Crypto firm BitGo confidentially files for US IPO
Several high-profile companies, including those in riskier sectors like crypto and fintech, have launched successful listings in recent weeks, signaling pent-up demand and a rebound in capital markets activity.
BitGo's announcement follows the crypto sector's market value hitting $4 trillion last week, driven by renewed optimism, regulatory clarity in key markets, and rising institutional inflows.
The number of shares to be offered and the price range for the proposed initial public offering have not yet been determined, BitGo said.
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Straits Times
12 minutes ago
- Straits Times
How SMEs can strengthen cybersecurity and protect the bottom line
As cyber threats grow, small and medium-sized enterprises can fortify their defences and ensure financial flexibility with comprehensive support from Singtel and GXS Bank With the right training and financial tools, SMEs can strengthen their cyber defences and stay agile in managing cash flow. It has never been easier for cybercriminals to launch attacks on your business. Today, threat actors can easily access dark web marketplaces and purchase ready-made ransomware to cripple operations and drain finances. In the first half of this year, Nordstellar reported a 49 per cent increase in global ransomware cases exposed on the dark web. Among the hardest hit were small and medium-sized enterprises (SMEs). Here in Singapore, the Cyber Security Agency of Singapore (CSA) shared that SMEs made up 84 per cent of cybersecurity victims in 2023. Yet, their survey revealed that two in three companies had yet to implement basic cybersecurity measures. Nearly 60 per cent of surveyed companies said they lacked the knowledge and experience, while 39 per cent were held back by a lack of resources and manpower. As 5G mobile connectivity fuels digital growth across Asia-Pacific – projected to add nearly US$130 billion (over S$160 billion) to the region's economy by 2030 – businesses are unlocking new opportunities. At the same time, this expanded digital footprint widens the attack surface, leaving companies more vulnerable to cyber threats driven by artificial intelligence. To help SMEs overcome these challenges, Singtel has made enterprise-grade cybersecurity accessible and hassle-free with its two-pronged approach – Singtel Cyber Elevate and Fortinet Unified Threat Management. Elevate your cybersecurity know-how When a cyberattack strikes, the difference between survival and catastrophe often comes down to how well your team is prepared to recognise, respond to and recover from it. Singtel Cyber Elevate is a comprehensive training and cyber incident management programme that helps SMEs build this resilience through mentorship and practical guidance. It is conducted by Mr Wilson Tan, Singtel Enterprise's senior director of Cyber Consulting, Education & Professional Service, who brings over 25 years of experience in telecommunications and leads Singtel's Cyber Security Institute – a top facility for cyber resiliency training in Asia. With government subsidies of up to 90 per cent, the programme is highly accessible to eligible SMEs. Singtel's Cyber Elevate programme helps SMEs in Singapore strengthen their cybersecurity defences through hands-on training, expert support and cyber incident management. PHOTO: SINGTEL Local facilities management company Advancer took part in the programme's two-day workshop and underwent a cybersecurity posture assessment, akin to a full-body scan to uncover gaps in the company's cyber defences. 'We were commended for having good general awareness around phishing attempts and safe browsing habits among our staff,' says Mr Gary Chin, Advancer's chief executive officer. 'However, the assessment identified gaps in formal documentation, escalation paths and consistent response protocols.' Trainers worked directly with the Advancer team to streamline workflows, establish clearer protocols and tighten security across their entire operation. Through realistic cyberattack simulations, the team experienced first-hand the intense pressure of phishing and ransomware attacks without the devastating consequences. It was a strong wake-up call. Mr Chin says: 'We realised that even small teams can be high-value targets due to the sensitive data that we handle. We also learned that having a response plan is crucial to reducing chaos during a real incident.' The Singtel Cyber Elevate programme also helps SMEs strengthen compliance with legal obligations, such as the Personal Data Protection Act, and equips employees with skills to manage stakeholders during a data breach. SMEs will also receive legal and forensics support for a year from law firm Drew & Napier, and cyber incident response company Blackpanda. Mr Gary Chin, CEO of facilities management company Advancer, says the Singtel Cyber Elevate programme helped the team identify security gaps and embed cybersecurity into their daily operations. PHOTO: ADVANCER 'The programme provided clear guidance and practical insights that were easy to understand and apply,' says Mr Chin. 'Cybersecurity is now included in our budgeting and has become a core part of our operations.' Says Singtel Enterprise's Mr Tan: 'It is important to develop an assumed breach mindset to better respond and recover from cyber breaches. Singtel Cyber Elevate seeks to be that safety net that allows companies to build cyber resiliency against the impact of breaches affecting organisations.' But training your team is just the first line of defence. Your network infrastructure needs fortress-level protection too. All-in-one network protection With employees using multiple devices, your network faces more potential entry points for cybercriminals to exploit. A single unprotected device can compromise your entire company. To shut attackers out, the Singtel-Fortinet Unified Threat Management system provides comprehensive protection for your business network. SMEs that adopt this solution will be eligible for up to 50 per cent funding on qualifying costs through the Government's Productivity Solutions Grant . Developed by Singtel and global cybersecurity leader Fortinet, this solution helps safeguard every device connected to your network, from office computers and laptops to wireless devices, IP phones and even employees' personal devices. Acting as a central command hub, it blocks threats before they breach your systems, secures wireless access, and protects essential communications like emails and voice calls. It also fine-tunes your network based on your business priorities, so your most critical applications can run smoothly and securely. Everything is managed through a single platform, making it easy and hassle-free for any business to stay protected. More on this topic Navigating uncertainty: How your new business can adapt and grow with the right support Securing financial health with GXS bank For SMEs, digital security is only half the battle – a healthy cash flow is just as critical. For many business owners, having access to financial support can be a leg-up as they build and grow resilient companies. Business owners such as sole proprietors and start-ups often face hurdles when opening business accounts or applying for loans. High fees, strict requirements and lack of collateral can limit access to funds, right when these businesses need them most. GXS Bank built its GXS Biz Account to help address these challenges head-on. The GXS Biz Account offers no minimum balance or monthly fees, and daily interest rates from 1.68 per cent a year. SMEs enjoy a clear separation of personal and business finances, and they can receive and make unlimited free payments through PayNow and Fast. New customers who sign up for a GXS Biz Account with the promo code 'SG60' will receive $60 in cash. Visit this link to find out more . For businesses that need an extra boost, the GXS FlexiLoan Biz offers up to $150,000 in unsecured financing with interest from 4.99 per cent a year (Effective Interest Rate at 9.32 per cent a year). There are no annual or early repayment fees, and SMEs have full flexibility to repay early without additional costs. You can also get loans starting from $1,000 in a matter of minutes. GXS Bank also offers up to $1 million in access to working capital loans, invoice financing and purchase order financing through GXS Capital , its wholly-owned subsidiary. This enables SMEs to unlock funds based on outstanding invoices – helping them smooth out cash flow and invest in growth without waiting for payment cycles to clear. By easing day-to-day financial pressure, GXS Bank empowers SMEs to act quickly when opportunities arise. Whether you are protecting your business from ransomware or scaling up with agility, Singtel and GXS Bank offer the end-to-end protection and flexibility that SMEs need in a high-risk, high-potential world. Find out more about the Singtel Cyber Elevate programme here . Disclaimer: GXS Business Banking consists of products and services provided by GXS Bank and GXS Capital, which are licensed and regulated by the Monetary Authority of Singapore. GXS Bank and GXS Capital are separate entities and are not associated with the businesses of SPH, Grab, Singtel, or their entities. Approval of your application is subject to the receipt of all supporting documents, review, and processing time. Terms and Conditions apply. Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. Effective Interest Rate (EIR) is calculated based on an average loan amount of S$10,000 with a 24-month repayment period, from 1 Jan 2025 to 1 Jan 2027.
Straits Times
3 hours ago
- Straits Times
Trump, EU's von der Leyen meet to clinch trade deal, rating chances 50-50
TURNBERRY, Scotland - European Commission President Ursula von der Leyen met US President Donald Trump on Sunday to clinch a trade deal that would likely result in a 15 per cent tariff on most EU goods, but end months of uncertainty for European Union companies. US and EU negotiators huddled in final talks on tariffs facing crucial sectors like cars, steel, aluminium and pharmaceuticals before the meeting began at Trump's golf course in Turnberry, western Scotland. Trump, who had earlier played a round with his son, told reporters as he met von der Leyen that he wanted to correct a trading arrangement he said was "very unfair to the United States" and repeated his comments from Friday that the chances of a US-EU deal were 50-50, a view echoed by von der Leyen. "We have three or four sticking points I'd rather not get into. The main sticking point is fairness," he said insisting the EU had to open up to American products. Von der Leyen acknowledged there was a need for "rebalancing" EU-US trade. "We have a surplus, the United States has a deficit and we have to rebalance it... we will make it more sustainable," she said. US Commerce Secretary Howard Lutnick, who flew to Scotland on Saturday, told "Fox News Sunday" that the EU needed to open its markets for more US exports to convince Trump to reduce a threatened 30 per cent tariff rate that is due to kick in on August 1. Top stories Swipe. Select. Stay informed. Singapore Sewage shaft failure linked to sinkhole; PUB calling safety time-out on similar works islandwide Singapore Tanjong Katong Road sinkhole did not happen overnight: Experts Singapore Workers used nylon rope to rescue driver of car that fell into Tanjong Katong Road sinkhole Asia Singapore-only car washes will get business licences revoked, says Johor govt World Food airdropped into Gaza as Israel opens aid routes Sport Arsenal beat Newcastle in five-goal thriller to bring Singapore Festival of Football to a close Singapore Benchmark barrier: Six of her homeschooled kids had to retake the PSLE Asia S'porean trainee doctor in Melbourne arrested for allegedly filming colleagues in toilets since 2021 "The question is, do they offer President Trump a good enough deal that is worth it for him to step off of the 30 per cent tariffs that he set," Lutnick said, adding that the EU clearly wanted - and needed - to reach an agreement. A separate US administration official was upbeat that a deal was possible. "We're cautiously optimistic that there will be a deal reached," the official said, speaking on condition of anonymity. "But it's not over till it's over." The EU deal would be a huge prize, given that the US and EU are each other's largest trading partners by far and account for a third of global trade in goods and services. Ambassadors of EU governments, on a weekend trip to Greenland organised by the Danish presidency of the EU, held a teleconference with EU Commission officials on Sunday to agree on the amount of leeway von der Leyen would have. In case there is no deal and the US imposes 30 per cent tariffs from August 1, the EU has prepared counter-tariffs on 93 billion euros (S$139 billion) of US goods. EU diplomats have said a deal would likely include a broad 15 per cent tariff on EU goods imported into the US, mirroring the US-Japan trade deal, along with a 50 per cent tariff on European steel and aluminium for which there could be export quotas. EU officials are hopeful that a 15 per cent baseline tariff would also apply to cars, replacing the current 27.5 per cent auto tariff. Possible exemptions Some expect the 27-nation bloc may be able to secure exemptions from the 15 per cent baseline tariff for its aerospace industry and for spirits, though probably not for wine. The EU could also pledge to buy more liquefied natural gas from the US, a long-standing offer, and boost investment in the United States. Trump told reporters there was "not a lot" of wiggle room on the 50 per cent tariffs that the US has on steel and aluminium imports, adding, "because if I do it for one, I have to do it for all." The US president, in Scotland for a few days of golfing and bilateral meetings, said a deal with the EU should draw to a close discussions on tariffs, but also said pharmaceuticals, for which the United States is looking into new tariffs, would not be part of a deal. The EU now faces US tariffs on more than 70 per cent of its exports, with 50 per cent on steel and aluminium, an extra 25 per cent on cars and car parts on top of the existing 2.5 per cent and a 10 per cent levy on most other EU goods. EU officials have said a "no-deal" tariff rate of 30 per cent would wipe out whole chunks of transatlantic commerce. A 15 per cent tariff on most EU goods would remove uncertainty but would be seen by many in Europe as a poor outcome compared to the initial European ambition of a zero-for-zero tariff deal on all industrial goods. Seeking to learn from Japan, which secured a 15 per cent baseline tariff with the US in a deal almost a week ago, EU negotiators spoke to their Japanese counterparts in preparation for Sunday's meeting. For Trump, aiming to reorder the global economy and reduce decades-old US trade deficits, a deal with the EU would be the biggest trade agreement, surpassing the US$550 billion deal with Japan. So far, he has reeled in agreements with Britain, Japan, Indonesia and Vietnam, although his administration has failed to deliver on a promise of "90 deals in 90 days." REUTERS
Straits Times
4 hours ago
- Straits Times
US, China to resume tariff talks in effort to extend truce by 90 days
Find out what's new on ST website and app. US Treasury Secretary Scott Bessent and Chinese Vice-Premier He Lifeng will lead tariff talks on July 28, in Stockholm. STOCKHOLM – Senior US and Chinese negotiators will meet in Stockholm on July 28 to tackle longstanding economic disputes at the centre of the countries' trade war, aiming to extend a truce keeping sharply higher tariffs at bay. The South China Morning Post reported on July 27 that the two sides are expected to agree to extend the truce by three more months. China is facing an Aug 12 deadline to reach a durable tariff agreement with President Donald Trump's administration, after Beijing and Washington reached a preliminary deal in June to end weeks of escalating tit-for-tat tariffs. Without an agreement, global supply chains could face renewed turmoil from duties exceeding 100 per cent. The Stockholm talks, led by US Treasury Secretary Scott Bessent and Chinese Vice-Premier He Lifeng, take place a day after European Union chief Ursula von der Leyen meets Mr Trump at his golf course in Scotland to try to clinch a deal that would likely see a 15 per cent baseline tariff on most EU goods. Trade analysts on both sides of the Pacific say the discussions in the Swedish capital are unlikely to produce any breakthroughs but could prevent further escalation and help create conditions for Mr Trump and Chinese President Xi Jinping to meet later in 2025. Previous US-China trade talks in Geneva and London in May and June focused on bringing US and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia H20 AI chips and other goods halted by the United States. Top stories Swipe. Select. Stay informed. Singapore Sewage shaft failure linked to sinkhole; PUB calling safety time-out on similar works islandwide Singapore Tanjong Katong Road sinkhole did not happen overnight: Experts Singapore Workers used nylon rope to rescue driver of car that fell into Tanjong Katong Road sinkhole Asia Singapore-only car washes will get business licences revoked, says Johor govt World Food airdropped into Gaza as Israel opens aid routes Sport Arsenal beat Newcastle in five-goal thriller to bring Singapore Festival of Football to a close Singapore Benchmark barrier: Six of her homeschooled kids had to retake the PSLE Asia S'porean trainee doctor in Melbourne arrested for allegedly filming colleagues in toilets since 2021 So far, the talks have not delved into broader economic issues. These include US complaints that China's state-led, export-driven model is flooding world markets with cheap goods, and Beijing's complaints that US national security export controls on tech goods seek to stunt Chinese growth. 'Stockholm will be the first meaningful round of US-China trade talks,' said Mr Bo Zhengyuan, Shanghai-based partner at China consultancy firm Plenum. Deals, deals, deals Mr Trump has been successful in pressuring some other trading partners, including Japan, Vietnam and the Philippines , into deals accepting higher US tariffs of 15 to 20 per cent. He said there was a 50-50 chance that the US and the 27-member European Union could also reach a framework trade pact, adding that Brussels wanted to 'make a deal very badly'. Two of Mr Trump's top trade officials, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, will attend the Scotland talks and then travel to Stockholm. Analysts say the US-China negotiations are far more complex and will require more time. China's grip on the global market for rare earth minerals and magnets, used in everything from military hardware to car windshield wiper motors, has proved to be an effective leverage point on US industries. Trump-Xi meeting? In the background of the talks is speculation about a possible meeting between Mr Trump and Mr Xi in late October. Mr Trump has said he will decide soon whether to visit China in a landmark trip to address trade and security tensions. A new flare-up of tariffs and export controls would likely derail any plans for a meeting with Mr Xi. 'The Stockholm meeting is an opportunity to start laying the groundwork for a Trump visit to China,' said Ms Wendy Cutler, vice-president at the Asia Society Policy Institute. Mr Bessent has already said he wants to work out an extension of the Aug 12 deadline to prevent tariffs snapping back to 145 per cent on the US side and 125 per cent on the Chinese side. Still, China will likely request a reduction of multi-layered US tariffs totaling 55 per cent on most goods and further easing of US high-tech export controls, analysts said. Beijing has argued that such purchases would help reduce the US trade deficit with China, which reached US$295.5 billion (S$379 billion) in 2024. China is currently facing a 20 per cent tariff related to the US fentanyl crisis, a 10 per cent reciprocal tariff, and 25 per cent duties on most industrial goods imposed during Mr Trump's first term. Mr Bessent has also said he would discuss with Mr He the need for China to rebalance its economy away from exports toward domestic consumer demand. The shift would require China to put an end to a protracted property crisis and boost social safety nets to encourage household spending. Mr Michael Froman, a former US trade representative during former president Barack Obama's administration, said such a shift has been a goal of US policymakers for two decades. 'Can we effectively use tariffs to get China to fundamentally change their economic strategy? That remains to be seen,' said Mr Froman, now president of the Council on Foreign Relations think-tank. REUTERS
