Taiwan fintech firm hires ex-Federal Reserve exec for risk management

Taiwan-based fintech firm XREX has appointed former Federal Reserve Bank executive Michael Shing as its director of risk management.

Shing has worked for over a decade with the Federal Reserve branches in San Francisco and New York – first as an analyst, then as a senior risk specialist. He has also served as assistant vice president at Merrill Lynch and associate director at UBS.

XREX director of risk management Michael Shing / Photo credit: XREX

Founded in 2018, XREX facilitates remittances, receivables, and international payouts daily. It also helps merchants in emerging markets resolve US dollar liquidity shortages by offering stablecoins as a mode of clearing and settlement.

Shing will oversee the analysis and modeling of the firm’s operation and business risks as XREX broadens its product offerings across markets like Southeast Asia, India, Africa, the Middle East, and South America.

“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,” said Shing.

See also: Series SEA: Who’s investing in the region’s fintech startups?

XREX is currently applying for a Major Payment Institution license with the Monetary Authority of Singapore. The license will allow XREX to conduct money transfers, business payments, and digital payment token services.