Overwatch-Blockchain address validation named champion of FIU Codeathon 2017

KUALA LUMPUR: Bank Negara Malaysia (BNM) and Australia’s financial intelligence agency Australian Transaction Reports and Analysis Centre have named Overwatch – Blockchain Address Validation as champion for the inaugural International Financial Intelligence Unit (FIU) Codeathon 2017.

In a statement yesterday, BNM said Overwatch created a programme that showed genuine innovation, originality and most effectively addressed the “Help Your Community” Challenge by providing cryptocurrency users and platforms an artificial intelligence-enabled service to red-flag Blockchain addresses which had been directly involved in or linked to suspicious activity. It said the Codeathon, held on Nov 18-19, 2017 in conjunction with the 3rd CounterTerrorism Financing Summit 2017, brought together 69 participants from 11 different countries.

“The areas participants worked to solve challenges are – where is the money and how would the participants monitor the changing world of value exchange internationally; who are you and how would the participants identify people engaging in terrorist funding, money laundering, drugs or other criminal activities with crypto currencies or other pseudonymous channels; and, helping the community, where the the participants would identify tangible impending risks to the community,” it said.

“But we do not think this is the start of a series of rate hikes. In fact, if BNM refrains from hiking in January, waning growth momentum may prevent it from hiking in 2018.”

With a strong GDP print, the team at AmInvestment Bank Bhd (AmInvestment Bank) now focuses on the incoming inflation figures which it project to average at four per cent for 2017 and 2.5 to three per cent for 2018.

“A rate hike in January by BNM is on the table, if the GDP and inflation data, especially demand- driven inflation, are pointing towards a strong end,” it opined. “Otherwise, the OPR hike will likely be in March 2018.

“With our view that the normalisation rate for the Overnight Policy Rate is around 3.50 per cent, a total of 2 rate hikes, each by 25bps, are expected, probably both in 2018 or one hike each in 2018 and 2019.”

With a better-than- expected GDP data, AmInvestment Bank expected the ringgit to continue exhibiting a firmer footing, projecting the ringgit to trade between 4.15 nd 4.17 in the near term.

“Our 2017 projection is still at 4.31 against the US dollar for the full-year average with our end period target at 4.12 and 4.15,” it added. “or 2018, we project the ringgit would appreciate by two to three per cent. For 2018, we anticipate the ringgit averaging around 4.16 against the US dollar with our end period target at 4.08.

“On the KLCI, we reiterate our 1,745- point target for 2017 and 1,900 for 2018. We are positive on the market which is supported by favourable macro trends, an undervalued ringgit, underweight foreign portfolio and a recovery in corporate earnings.

“The market is also expected to benefit from trading opportunities from “noises”. And with a rising interest rate outlook, we could expect some shift in appetite from bonds to equities. We see 10-year MGS yields staying around 3.95 to four per cent for 2017 and around 4.05 to 4.10 per cent levels for 2018.”