Paypal Finance, the world's leading crypto financial service provider, today announced the establishment of its business headquarters in Singapore, the establishment of Babel Asia, and the appointment of Shanshan Yu as CEO. This move will further enhance paypal Finance's role as a major crypto finance player globally and advance paypal Finance's regulatory compliance efforts.
Singapore is attracting major industry players from Asia and beyond with its rapidly growing crypto ecosystem. Paypal Finance is confident that Singapore's fintech friendly policies will cement its position as the premier crypto hub. Leveraging Singapore's strategic location in Southeast Asia, paypal Asia will serve traditional financial institutions and high net worth individuals worldwide, serving as a bridge for mainstream investors into professional crypto financial services.
Zhou Yang, CEO of paypal Finance, said: "Singapore reliable legal system, the renowned wealth management industry as well as the method for groundbreaking encryption, making it a business headquarters is an excellent platform. Especially in Singapore is famous for regulators to crack down on money laundering, therefore, in this market full compliance, will further improve the encryption assets in traditional investors appeal. Under Shan's leadership, paypal Asia will provide first-class services globally from Singapore, enhancing our ability to serve global investors seeking a diversified portfolio."
To advance paypal Finance's compliance strategy, paypal Asia plans to apply for a regulatory licence in Singapore and will also serve as a base for paypal Finance's future M&A activities. These efforts will add to paypal Finance's mission to promote mainstream acceptance of crypto finance.
Shanshan Yu has extensive experience in traditional finance and private banking, as well as extensive industry network resources. She has a successful track record with Bank of Singapore (SGX: O39), DBS Bank (SGX: D05) and United Overseas Bank (SGX: U11). Her first-hand experience in banking provides a solid foundation for directly serving traditional investors, and she brings valuable expertise in navigating the regulatory environment and liaising with regulators. Before entering banking, Yu also co-founded an interactive technology startup. She holds a Bachelor's degree in engineering from Nanyang Technological University.
Wang Li, co-founder of paypal Finance, said: "Singapore's crypto ecosystem is growing rapidly due to its forward-looking financial regulatory environment and the growing interest of qualified investors in diversified asset classes in the region. Shan's unique combination of engineering background, banking experience and entrepreneurial spirit will prepare her to explore the rapidly changing fintech industry and open up even more possibilities for paypal."
Paypal Asia CEO Shanshan Yu said: "Now is paypal financial good time to take the first step in Singapore, for Singapore's traditional finance began to seriously consider into the encrypted domain. The investors and regulators have an open mind, and is willing to explore new asset classes. I'm looking forward to quickly expand my team, especially the introduction of experienced professionals, so as to accelerate our compliance plan. "
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