Day: September 27, 2024

TOKEN2049: Binance CEO Richard Teng on how the company has evolved after CZ’s departure

Few leaders have faced a more pivotal career transition than Binance‘s Richard Teng.

Teng, a former regulator, has been at the helm of the company for the past 10 months after being appointed directly by the co-founder and former CEO of the crypto exchange, Changpeng Zhao (CZ).

His leadership comes at a critical juncture for the company, navigating regulatory scrutiny and public scepticism following CZ’s departure—though he never did imagine himself leading Binance, given his background.

Yet, his belief in the transformative potential of blockchain technology ultimately drew him into the industry. Teng first joined Binance in 2021 as the CEO of its Singapore business before becoming the firm’s global Head of Regional Markets.

Now, as CEO, he is tasked with reinforcing the company’s transparency and security. Speaking at the TOKEN2049 conference in Singapore last week, the CEO shared how the organisation has evolved since CZ’s departure and his predictions of the industry’s future.

“We have to continue to change”

Drawing a comparison to the industry’s current state, Teng noted that the crypto landscape has undergone significant changes since CZ first took the helm at Binance.

When CZ was leading the company, it was essentially a founder, CEO-led company. If you remember, Binance started in July 2017—it was a pretty young company, and at the time, rules and regulations [surrounding the crypto industry] still have not been developed. 

Richard Teng, CEO of Binance

Today, roughly one-third of global regulators are starting to oversee the crypto industry. Compliance and regulatory measures have become much more stringent than in Binance’s early days—a landscape in which “CZ has not operated in”.

“We have to continue to change with the changing landscape,” said Teng. The company has since shifted to a board-led governance model with a seven-person board of directors to meet regulatory expectations.

According to the CEO, this move aligns Binance’s structure more closely with what “regulators are used to”. It also provides the exchange with a more stable leadership framework as it navigates the global regulatory landscape.

They invested US$213 million into compliance programmes in 2023

Since its pivot, Binance has seen a 40 per cent increase in institutional and corporate investors joining the platform in 2024 alone. It has also secured 19 licences worldwide, with its most recent approvals in Thailand, Brazil, and India.

However, it’s not as easy as it seems for the exchange. Though there has been some regulatory clarity in the crypto landscape, there’s no denying that it is still in its nascent stages—there is still a pressing need for more defined regulations.

Take the licensing processes, for instance. Securing the 19 approvals has proven to be a significant challenge for the company, particularly given the diverse compliance requirements across different countries.

Every jurisdiction has its own rules and regulations. Some jurisdictions define crypto as a security, while some have totally different views. In Singapore, [for instance], crypto is considered to be a digital payment toolkit. In each of these places, the views and regulations are so different, [so] you have to really understand what the provisions are and how to comply with them.

Richard Teng, CEO of Binance

This is why the company has started investing heavily in compliance programmes, especially over the last year. In 2023, Binance spent about US$213 million on compliance programs—roughly 35 per cent higher than its spending in 2022—and plans to maintain substantial investments in this area moving forward.

Before the end of the year, it is looking to hire at least 170 more employees for compliance teams, with plans to build a 700-strong compliance workforce by the end of 2024.

Teng is also actively seeking a permanent headquarters for Binance as part of its broader efforts to strengthen its relationship with global regulators and ensure its long-term sustainability.

“2025 is going to be much bigger”

When asked about the current state of the crypto industry, Teng said that 2024 has been a landmark year for crypto adoption, driven by a surge of institutional interest.

In January, the US approved the first exchange-traded funds (ETFs) for spot prices of bitcoin, followed by the approval of similar funds for ether in July.

Meanwhile, institutions that were once cautious, like BlackRock, are now stepping into the crypto arena— its once sceptic CEO, Larry Fink, is now a “major believer” of cryptocurrencies, even going on to call it “digital gold.”

Teng shared that this growing institutional interest is critical to driving mainstream adoption, attributing Bitcoin’s record high earlier this year—which soared above US$70,000 in March—to “the effect of institutions coming through”.

Although he acknowledges that global cryptocurrency ownership only hovers between 5 to 7 per cent of the population, he remains bullish about the future of cryptocurrency.

“In any sector where youth and young adults are embracing, that’s going to be the industry of the future,” said Teng. “The speed at which people are embracing digital assets is truly remarkable.”

We have 225 million users. It took us five years to get our first 100 million users, and the second 100 million users took us two years. The third? Even faster.

Richard Teng, CEO of Binance

Looking forward, Teng believes that “2025 is going to be much bigger than 2024”, citing lower interest rates in the US and crypto’s place in the current market cycle. “Regardless of the market, we are bullish, and we will continue to build the best platform out there,” Teng said.

• Find out more about Binance here.
• Read other articles we’ve written about cryptocurrencies here.

Also Read: TOKEN2049: What experts at the world’s largest crypto event say will drive crypto mainstream

Featured Image Credit: Vulcan Post

Shein’s S’pore layoffs: Strategic restructuring or signs of trouble ahead of London IPO?

Chinese fast-fashion giant Shein is a popular name in the retail world, known for its wide range of affordable and trendy clothing. 

But even major players are not immune to change, as the company recently laid off 17 employees from its Singapore headquarters, reported The Straits Times.

This move, announced on September 25, comes at an interesting time as Shein is reportedly preparing for a big move to go public in London, stepping away from its previous plans for a New York listing.

Why the layoffs?

According to Shein, the layoffs are part of a broader restructuring of its IT research and development team in Singapore. 

Some roles are being shifted to other markets to align with the company’s global expansion plans and its strategy to become more localised in various regions. 

According to the news portal, Shein shared in a statement that these changes are meant to enhance efficiency and support its growing operations in Singapore, which recently saw the opening of a newly expanded office.

The company did not specify if it offered retrenchment packages to the affected employees, but it mentioned that it is working with them through the transition, providing support, and even offering the opportunity to apply for alternative roles in other locations.

Growth despite challenges

Shein’s move to restructure might come as a surprise, given that the company has been on an upward trajectory. In just the last decade, Shein has expanded its footprint massively, boasting over 16,000 employees and serving customers in more than 150 countries. 

The company’s fast-fashion model has been a hit, particularly among young consumers looking for stylish, affordable options. However, Shein’s rapid growth hasn’t been without its share of bumps. 

The company has faced scrutiny over its product quality and labour practices. The Straits Times reported that earlier this year, authorities in Seoul found that some children’s products sold by Shein contained toxic substances far exceeding acceptable levels. These products were pulled from Shein’s online store while investigations were underway.

Authorities in South Korea also flagged women’s accessories sold by Shein for containing toxic chemicals.

And it’s not just Shein in the spotlight—other online retailers like Temu and AliExpress have faced similar issues, highlighting a broader concern over product safety in the fast-fashion and ecommerce industry.

Adding to these challenges, Shein’s 2023 sustainability report revealed that two of its suppliers had employed children under the age of 16, according to Reuters.

Shein said it promptly suspended orders from these suppliers and required them to implement corrective measures, including better identity checks and payment of owed salaries, before resuming business with them.

These revelations have put Shein under increased scrutiny, especially as it gears up for its London IPO. While the company continues to expand and adapt to different markets, it’s clear that it also needs to address these ongoing issues to maintain its reputation and customer trust.

What’s next for Shein?

Despite these setbacks, Shein shows no signs of slowing down. Its continued hiring in Singapore and new office expansion signal the company’s commitment to growth in the region. 

However, how Shein navigates these restructuring moves and ongoing challenges will be critical as it aims to solidify its position on the global stage, especially with an IPO on the horizon.

For now, will have to wait and see how Shein manages these changes and whether it can maintain its momentum while addressing the concerns raised about its products and supply chain practices. 

If done right, this restructuring could be a strategic move that helps the company streamline operations and better align with its global goals. But if not, it could add to the list of hurdles Shein needs to overcome in its quest to become a retail powerhouse.

Also Read: 5 scenarios in which you would appreciate having the reliable ASUS Vivobook 16 for work.

Featured Image Credit: Shein Group

Can Loop earplugs save my sanity from my yapper colleagues? I put 3 models to the test.

Sitting at my desk, I often find myself stuck between my colleagues who type furiously on their mechanical keyboards. Their loud clacking and clicking can become a constant distraction, derailing my focus on even the simplest of tasks. 

So, when I got the chance to test out Loop Earplugs—specifically the Quiet 2, Engage 2, and Experience 2 models—I was curious to see if they could work like magic, tuning out all that distracting noise.

Loop’s products have an undeniable appeal. The design is sleek, with fun, flashy colours and a distinctive “loop” hook attached to each plug, making them look almost like ear jewellery. 

While Loop isn’t the only company making reusable earplugs, and some alternatives offer higher noise reduction ratings, Loop has done a fantastic job marketing its versatility. 

Each type of earplug is crafted with a specific use case in mind, making it seem like there’s a Loop for everyone.

What do Loop earplugs do?

Before I dive into the experience of using Loop earplugs, let’s talk about what they do. Loop ingeniously adopts the familiar form of earbuds—something most of us are already used to sticking in our ears. 

They fit comfortably, almost like you’re just popping in your favourite pair of wireless buds, but with a twist—music doesn’t come from these earplugs. Well, the silence of it needs some getting used to if you are someone who frequently wears earbuds to listen to music.

Prices starting from RM74.46, Loop Quiet 2 is designed for complete noise reduction, making it perfect for sleeping or deep-focus tasks.

Loop Engage 2 is intended for noisy yet interactive environments where conversations are necessary—think networking events or working in a bustling office. This one starts from RM114.71.

Whereas, Loop Experience 2 offers a middle ground, reducing noise while still letting you hear the world around you—ideal for concerts, festivals, or even office settings when you don’t want to miss out on everything, but still need some peace. Loop Experience also starts from RM114.71.

With this in mind, I was ready to see if Loop earplugs could help me survive the noisy office environment without driving me crazy. I even gave them to my colleagues to get their thoughts. Here’s what we found.

Loop Quiet 2

First up was Loop Quiet. I tried these on and off for a few hours a day, especially when my colleagues started yapping about random things with loud debates and, of course, those endless mechanical keyboard clicks. 

The moment I popped the Quiet earplugs in, it was like stepping into a calm, muted bubble. The sound reduction was impressive—no more aggressive clicking, no more overhearing debates I had no part in. While I could still feel the office around me, the noise was reduced to a dull hum. 

The best part? They didn’t create that annoying underwater feeling that many earplugs do. Loop Quiet just softened everything, allowing me to focus on my work. 

But, before I could tune them out clearly I had to change the eartip size of my earplugs to find the one that actually fit snug, if not, I was still able to hear the noises. 

That being said, these earplugs aren’t just for office use. I took them home and tried them out while sleeping, and they worked wonders. No more early morning wake-ups from the sounds of traffic outside my window. 

Sabrina’s take: One of my colleagues, Sabrina, tested Loop Quiet for an hour when our colleagues were extra chatty, and the keyboard clicks were particularly loud. While the fit was snug, it was hard for her to tell if it was the right size. 

Switching eartip sizes was a bit tricky, especially with long nails, and she wished the sizes were labelled on them (even though it’s labelled on the box). However, once in place, the earplugs did a solid job of blocking out most sounds, though the loud clicks of a mechanical keyboard still managed to break through, she said.

At first, she found the white noise unsettling, as it made her overthink, which wasn’t ideal for staying focused.

After an hour, she got used to the white noise, and it helped her focus by drowning out office chatter. Overall, despite some minor adjustments needed for fit, she found Loop Quiet effective in creating a quieter workspace and helping her concentrate better.

Loop Engage 2

Next, I tried Loop Engage, which is designed for environments where you still need to interact with people. On a typical day, I’ll need to chat with colleagues or hop on quick calls, but the ambient noise from the office makes it hard to concentrate. Well, for me the Loop Engage helped to a certain level.

While the earplugs didn’t block out all noise, they toned down the loudest sounds and filtered out background chatter. What I liked most was that I could still hear my colleagues when they approached me to talk, but the sounds that usually distract me—the aggressive clicking of keyboards, printers whirring, and people’s footsteps—were muffled.

It was the ideal balance of staying connected without being overwhelmed by the noise around me. I didn’t have to keep pulling them out to engage with my surroundings, which made my day a lot less frustrating. 

However, one downside I noticed was that I had to put in more effort to focus on what people were saying. It wasn’t a dealbreaker, but it did feel like I had to work a little harder during conversations, which made me feel a bit more mentally drained than I’d prefer.

Sade’s take: My managing editor Sade had a similar take. During conversations, she mentioned having to focus extra hard, which made it feel like it took more energy than usual.

While it was effective in muffling nearby sounds, Sade noticed that distant noises, like distant chatter, seemed to get a bit more amplified, which was a surprising observation.

Overall, she found it to be a mixed experience but recognised the potential for better long-term comfort.

Loop Experience 2

Finally, I gave Loop Experience a whirl. This model is for people who want to be aware of their surroundings but still reduce the intensity of sound. Think festivals, concerts, or noisy office events.

I wore Loop Experience while attending Nights of Fright in Sunway lagoon, where the sound of people shouting because of the thrilling rides and jumpscares, and the background music can often get really too much. 

When I wore Loop Experience I felt like I had more control over the environment. I could still hear what was happening but without being overwhelmed by all the noise. It’s the perfect solution for social settings where you want to remain tuned in but dial down the chaos.

I also brought these to a bar where they had live band performances over the weekend. Normally, the loud music at these places is so intense that I often end up wanting to leave just to get away from the noise. 

But with Loop Experience, it was different. The music still sounded full and rich, but without the painful sharpness that usually comes with live instruments blasting in your ears. It was as if someone had turned the volume down just enough for me to enjoy it comfortably. 

I could appreciate the performance, have conversations, and even relax, all without worrying about my ears ringing for hours afterwards. Loop Experience really managed to keep the sound quality intact while filtering out the harshness that usually ruins the fun for me.

Claudia’s take: As for my colleague Claudia’s take, she liked how stylish the earplugs looked and found them comfier than regular earbuds, probably because they don’t require as much tech. 

She tested them while travelling on a train and walking by a busy highway. Though they didn’t block out all the noise, she thought they worked well, and would be good for loud music settings like parties. 

For someone who loves music and is always at social events, she felt these earplugs would be healthier for her ears and appreciated how comfortable they were. 

Final verdict: Are Loop earplugs worth the hype?

So, after testing all three types of Loop earplugs, do they live up to the hype?  

Well, I like the Loop Quiet the most compared to the other two. That is because it gives that pure, peaceful silence in noisy environments or for a good night’s sleep.

However, the Loop Engage and Loop Experience are best used for the specified environments to maximise the benefits. For example, Loop Engage is a lifesaver for navigating noisy offices or crowded spaces without missing out on essential conversations. Meanwhile, Loop Experience is a top choice for events where you want to enjoy the atmosphere but control the sensory overload.

For someone who’s always surrounded by noise at work, Loop earplugs have been a welcome solution. Not only do they reduce the distractions that constantly pull me away from my tasks, but they also offer stylish, comfortable, and more seamless earplugs.

I think I might just find myself reaching for them more often than I’d expect.

• Learn more about Loop Earplugs here. 
• Read other articles we’ve written about Loop Earplugs here.

VP Verdict is a series where we personally try and test out products, services, fads, and apps. Want to suggest something else for us to try? Leave a comment here or send the suggestion to our Facebook page.

Also Read: A ClassPass competitor? This new app lets you access nearly 300 fitness studios in M’sia.

Data shows Singapore MRT is more reliable than Hong Kong MTR—and has been for several years

Disclaimer: Any opinions expressed below belong solely to the author, however all of the figures are an official and objective representation of reality.

Now that a major incident has disrupted Singapore’s East-West Line (EWL) for a few days, critics of Singapore’s public transit are enjoying an opportunity to gloat about how supposedly inferior and mismanaged it is in comparison to other subways—chiefly Hong Kong’s acclaimed MTR system.

Unfortunately, these perceptions are grossly unfair and are not based on data, as Hong Kong’s superiority in terms of reliability of public transit not only isn’t the case this year, but hasn’t been for at least the past six.

Yes, a decade ago Singapore’s MRT suffered a period of relatively frequent reliability issues, as admitted by Khaw Boon Wan, then Minister for Transport. At the time, Singapore’s trains averaged 130,000km per failure, compared to 500,000km in Hong Kong.

Today these figures are in the millions of kilometres.

Not only has Singapore managed to significantly improve its reliability—it is now either on par with or outperforming Hong Kong’s MTR by certain measures.

Let’s look at the one already quoted—mean kilometres between failure (MKBF), which resulted in a longer than 5-minute delay—as reported in the first half of 2024.

Please note that MTR does not provide a detailed breakdown per line, but an average for eight lines and another average for further two (which appears to be because of the technologies shared between the lines).

The eight lines are (in blue):

• Island Line
• South Island Line
• Kwun Tong Line
• Tsuen Wan Line
• Tseung Kwan O Line
• Tung Chung Line
• Disneyland Resort Line
• Airport Express

The remaining two are (in brown):

• East Rail Line
• Tuen Ma Line

As you can see, the average for most of Hong Kong’s MTR network is about 2 million kilometres between failures, and over 8 million for two of the longest lines, which provide a link for outlying districts to the city.

8 million is what Singapore’s Downtown Line is currently managing, with EWL, currently disturbed by the damage done in the West, reporting over 5 million. In fact, the Circle line is the only one falling behind, at “just” 1 million kilometres between faults—a figure which would be considered a gold standard 10 years ago.

We can cherry-pick, but it looks like both systems are fairly evenly matched here.

There is, however, a more notable difference in incidence of delays of 30 minutes or more attributable to the operator (so not caused by external factors), where Singapore has leapt ahead in recent years:

This chart shows what I mentioned earlier, that about ten years ago, Singapore was trying to considerably improve its reliability and cut major faults, which were at least twice as frequent as in Hong Kong.

Since 2018, however, for six consecutive years, it has handily outperformed HK in every single one of them, cumulatively reporting just 34 faults leading to delays of 30 minutes or more, compared to 60 in Hong Kong.

What about major incidents?

Granted, East-West Line’s downtime is the worst incident on the MRT network in years, although it affects only a small portion of the population given how far west it has occurred. What about Hong Kong? Has it had any major events which led to physical damage and delays?

Well, it has.

Back in 2019, during testing of a similar signalling system that led to the collision in Joo Koon in 2017, two trains of Hong Kong’s MTR crashed into each other, causing significant damage, injuring two drivers and leading to a three-month investigation and suspension of works.

Later that same year, a serious derailment saw three MTR carriages flying off the tracks, injuring eight people on board:

In November of 2022, a dislocated, corroded barrier fell into the path of an oncoming MTR train, leading to its derailment at one of the stations, forcing evacuation of 750 passengers, including 150 who had to exit through the emergency door and walk on the tracks through the tunnel to the next stop:

Or just in August of this year, another evacuation was ordered after one of the trains sent plumes of smoke into the carriages and station platform:

These are just a handful of incidents over the past few years, which would surely be noted as major events in Singapore. And yet, neither of them means that Hong Kong’s MTR is badly managed—these things simply happen, even to the best companies in the business anywhere in the world.

Which include Singapore’s subway operators.

Also Read: S’pore could abort SimplyGo and make public transit free. It’s not the cost that prevents it

Featured Image Credit: Dreamstime