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Blockchain startup Adhara expands into Singapore

London-based blockchain startup Adhara is expanding operations into the island-nation of Singapore by opening a new office in September, according to media reports.

Adhara, liquidity management and international payments provider, is also appointing Stanley Yong to head its Singapore operations. He will also be responsible for its financial-targeted GroupNet product.

Yong has nearly ten years of experience working at the Monetary Authority of Singapore (MAS) as the head of innovation and acceleration. He will bring his expertise from working on initiatives such as Project Ubin – the central bank’s digital currency project for cross border payments.

“We have known Stan for a number of years,” the report quoted Adhara’s co-founder Peter Munnings as saying. “He has deep knowledge across central bank policy, processes and systems as well as various blockchain technologies. It is fantastic that he is joining us at Adhara.”

Yong last served as Chief Technology Officer at IBM. His move to Adhara will serve as a testament to how the start-up is growing and pave the way to “a strong team with real depth, expertise and experience in scaling solutions for liquidity management and payments,” Adhara’s CEO and co-founder Julio Faura said, according to the report.

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