On September 16, the encrypted financial service provider PayPal Finance announced the establishment of a business headquarters in Singapore, the establishment of Babel Asia (Babel Asia), and the appointment of Yu Shanshan as CEO. This move will further strengthen PayPal Finance's role as an important global encrypted financial player and advance PayPal Finance's regulatory compliance work.

With its fast-growing crypto ecosystem, Singapore is attracting major industry players from Asia and beyond. PayPal Finance believes that Singapore’s fintech-friendly policies will strengthen its position as the crypto hub of choice. With Singapore's strategic location in Southeast Asia, PayPal Asia will serve global traditional financial institutions and high-net-worth individuals, and become a bridge for mainstream investors to enter professional encrypted financial services.

Zhou Yang, CEO of PayPal Finance, said: "Singapore's reliable legal system, reputable wealth management industry, and pioneering crypto regulatory approach make it an excellent platform for business headquarters. In particular, Singapore's regulators have cracked down on Money laundering is well-known, so full compliance in this market will further enhance the attractiveness of crypto assets among traditional investors. Under Shan Shan’s leadership, PayPal Asia will provide first-class services from Singapore to the world, strengthening our The ability to serve global investors looking to diversify their portfolios."

In order to promote PayPal Finance's compliance strategy, PayPal Asia plans to apply for relevant regulatory licenses in Singapore, and will also serve as a base for PayPal Finance to carry out M&A activities in the future. These efforts will advance PayPal Finance's mission to drive mainstream acceptance of crypto finance.

Yu Shanshan has extensive experience in traditional finance and private banking, as well as extensive industry network resources. She has successfully worked in Bank of Singapore (SGX: O39), DBS Bank (SGX: D05) and United Overseas Bank (SGX: U11) curriculum vitae. Her first-hand experience in the banking industry provides a solid foundation for serving traditional investors directly, and she also brings invaluable expertise in navigating the regulatory environment and liaising with regulators. Before entering the banking industry, Yu Shanshan also co-founded a start-up company in the field of interactive technology. She holds a Bachelor of Engineering from Nanyang Technological University.

Wang Li, co-founder of PayPal Finance, said: "Due to Singapore's forward-looking financial regulatory environment and the growing interest of qualified investors in the region in diversifying asset classes, Singapore's crypto ecosystem is growing rapidly. Shanshan owns engineering This unique combination of background, banking experience and entrepreneurial spirit has prepared her to explore the fast-changing fintech industry and will open up many more possibilities for PayPal."

Shanshan Yu, CEO of PayPal Asia, said: "Now is a great time for PayPal Finance to take its first steps in Singapore, as the traditional financial community in Singapore is starting to seriously consider entering the crypto space. Investors and regulators here are Open minded and willing to explore new asset classes. I look forward to rapidly expanding my team, especially bringing in experienced professionals to accelerate our compliance program."