Former Fed Risk Specialist Michael Shing Joins XREX as Chief Risk Officer
Margarita M. Phillips
3 min read
Shing joins at an important moment in the company’s journey as XREX expands its marketplaces and financial solutions to more users in India, Africathe Middle East, South America, South East Asiaand beyond.
As Chief Risk Officer, Shing will oversee operational and business risk analysis and modeling as XREX expands its product offering and exposure to various markets. Together with the executive team, Shing will build thought leadership through regulatory research and awareness, establishing XREX as a force in blockchain adoption and integration with traditional banking systems.
“With extensive regulatory experience working with financial institutions, talents like Shing will be an important addition to responsible and compliant crypto operators like XREX in the long run,” said wayne huang, co-founder and CEO of XREX. “We are committed to connecting traditional banks and crypto financial innovations to further connect advanced economies and emerging markets. We are excited to work with Shing and drive crypto innovations together for increased financial inclusion.”
During his tenure at the Federal Reserve Bank of San Francisco (FRBSF), Shing has been involved in the security of the largest banking institutions in United States assessing risk management practices, including risk governance, risk appetite and strategy. His area of interest included treasury risks such as liquidity and interest rates, asset-liability management and investment portfolio. Previously, Shing led the implementation of a variety of vendor models at the New York Fed, providing timely stress analysis and reporting on investment securities portfolios across multiple asset classes.
“Currently, products and services offered by crypto companies and exchanges, and even decentralized finance (DeFi) projects, are trying to achieve the same functionality as traditional banking,” Shing said. “As blockchain creates new and innovative ways to borrow, lend, and leverage, regulators may seek to regulate crypto in the same way as banks and introduce consolidated oversight. Therefore, the convergence of traditional financial companies and crypto companies is emerging.”
XREX facilitates everyday remittances, receivables and international payments, providing users with a secure, low-cost and real-time payment method. XREX also helps traders in emerging markets address US dollar liquidity shortages by offering stablecoins as a mode of clearing and settlement.
On his decision to join the XREX team, Shing said, “The niche that XREX serves is very compelling. Many exchanges offer traders leverage and access to speculation, which is good. However, XREX solves real and critical needs and pain points.”
Shing will reinforce XREX’s long-standing commitment to security and compliance, mitigating business risk while continuing to provide users with a safe and reliable platform for all their banking needs.
In January, XREX acquired from Canada Money Services Business License (MSB)being the only one Taiwancompany based to have it done. More recently, XREX has become conform to Taiwan Financial Supervisory Commission (FSC) after completing the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) filing. XREX is filing an application with the Monetary Authority of Singapore (MAS) for a major payment institution license, which will allow XREX to perform money transfers, commercial payments and digital payment token services.
About XREX
XREX is a neo fintech that is leveling the playing field by partnering with banks, regulators and verified people to redefine banking together. Our blockchain-based solutions create a collective financial system that empowers everyone to participate in and contribute to the global economy.
Founded in 2018 and based in taipeiXREX comprises a team of global cybersecurity, fintech, compliance and cryptocurrency experts to deliver a comprehensive suite of innovative products such as BitCheck, XREX Circlesand Risk Level Detector to solve the problems of shortage of dollar liquidity faced by cross-border traders in emerging economies.
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Contact:
Yoyo Yu
[email protected]
XREX SOURCE Inc.
