Sumitomo Trade Document Network Partnership Adds Chainlink Involvement

OCBC Bank Partners With ADDX to Launch Tokenized NoteSingapore’s longest established bank, OCBC Bank, has partnered with blockchain-centric private market investment platform, ADDX, to launch a tokenized equity-linked structured note.Tokenized equity-based productsThe product is significant in that it represents the first tokenized equity-linked structured note that the cornerstone bank has offered. That in itself gives an indication of how conventional finance will mesh with tokenized products as both the conventional finance system and digital assets space evolve over the coming years.An equity-linked note is a debt instrument, normally in the form of a bond. It’s distinct from a standard fixed income security as it’s a market-linked structured product. That means that it performs in sync with a particular equity stock, a basket of equity stocks or with an equity index.ADDX CEO Oi-Yee Choo elaborated on the product offering: “Structured products are designed to provide investors with unique risk and return characteristics that may not be available through traditional investments, and are an attractive option for investors weighing yield-generating options in the current economic climate.”Photo by Shubham Dhage on UnsplashLeveraging tokenizationBy leveraging tokenization, the ADDX platform realizes cost savings, cutting out counterparties from the process. Additionally, tokenization allows fractionalization of assets and financial products, making a product offering accessible to all market participants. In this particular instance, the OCDC/ADDX product is restricted solely to accredited investors.Singapore-based ADDX currently lists in excess of seventy tokenized products on its platform right now. These range from commercial paper, bonds, real estate and equities or equity-based products.On those products it has collaborated with global alternative investment product specialists Investcorp and Hamilton Lane, telecommunications giant Singtel and securities broker CGS-CIMB Securities. Additionally, it has partnered with UOB, Singapore’s third largest bank, and a number of entities owned by state-owned Singaporean investing giant, Temasek.While the conventional finance world has been skeptical of digital assets and the overarching cryptocurrency and blockchain space has had its fair share of setbacks interlaced within its progression, forward-looking TradFi players are conscious of not getting left behind. That’s reflected in the comments of OCBC Bank’s Head of Global Treasury, Kenneth Lai, in relation to the ADDX partnership:”While we already have a comprehensive stable of treasury products which includes sustainability-linked interest rate swaps, cross currency swaps, structured deposits and green bonds, it is important that we continue to innovate and find new channels for our products. We are therefore pleased to be the first Singapore bank to offer an equity-linked structured note in tokenized form on ADDX. It is the first innovation resulting from a longer-term partnership with ADDX, and we are hopeful that it will lead to more diverse product offerings that are relevant and appealing to the global accredited investor base of ADDX.”Further comments by Choo suggest that the two firms have plans to broaden the partnership to encompass a greater range of products. She referred to more structured products being in the pipeline as the duo seek to exploit their combined expertise and capabilities.As it stands today, just $0.3 trillion in global assets are currently tokenized. That number is expected to grow to $16 trillion within seven years.

Circle President Heath Tarbert, who oversees the issuer of the USDC stablecoin, arrived in Seoul on Aug. 21 for a series of meetings with South Korean cryptocurrency and blockchain industry leaders, as well as the governor of the country’s central bank. Citing industry sources, local outlet Newsis reported Tarbert visited three major exchanges, Upbit, Bithumb and Coinone, shortly after landing, spending roughly an hour at each. Discussions centered on recent developments in Korea’s digital asset ecosystem.Photo by Daniel Bernard on UnsplashGathering insight from exchangesThe trip underscores Circle’s growing interest in South Korea, one of the world’s largest crypto markets by trading volume despite its heavy tilt toward retail investors. Circle is reportedly seeking on-the-ground insight from local trading platforms. An executive from a research firm said the market offers an attractive foothold for global players looking to deepen networks. Previous reports indicated Circle has also begun informally recruiting in South Korea to support initiatives tailored to the local market, and the company is also weighing a direct investment in a domestic crypto firm. Homing in on stablecoinsStablecoins are expected to dominate the agenda with exchanges. USDC is the world’s second-largest stablecoin by market share, behind Tether’s USDT, and all three exchanges already support USDC trading. Upbit and Bithumb have meanwhile indicated their plans to develop Korean won–pegged tokens, recently filing trademark applications for their projects. Given Circle’s position in the sector, one exchange official said local platforms may look to the U.S.-based company as a benchmark, adding that practical knowledge-sharing could be the most meaningful outcome of Tarbert’s visit. Tarbert also attended a dinner with Simon Seojoon Kim, CEO of crypto venture firm Hashed, whose teams span Seoul, Singapore, Bengaluru, Silicon Valley and Abu Dhabi. Circle and Hashed have been in frequent contact, and the gathering offered another forum to exchange views on recent market developments. Talks with the central bank governorOn the policy front, Tarbert met with Bank of Korea (BOK) Governor Rhee Chang-yong at Circle’s request before the dinner. Rhee has signaled openness to the introduction of won-backed stablecoins, while emphasizing prudential safeguards and noting differences with some lawmakers on potential issuers. The BOK head has previously warned that allowing non-bank entities to issue won-backed stablecoins could pose risks, such as circumventing capital rules. The South Korean central bank is working with other agencies to develop a framework that ensures the stability and utility of stablecoins while preventing their use to bypass foreign exchange controls. The meeting between Tarbert and Governor Rhee likely covered regulatory parameters for cross-border remittances using stablecoins and avenues for public-private collaboration to foster a compliant won-stablecoin market. On the following day, Tarbert is slated to meet executives from four major financial groups: Shinhan Financial Group, Hana Financial Group, KB Financial Group and Woori Bank. Kakao Group, the company behind the KakaoTalk messaging app, is also on the itinerary. Representatives from its mobile payment platform, KakaoPay, are expected to take part in the discussions. The talks come as Kakao recently formed a task force to navigate Korea’s evolving stablecoin rules. Separately, Circle listed on the New York Stock Exchange (NYSE) earlier this year under the ticker “CRCL.” The initial public offering (IPO) priced at $31 a share and opened at $69, raising nearly $1.1 billion. As of Aug. 21, the stock closed at $131.80. 

Circle and Grab Partner to Pilot Web3 App IntegrationUSDC stablecoin issuer Circle is embarking on a strategic partnership with Grab, Southeast Asia’s multifaceted super app for transportation, deliveries, and payments relative to Web3.Announced via a press release published to Circle’s website on Thursday, the collaboration marks yet another step forward in realizing the promise of Web3 technology in Singapore.Photo by Jason Miraples on UnsplashCircle’s foray into Web3Circle’s latest offering, a Web3 services platform, is set to be seamlessly integrated into the Grab app. The objective of that integration is to enhance Grab user experiences through blockchain-enabled solutions. In that way, the partnership will broaden the horizons of Grab’s already extensive service portfolio, which includes ride-hailing, food delivery, package delivery, ticket bookings, and insurance. Grab hopes that the move will propel the Singaporean super app further into the world of blockchain technology.Grab Web3 WalletNews that Grab was on the road towards rolling out a Web3-related product offering leaked out last week when Chinese crypto reporter Colin Wu tweeted out details related to a Web3 wallet. This official announcement qualifies those initial reports, as one of the key aspects of this collaboration is the introduction of the ‘Grab Web3 Wallet.’The feature, accessible to Singaporean users, enables the easy setup of a blockchain-enabled wallet. Users will have the opportunity to earn rewards in the form of digital collectibles and utilize non-fungible token (NFT) vouchers, thereby immersing themselves in the dynamic world of digital assets.To kickstart this venture, Circle’s Web3 Services will initially support the SG Pitstop Pack NFT vouchers. These vouchers can be redeemed at popular Singapore-based stores in advance of the upcoming F1 Singapore Grand Prix. Jeremy Allaire, Co-Founder and CEO of Circle, expressed his enthusiasm for the company’s efforts in collaborating with what he termed “global-scale consumer internet brands to bring everyday utility to users.” Allaire maintains that the partnership with Grab aligns perfectly with that mission.While bringing Web3 technology into everyday use in Singapore, the partnership also lends support to the Monetary Authority of Singapore’s (MAS) Project Orchid initiative. This initiative seeks to demonstrate the real-world application of Purpose Bound Money. Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte, expressed the company’s enthusiasm for accelerating blockchain-powered innovation alongside Grab while aligning with Singapore’s vision to be a leading global hub for responsible digital asset innovation.Circle has been steadily establishing its presence in Singapore, with notable achievements including acquiring a Major Payment Institution (MPI) license from the MAS in June and opening its official office in May.In February, Circle joined forces with Tribe, the first government-supported blockchain ecosystem builder, to launch a unique training and support program aimed at nurturing and upskilling the region’s Web3 developer talent pool.Founded in 2012 in Malaysia as a ride-hailing app, Grab initially entered the scene as a competitor to Uber in the region. Over the years, it has evolved into a true “super app,” offering a myriad of services, including GrabPay (payment services), package delivery, ticket bookings, and insurance. Its user-friendly interface and comprehensive services have made it the go-to app for more than 25 million users in Southeast Asia every month.