TAIPEI, April 21, 2022 /PRNewswire/ -- Blockchain neo fintech company XREX Inc. announced today that Michael Shing onboards as its Director of Risk Management. Shing spent more than a decade with the Federal Reserve branches in San Francisco and New York, first as an analyst then a senior risk specialist. Prior to his time with the Fed, Shing held several positions in the private sector in New York and Hong Kong.
Shing joins at an important point of the company's journey as XREX expands its markets and financial solutions to more users in India, Africa, the Middle East, South America, Southeast Asia, and beyond.
As Director of Risk Management, Shing will oversee the analysis and modeling of the operation and business risks as XREX broadens its product offerings and exposure across various markets. Together with the management team, Shing will build thought leadership through regulatory research and outreach, establishing XREX as a force in driving blockchain adoption and integration with traditional banking systems.
"With a wealth of experience in the regulatory space 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 at XREX. "We are dedicated to bridging 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 further financial inclusion."
During his tenure at the Federal Reserve Bank of San Francisco (FRBSF), Shing was involved in ensuring the safety of the largest banking institutions in the United States by assessing risk management practices including risk governance, risk appetite, and strategy. His area of focus included Treasury-related risks such as liquidity and interest rate, asset-liability management, and investment portfolio. Prior to that, Shing led the implementation of a variety of vendor models at the New York Fed, providing timely stress-testing analysis, and reporting on investment securities portfolios across several asset classes.
"Currently, products and services offered by crypto firms and exchanges, and even decentralized finance (DeFi) projects, attempt to achieve the same functionality enabled by traditional banking," Shing said. "As blockchain creates new and innovative ways of borrowing, lending, and leveraging, regulators may look to regulate crypto in a similar manner as banks and introduce consolidated supervision. Hence, the convergence of traditional financial firms and crypto firms emerges."
XREX facilitates remittances, receivables, and international payouts on a daily basis, providing users with a secure, low-cost, and real-time payment method. XREX also helps merchants in emerging markets resolve US dollar liquidity shortages by offering stablecoins as a mode of clearing and settlement.
On his decision to be a part of the XREX team, Shing said: "The niche that XREX serves is very compelling. Many exchanges offer traders leverage and access to speculation, which is fine. However, XREX is solving real and critical needs and pain points."
Shing will further XREX's longstanding commitment toward security and compliance, mitigating the company's risk as it continues to provide users with a safe and reliable platform for all their banking needs.
In January, XREX acquired Canada's Money Services Business (MSB) license, being the only Taiwan-based firm to have done so. More recently, XREX became compliant with Taiwan's Financial Supervisory Commission (FSC) after completing the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) report filing. XREX is in the process of applying to the Monetary Authority of Singapore (MAS) for a Major Payment Institution license, which will allow XREX to conduct money transfers, business payments, and digital payment token services.
XREX is a neo fintech leveling the playing field by partnering with banks, regulators, and verified individuals to redefine banking together. Our blockchain-driven solutions create a collective financial system that empowers all to participate and contribute to the global economy.
Founded in 2018 and headquartered in Taipei, XREX comprises a team of world-leading experts in cybersecurity, fintech, compliance, and cryptocurrency to offer a full suite of innovative products such as BitCheck, XREX Circles, and Risk Level Detector to solve the dollar-liquidity shortage issues faced by cross-border merchants in emerging economies.