String Metaverse secures Canadian Fintech Licence
Hyderabad, June 16 (UNI) String Metaverse Limited, a next-generation digital finance infrastructure Web3 company, on Monday announced it has officially received its Fintech Licence (MSB registration) from FINTRAC Canada, headquartered in Vancouver.
In alignment with this significant milestone, the Canadian company will undergo a strategic rebranding to String Payx, with the name change to be reflected across all regulatory and operational platforms within the next 60 days, the company said in a release.
This licence marks a pivotal expansion for String Metaverse, empowering it to launch comprehensive Web3-enabled digital banking services, including issuance of Virtual Debit Cards, cross-border wire transfers, full-suite payment solutions for businesses and individuals, virtual corporate accounts and seamless crypto-to-fiat on-ramp and off-ramp capabilities.
String Metaverse is uniquely positioned at the convergence of gaming, digital assets, and fintech.
With an existing user base of 4 million gamers, projected to reach 10 million, the company will leverage this license to issue Virtual Visa and Mastercard Debit Cards, fully integrated with Apple Pay and Google Pay. This enables instant global payments at over 170 million merchants across both physical and digital platforms.
'This licence is a game-changer," said Santosh Althuru, CEO of String Metaverse. 'It enables us to power the next wave of financial services for Web3-native users, seamlessly merging crypto, gaming, and global payments.'
This development is aligned with String's mission to build the public infrastructure layer for open, yield-bearing financial ecosystems on blockchain — where stablecoins, tokenized assets, and real-world payments converge, Santosh added.
UNI KNR PRS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Huawei's new laptop uses older China-made chip, US curbs stall SMIC
Huawei Technologies ' new MateBook Fold laptop is powered by an older-generation chip made by SMIC, highlighting how US export curbs are hindering China's top foundry from advancing to next-generation semiconductor manufacturing, Canadian research firm TechInsights said on Monday. There was widespread speculation in the industry that Huawei would use SMIC's newer 5nm-equivalent N+3 process node chip in the MateBook Fold that, according to TechInsights, marks Huawei's "most aggressive entrance into full-stack computing; chip design, OS development, and hardware integration". However, the laptop instead features the Kirin X90 chip, built on the same 7nm N+2 process node that was first introduced in August 2023, TechInsights said in a report. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cardiologist Reveals: The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo "This likely means that SMIC has not yet achieved a 5nm equivalent node that can be produced at scale," it said. "US-imposed technology controls are likely continuing to impact SMIC's ability to catch-up to current foundry leaders in more advanced nodes across chips for mobile, PCs, and cloud/AI applications," TechInsights added. Live Events The MateBook Fold, which does not have a physical keyboard and features an 18-inch OLED double screen, was one of two new laptops Huawei launched last month. The devices are part of Huawei's broader push to build a self-reliant ecosystem amid U.S. efforts to limit its access to advanced chips. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The laptops are the first to be sold with Huawei's Harmony operating system. It has not officially disclosed the processor used, though past models have used Intel chips. Huawei did not immediately respond to a request for comment. Reuters reported last year that the U.S. revoked licences that had allowed companies including Intel and Qualcomm to ship chips used for laptops and handsets to Huawei. The US curbs limited SMIC's access to advanced chipmaking tools, including extreme ultraviolet lithography. China-based foundries have to now rely on less efficient multi-patterning techniques that reduce yield, the report said. The report noted that Huawei's 7nm chip is several generations behind those used by Apple, Qualcomm, and AMD. It added that China remains at least three generations behind the global semiconductor frontier, as foundries like TSMC and Intel prepare to roll out 2nm process technology within the next 12 to 24 months. Earlier this month, Huawei CEO Ren Zhengfei told Chinese state media that Huawei's chips were just one generation behind that of US peers but the firm was finding ways to improve performance through methods such as cluster computing.
Time of India
an hour ago
- Time of India
Canadians poured billions into US bonds in April despite Trump's tariffs scare — only to see $58 billion vanish
Canada's Record US Bond Buying in April April's Bond Market Shake-Up Hits Canadian Holdings Live Events US–Canada Interest Rate Gap Shapes Investment Flows FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Even though there was mounting irritation at US President Donald Trump because of his tariffs and speculation about turning Canada into the "51st state," Canadian investors continued to quietly buy US government bonds in April, as per a to Fortune, Canadians purchased a net $9.2 billion of US government bonds in April, which was the highest monthly rise since November the latest data from the Treasury revealed that the value of Canada's overall holdings dropped by about $58 billion that same month, which was the largest swing for any of the top 20 foreign owners of US debt, reported decline in value came amid April's massive bond selloff, which might have driven the US president to halt his reciprocal tariffs, according to the report. Fortune wrote in its report that, "Long-term yields, which spike when bond prices fall, have remained stubbornly elevated with the Federal Reserve—unlike other central banks around the world—patient to cut interest rates."ALSO READ: 37 hours to target: Inside the US B-2 bomber's Fordow mission — complete with snacks, a microwave, and a toilet A senior vice president and investment strategist at US Bank, Rob Haworth, pointed out that, 'You've got this gap emerging with the Fed on hold and the Bank of Canada cutting rates, along with everyone else,' as quoted in the the Bank of Canada has cut rates by 225 basis points over the past nine months, which includes the 25-point cuts in January and March, the Fed has only cut rates by 100 points from September to December last year but has held rates unchanged so far in 2025, as per to the central bank's rates, the 10-year US Treasury yield was 4.38% as markets closed on Friday (June 20), while Canada's was at 3.30%, reported explained that Higher interest rates in the United States can make Treasuries appealing to Canadians and other foreign investors, if they can effectively hedge the risk presented by a weakening US dollar, as per the to Fortune report, foreign investors held a little more than $9 trillion worth of Treasuries at the end of April, which was slightly below the record set in March. Haworth pointed out that, "The decline in the dollar this year has been much more pronounced than any offloading of Treasuries," reported also explained that a slowdown in trade affects the flow of dollars first, as greenbacks are used in fewer transactions and changes in the allocation of Treasuries, often held as investments or bank reserves, happen much more slowly, Fortune reported. Haworth said, 'There's probably still some fundamental pressure as we suss out where trade and tariffs end up,' as quoted in the invested a net $9.2 billion, the biggest monthly total since November long-term yields, uncertainty over tariffs, and the Fed holding rates steady all played a role.
Mint
2 hours ago
- Mint
Scotiabank Hires Finning's Former CFO as Canadian Banking COO
(Bloomberg) -- Bank of Nova Scotia hired Greg Palaschuk, the former top finance executive at Finning International Inc., for a senior role in its Canadian banking division. Scotiabank told employees he'll assume the role of executive vice president and chief operating officer of its Canadian banking division later this year. Finning announced Palaschuk's departure as chief financial officer on June 12. 'He will oversee all Canadian banking operations activities, and he will also provide managerial oversight for automotive finance in Canada as we look to continue to grow and evolve the business,' Scotiabank spokeswoman Katie Raskina said in an email. As Finning's CFO since 2020, Palaschuk overlapped in the firm's executive suite with Scott Thomson, now Scotiabank's chief executive officer. Thomson was CEO of Finning — a Vancouver-based company that sells, finances and services Caterpillar Inc. equipment — for almost a decade before joining Scotiabank as president in late 2022, in preparation for becoming CEO in early 2023. Thomson had been on Scotiabank's board since 2016, but the hiring of a banking outsider was still seen as a surprising move at the time. Palaschuk, who will report to Aris Bogdaneris, head of Scotiabank's Canadian banking division, has a history in the finance industry, having spent the early years of his career in investment banking with Deutsche Bank AG and UBS Group AG in New York and later with Goldman Sachs Group Inc. in Calgary. He's set to remain with Finning as an adviser through July to support the transition to new CFO David Primrose. David Noel, Scotiabank's current COO of Canadian banking, will remain in that role until Palaschuk joins the firm on Sept. 2, Bogdaneris said in an internal memo seen by Bloomberg News. Noel will then become senior vice president of Canadian banking operations, reporting to Palaschuk. --With assistance from Mathieu Dion. More stories like this are available on
