Klaytn and Incheon City’s NFT Project Set to Bring Blockchain to the Public

Streami Appoints New CEO, Boosting Hopes for Regulatory Crypto Approval in KoreaStreami, the operator of South Korean cryptocurrency trading platform Gopax, has been struggling for months to obtain approval for the change of its chief executive officer from the financial regulator. This challenge emerged following the significant investment by the global exchange Binance, which became the company’s largest shareholder in February. At that time, Leon Sing Foong, who was the Asia-Pacific head of Binance, was appointed as CEO.Photo by Andriyko Podilnyk on UnsplashCityLabs’ emergenceHowever, the recent appointment of a CEO from a Korean company could potentially represent a turning point for Streami. This development is particularly noteworthy because this local firm has acquired shares in Streami and is expected to further increase its stake in the company.In a report from local news outlet Bizwatch, it was revealed that Cho Young-joong, who currently serves as CEO of CityLabs, has been officially designated as the new CEO of Streami. This appointment now places him in a leadership position overseeing both the smart city infrastructure company and the cryptocurrency exchange operator.Before Cho’s appointment, CityLabs had made investment in Streami, contributing KRW 5.4 billion, which is approximately $4 million. This investment secured CityLabs an 8.55% stake in Streami, equivalent to a total of 76,308 shares of the company.Thanks to this development, Streami has finally filled the CEO position, ending a two-month vacancy that began after the resignation of former CEO Lee Joong-hoon in August. While it has been confirmed by a company official that Cho has been selected as the new CEO, he has not yet assumed his role.Frequent leadership changesIn the course of this year, Streami has already undergone three leadership changes. The stagnant administrative process at the Financial Intelligence Unit (FIU) compelled Leon Foong to step down from his position, which was subsequently assumed by Lee Joong-hoon, Streami’s former Vice President. However, despite Lee’s appointment, little progress was made during his tenure. Additionally, It’s also worth noting that there were reports indicating Leon Foong’s complete departure from Binance in late August.Several industry sources have suggested that Binance is likely to relinquish its status as Streami’s largest shareholder but could later participate in managing the company. The hope is that this strategic maneuver will assist Streami in securing approval from the FIU.

The Securities and Exchange Board of India (SEBI) is set to introduce a same-day settlement cycle starting March 28, making India only the second country, following China, to adopt such a system. This move comes amidst growing competition from the cryptocurrency sector, with SEBI Chairperson Madhabi Puri Buch emphasizing the need for instant settlement and tokenization to remain competitive.Photo by Big G Media on UnsplashEvolving market dynamicsBuch has unveiled plans aimed at enhancing the efficiency of India's capital markets through faster settlement processes. During a recent press conference, she highlighted the significance of adapting to evolving market dynamics. Buch stated:“If our well-regulated market cannot compete with the crypto world and cannot say we also offer you tokenization and instantaneous settlement over the medium term, I won’t even say long term, you should expect investors to move." The SEBI chairperson articulated that we live in a time where the current generation demands instant delivery of services. It’s with that in mind Buch believes that crypto is a threat to traditional financial markets. She stated:"Everybody wants instant everything. Right? So why should anyone believe that tomorrow if an alternative is available with instant settlement tokenization and they say the regulated market doesn’t offer it, you should expect people to move.” With a focus on meeting investor expectations for instant transactions, SEBI aims to bridge the gap between traditional capital markets and the rapidly evolving crypto landscape. Faster settlement cyclesIndia has been at the forefront of adopting faster settlement cycles, having transitioned to a one-day settlement (T+1) model between 2021 and January 2023. The optional same-day settlement, scheduled to commence later this month, represents another step towards enhancing market efficiency. However, Buch cautioned that further delays in embracing instant settlement could lead to a significant portion of the market shifting towards cryptocurrencies. The move towards faster settlement has been met with enthusiasm from some market participants. Indian business news publication Mint reported the comments of Shauryam Gupta, CEO of web trading platform Rupeezy, on the subject. Gupta stated: “The shift to instantaneous settlement is a substantial milestone, streamlining operations and cutting down on risk. The potential advantages of reducing counterparty risk and boosting liquidity signal positive growth for the sector.” However, others, particularly brokers, have expressed reservations. Brokers, who hold client funds and earn interest on balances, stand to see their interest earnings decrease with shorter settlement times. Nonetheless, SEBI remains steadfast in its commitment to modernizing India's capital markets to remain globally competitive. The regulatory landscape surrounding cryptocurrencies in India has been predominantly shaped by the nation's finance ministry and the Reserve Bank of India (RBI). While the RBI has been vocal in its opposition to cryptocurrencies, advocating for central bank digital currencies instead, SEBI's recent initiatives underscore its willingness to adapt to changing market dynamics. SEBI's efforts reflect a broader trend of regulatory bodies worldwide seeking to strike a balance between innovation and investor protection in an increasingly digital financial landscape. 

SBI Remit and Shonan Shinkin Bank Join Forces on International RemittancesSBI Remit, a long-time partner of Ripple, has expanded its collaboration in Japan, partnering with Shonan Shinkin Bank to offer international remittance services.The partnership, operating under the guidance of SBI Group and announced by SBI Remit last week, claims to provide a more efficient and cost-effective solution for international employees living in Japan who need to transfer money abroad.Photo by Naoya Matsuda on UnsplashEfficient overseas transfersBoth Tokyo and Kanagawa Prefecture, the area of operation of Shonan Shinkin Bank alongside the city of Yokosuka where it is headquartered, have witnessed a surge in the number of migrant employees working there. That makes these metropolitan areas ideal locations for this particular collaboration.According to the press release, the partnership “was formed as mutual use of both parties’ network and strengths would allow Shonan Shinkin Bank to offer highly convenient international money transfer services that deliver convenience for foreign nationals working at local companies while enabling SBI Remit to develop new markets.”The collaboration, named SBI Ripple Asia, aims to leverage Ripple’s distributed ledger technology to streamline international payments. The technology has the potential to disrupt the remittance sector by offering real-time processing of cross-border payments. This approach significantly reduces transfer times and costs. One of the key elements of the partnership involves the use of XRP, Ripple’s native digital asset, for on-demand liquidity (ODL) between Japan and the Philippines. ODL allows for near-instantaneous transfers.Broader sector trendThis partnership is part of a broader trend in the financial industry, where blockchain technology is being harnessed to enhance services. Ripple, in particular, has been targeting remittances through an offering that enables a competitive edge through both speed and cost-effectiveness relative to transfers. Foreign workers in Japan, particularly the 280,000 Filipinos working in the country, stand to benefit from this new offering. That’s due to the ongoing need for foreign overseas workers to send money back home.The SBI Remit and Shonan Shinkin Bank collaboration highlights the immense potential of blockchain technology in reshaping financial services, especially in regions with a high concentration of foreign workers.This development represents yet another significant achievement in the longstanding partnership between SBI and Ripple. The two companies first began to cooperate by way of a mutually beneficial partnership in 2016 with the establishment of SBI Ripple Asia. The recent demonstration of using XRP for ODL remittances in Japan and the Philippines showcases the tangible benefits of this collaboration, with the potential to reduce international transfer times from days to mere minutes.With the demand for seamless international money transfers on the rise, the partnership between SBI Remit, Shonan Shinkin Bank, and Ripple is poised to make a significant impact on the remittance landscape in Japan and beyond.Foreign overseas workers and the families they support in their home countries have long since been at the edge when it comes to financial inclusion. In the press release, Shonan Shinkin Bank was stated to be committed to achieving financial inclusion by partnering with various stakeholders to provide solutions to the various issues facing small- and medium-sized enterprises, as well as providing international remittances and other solutions to the diverse local community.As the financial industry continues to embrace blockchain solutions, collaborations like this one serve as a testament to the ongoing evolution of global payments systems.