The Group of 20 nations declared on Saturday there would be no 'currency war' and deferred plans to set new debt-cutting targets in an indication of concern about the fragile state of the world economy.

Japan's expansive policies, which have driven down the yen, escaped criticism in a statement agreed in Moscow by financial policymakers from the G20, which groups developed and emerging markets and accounts for 90 percent of the world economy.

After late-night talks, finance ministers and central bankers agreed on wording closer than expected to a joint statement issued last Tuesday by the Group of Seven rich nations backing market-determined exchange rates.

A draft communique seen by delegates on Friday had steered clear of the G7's call for fiscal and monetary policy not to be targeted at exchange rates but the final version included a G20 commitment to refrain from competitive devaluations and stated monetary policy would be directed at price stability and growth.

"The language has been strengthened since our discussions last night," Canadian Finance Minister Jim Flaherty told reporters. "It's stronger than it was, but it was quite clear last night that everyone around the table wants to avoid any sort of currency disputes."

The communique, seen by Reuters ahead of publication, did not single out Japan for aggressive monetary and fiscal policies that have seen the yen drop 20 percent.

The statement reflected a substantial, but not complete, endorsement of Tuesday's statement by the G7 nations - the United States, Japan, Britain, Canada, France, Germany and Italy.

"We all agreed on the fact that we refuse to enter any currency war," French Finance Minister Pierre Moscovici told reporters.

No fiscal targets

The text also contained a commitment to credible medium-term fiscal strategy, but stopped short of setting specific goals. A debt-cutting pact struck in Toronto in 2010 will expire this year if leaders fail to agree to extend it at a G20 summit of leaders in St Petersburg in September.

"Advanced economies will develop credible medium-term fiscal strategies ... by the St. Petersburg summit," the communique said.

The United States, which has resorted to massive monetary stimulus and higher government borrowing to drive growth and cut jobless queues, blocked a push from Europe to commit to reducing budget deficits.

Russian Finance Minister Anton Siluanov said the G20 had failed to reach agreement on medium-term budget deficit levels.

"We expect by April countries will have made progress on reaching a balanced approach to establishing new budget indicators on both, deficit and the level of government debt," Siluanov said.

Russia, this year's chair of the G20, also expressed concern about ultra-loose policies that it and other big emerging economies say could store up trouble for later.

Siluanov said a rebalancing of global growth required more than an adjustment of exchange rates.

"Structural reforms in all countries, either with a positive or negative balance of payments, should play a bigger role," he said, adding that spillover effects of unconventional monetary policy, conducted by central banks in some countries, should be closely monitored.

The G20 put together a huge financial backstop to halt a market meltdown in 2009 but has failed to reach those heights since. At successive meetings, Germany has pressed the United States and others to do more to tackle their debts. Washington in turn has urged Berlin to do more to increase demand.

On currencies, the G20 text reiterated its commitment last November, to move towards "exchange rate flexibility to reflect underlying fundamentals and avoid persistent exchange rate misalignments".

"The G7 made a very clear statement this week. I think you'll see the G20 echo what was said, and say that currencies should not be used as a tool of competitive devaluation," Britain's finance minister, George Osborne, said in Moscow.

"Countries shouldn't make the mistake of the past of using currencies as a tool of economic warfare." — AFP-Relaxnews