Calvin Cheng's Damoon Technologies has obtained membership status from the Swiss Financial Services Standard Association (‘VQF'), which is officially recognised by the Federal Financial Market Supervisory Authority (‘FINMA')This comes on the back of Cheng's Web3 Company obtaining the Virtual Asset License from the Dubai Virtual Asset Regulatory Authority (VARA)Damoon will offer crypto-fiat-crypto payment services, as well as a digital assets custodianZURICH, SWITZERLAND, Feb 10, 2023 - (ACN Newswire via SEAPRWire.com) - Singapore investor and former parliamentarian Calvin Cheng's Swiss company, Damoon Technologies (‘Damoon') has been granted membership in the Swiss VQF, joining the ranks of some of the world's leading digital assets businesses.The latest development officially opens the door for Damoon to establish a presence in Switzerland. Thedigital assets company is building a platform for users to engage in crypto- to-fiat payments and vice versa, as well as a digital assets custody service.VQF is the largest and oldest cross-industry Self-Regulatory Organisation (SRO) in the country and is officially recognised by FINMA, Switzerland's financial services watchdog.Damoon must now comply with Swiss anti-money laundering (AML) regulations. Thanks to this, the company is in a unique position to work with demanding clients and offer them a place that provides efficiency, security and regulatory clarity.Calvin Cheng commented, "I believe in the future of digital assets, but this has to be done in accordance with traditional finance's compliance standards. Switzerland is the pre- eminent global financial hub, and is the ideal place to base crypto-fiat-crypto financial services, as well as a trusted custodian."Recently, Damoon has also joined the Crypto Valley Association in Zug. "Crypto Valley Association are excited to welcome Damoon Technology and Mr. Calvin Cheng as members," said a spokesperson for the organization.Currently, Damoon is in the process of building its compliance and operational team in Zurich and Zug, Switzerland. The company expects to start operations by the end of Q2 2023.Earlier in 2022, Cheng's Web3 Holdings FZE was awarded the coveted provisional Virtual Asset License by VARA in Dubai, United Arab Emirates. The license granted similarly promotes greater customer assurance and risk protection.About Calvin ChengCalvin Cheng is currently the Chairman of Australia Stock Exchange (ASX) listed EdTech firm ReTechTechnology Co, which he led to an Initial Public Offering, together with leading investors from China.ReTech's shareholders include several co-founders of Alibaba, as well as founders of other leading Chinese tech companies.Cheng was a former appointed Member of Singapore's Parliament and a Young Global Leader of the World Economic Forum. He is also the Republic of Serbia's first Honorary Consul to the Republic of Singapore.For media inquiries and interview requests, please contact:Tang Hong Ee (Financial PR) (T) 6438-2990(E) hongee@financialpr.com.sg Copyright 2023 ACN Newswire. All rights reserved. (via SEAPRWire)
BERN, Switzerland (AFP) - Former Uefa president Michel Platini spent six hours in front of a Swiss prosecutor as a suspect in a corruption case on Monday (March 15), before he testifies as a witness on Wednesday in a separate case against Fifa president Gianni Infantino. The 65-year-old was questioned in Bern by prosecutor Thomas Hildbrand, who is suing him over the corruption case that shattered his dream of taking over world football's governing body Fifa after the fall of Sepp Blatter. The accusation against Platini revolves around a payment of two million Swiss francs (S$2.9 million) from Fifa authorised by Blatter in 2011. Platter and Blatter face accusations of "disloyal management", "breach of trust" and "fraud" with the thin possibility of a five-year jail sentence if found guilty. "Michel Platini was attentive to the presentation of the elements of the case and to the interpretations presented by the prosecutor Hildbrand," Platini's entourage told AFP. "He remains very confident that this procedure will allow him to prove his integrity in this case." According to the prosecution, it was the former Saint Etienne and Juventus midfielder's "final hearing" before the end of the investigation. Platini, who was also summoned on Tuesday but will not need to be heard again, will either be exonerated or face trial. Blatter, who turned 85 last week, is also due to face the prosecutor but according to his staff, he is still convalescing after being hospitalised in December and January. The boot will be on the other foot on Wednesday when Platini appears as a witness in a Swiss investigation into Infantino. Elected in 2016 promising to "restore the image of Fifa", Infantino last year became he target of a criminal procedure for "incitement to abuse authority", "violation of official secrecy" and "obstruction of criminal proceedings" over three secret meetings in 2016 and 2017 with Michael Lauber, then head of the Swiss Federal Prosecutor's Office (MPC). Those meetings fuelled suspicions of collusion over cases that involved Fifa. Infantino says he wanted to show the MPC "that the new Fifa was a world away from the old one", which had been led astray "by corrupt officials". The Swiss prosecutor in the case has also said he is curious about a private jet flight Infantino took in 2017 that was paid for by Fifa. More on this topic Related Story Football: Probe of former Fifa big guns Blatter and Platini moves to fraud accusation Related Story Football: Swiss prosecutors say they view Platini as Blatter 'accomplice'
LAUSANNE (Switzerland) • Swiss prosecutors said on Thursday that they had dropped an investigation into ailing former Fifa president Sepp Blatter, who was accused of defrauding world football's governing body by paying for a private jet used by the now-banned Jack Warner. Prosecutors alleged the Swiss paid the US$365,000 (S$484,000) bill for the jet that Warner, who served as a Fifa vice-president during Blatter's 17-year reign, used in 2007. The Trinidadian has since been banned from football and indicted by American prosecutors for charges related to corruption. Swiss prosecutor Thomas Hildbrand abandoned the probe into Blatter this month, the Public Prosecutor's Office (MPC) said. The MPC gave no reasons for the decision, which follows the dropping of an investigation into Blatter in May last year pertaining to Fifa's awarding of TV rights to the Caribbean Football Union, then presided by Warner. Blatter has been seriously ill in hospital in recent weeks. He was placed in an artificial coma for a week but has now left intensive care, his daughter Corinne told Swiss media group CH-Media yesterday. However, the 84-year-old is still the subject of three investigations, principally one focusing on the accusation that he made an undocumented payment of two million Swiss francs (S$3 million) to former Uefa president Michel Platini in 2011. In 2016, the Court of Arbitration for Sport upheld Blatter's six-year ban from football over ethics breaches, while Platini's suspension was reduced from six to four years. AGENCE FRANCE-PRESSE
COLOGNE • Joachim Low's 14-year reign as Germany head coach is under pressure after his side's run of poor results continued on Tuesday, as they had to come from two goals down to limp to a 3-3 draw against Switzerland in the Nations League. Germany have drawn four of their last five games - surrendering the lead on three occasions - to leave them second in their Nations League group behind Spain. They squeezed past Ukraine 2-1 with a full-strength side in Kiev on Saturday and after a 3-3 friendly home draw against Turkey last Wednesday, Low's side were once again guilty of poor defending. "Sure, when you concede three goals, the defence isn't good," admitted Toni Kroos, who was at fault for the second Swiss goal. The 60-year-old Low has a German FA contract until the 2022 World Cup. However, his popularity among fans has plummeted - from the heights of winning the 2014 World Cup title - since Germany's debacle at the Russia 2018 finals when they failed to get out of their group. Dinamo Zagreb striker Mario Gavranovic scored goals either side of a deft chip by Remo Freuler as all three Swiss goals came from German mistakes. Germany fought back behind closed doors with goals by Timo Werner, his Chelsea teammate Kai Havertz and Serge Gnabry. "We always came back, despite a lot of setbacks, so we showed some good morale," said Havertz, putting a positive spin on a disappointing evening for the Germans. On the eve of the game, Low said he expected "concentration, precision, courage", but it was the Swiss who showed those character traits to take a 2-0 lead. The German defence was caught napping with just five minutes gone. Right-back Robin Gosens lost the ball, which led to Gavranovic heading over German goalkeeper Manuel Neuer into goal. A weak clearance by Neuer then invited Gavranovic to claim his second, but the striker fired just wide. 20% Germany's win rate in their last five games. The Swiss grabbed their second however when Kroos surrendered possession. Haris Seferovic flicked the ball across the box to Freuler, who had the time and space to chip Neuer on 26 minutes to leave Low fuming on the sidelines. The third Swiss goal was scored when Gavranovic slammed home a shot after the German defence had again been pulled apart. It meant the Germans have conceded six goals in Cologne in the space of seven days. But Low remained defiant, saying: "We started badly but showed great attitude in coming back. "That was positive. In defence we made our share of mistakes which we have to stop. But we showed that the team is ready to fight." AGENCE FRANCE-PRESSE, REUTERS