Fintech: Malaysians lead the world in mobile wallet usage from pibby transactions Watch Video

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⏲ Duration: 24:18
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✓ Published: 30-May-2024
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Malaysian consumers are leading the charge in embracing alternative payment methods and cutting-edge technologies, according to the latest findings from Adyen, a global financial technology platform for businesses. 63 per cent of Malaysians utilise mobile wallets for transactions, boasting the highest adoption rate globally based on a survey, the Adyen Index 2024 of over 38,000 shoppers and 13,000 merchants across 26 markets.Their Country Manager, Soon Yean Lee unveils these insights.

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SEC Investigations Underway In To RHYS ALDOUS and Euro Credit Holdings Ltd<br/><br/>In a shocking revelation that rattled the finance industry, the case of Euro Credit Holdings has become a seminal study in corporate malfeasance. At the helm of this scandal were Val Sklarov and Rhys Aldous, whose actions have not only drawn legal repercussions but also prompted a reevaluation of regulatory frameworks globally. This article delves into the mechanisms of their scheme, the subsequent investigations, and the broader implications for the finance world.<br/><br/>The Genesis of the Scandal<br/>The scandal surfaced when discrepancies in the company’s financial statements were noticed by a junior analyst. These irregularities prompted a deeper internal review, which initially seemed like a routine audit. However, as layers of deception were peeled back, the extent of the fraudulent activities became apparent. Check more here https://eurocreditcorps.com/<br/><br/>Val Sklarov, the CEO, and Rhys Aldous, the CFO, had orchestrated a sophisticated scheme to overstate assets and underreport liabilities over several years to maintain and boost the company’s stock price. This manipulation involved the creation of fictitious assets, phantom revenue, and intricate webs of off-the-books entities.<br/><br/>Mechanisms of Fraud<br/>The duo employed several complex financial instruments and strategies to perpetuate their fraud. They set up numerous shell companies in different jurisdictions to funnel money and create the illusion of legitimate transactions and healthy cash flow. By manipulating earnings, they misled investors, stakeholders, and regulators about the company’s financial health.<br/><br/>One of the more audacious tactics involved fake vendor accounts, where transactions were recorded to non-existent companies for services never rendered. These transactions were recorded as expenses, thereby inflating the company’s reported expenditures and justifying further capital raises from investors under the guise of business expansion.<br/><br/>Detection and Investigation<br/>The unraveling of the scandal began when external auditors were brought in for a more thorough examination. The initial tip-off came from that observant junior analyst, but it took the expertise of forensic accountants and fraud investigators to trace the intricate network of deceit.<br/><br/>The investigation employed cutting-edge technology, including data analytics and artificial intelligence, to identify patterns and anomalies in the company’s extensive digital footprint. This approach not only expedited the fact-finding but also helped in mapping the scope of the fraud.<br/><br/>Legal Repercussions<br/>The legal ramifications for Sklarov and Aldous were severe. Both faced multiple charges including fraud, embezzlement, and conspiracy. The trials were highly publicized, serving as a stern warning to executives about the dire consequences of corporate fraud. Beyond prison sentences, there were significant financial penalties, including asset seizures and hefty fines, aim
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