VILNIUS, Lithuania, 19th January 2022 – Cabital, a trusted digital financial institution, today announced that it has appointed leading international audit, tax and advisory firm Mazars to conduct an audit in accordance with the Singapore Standards of Auditing.
Raymond Hsu, Cabital’s Co-Founder and Chief Executive Officer, said:
“We are pleased to announce that we have appointed an external auditor for Cabital. The firm we have selected is incredibly well qualified to provide us with an unbiased and external audit given their ability to understand our business model, culture and industry and their capabilities to consider the needs of our stakeholders to provide a tailored auditing strategy specific for our business. Appointing a leading external auditor will allow us to start the auditing process that is crucial in our mission in becoming a global leader in risk compliance, corporate governance and transparency in the cryptocurrency industry.”
Lu Ying, Cabital’s Finance Director, said:
“As Cabital continues to build a compliant and trusted digital financial institution where our customers can easily buy, sell and earn cryptocurrency, appointing a reputable external auditor allows us to strengthen our customers and investors’ confidence in us. Their extensive industry experience in auditing will enable us to significantly improve our operations, internal controls and corporate governance. We are looking forward to the upcoming audit as we continue to build out a compliance programme that is modelled after leading global financial service providers.
Cabital integrated with Plaid to make it easy for users to securely and seamlessly fund their Cabital accounts and the firm has partnered with BCB Group (BCB), one of Europe’s leading providers of business accounts and trading services for the digital asset economy, enabling it to incorporate GBP to its growing list of payment methods.
Cabital is in the process of applying for approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 to provide digital payment token services as a Major Payment Institution.
Cabital is a trusted digital financial institution to buy, sell and earn cryptocurrency — generating up to 12% APY. The company’s purpose is to empower people to earn passive income safely and securely with their cryptocurrencies. Our main product is Cabital Earn, a cryptocurrency wealth management platform that enables customers to earn high yields on their digital assets.
Cabital’s compliance programme is modelled after leading global financial service providers. We use SumSub’s biometric identity verification solution to manage the risk of identity fraud. To provide our customers with peace of mind, all customers’ crypto assets are held with Fireblocks, one of the world’s most trusted digital asset custody, transfer and settlement platforms. We have been using Chainalysis’ KYT and Reactor products since our formation to empower us to meet applicable regulatory requirements on Anti-Money Laundering (AML) in each of our markets with ease and agility.
Cabital is registered in the Republic of Lithuania as a cryptocurrency exchange operator and a cryptocurrency depository wallet operator. Cabital carries out its activities in accordance with Lithuanian regulations on AML/CTF, and is subject to the European Union’s General Data Protection Regulation.
Cabital was founded by Raymond Hsu in 2020. Prior to establishing Cabital, Raymond worked for over a decade, holding leadership positions in fintech companies such as Airwallex and global banks including Citibank. Cabital’s leadership team has extensive experience working in leading traditional financial institutions, including JPMorgan Chase & Co, Nomura Securities, UBS and AIA Group.
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