Korea’s ABB Joins Hands with Vietnam’s DTS Group for Web3 Development

Amberdata Expands into Asia-Pacific with New Hong Kong OfficeAmberdata, a provider of digital asset data and analytics for institutional customers, is making significant strides in expanding its presence with the announcement of a new office in Hong Kong, marking its entry into the Asia-Pacific (APAC) region.Photo by Pixabay on PexelsMarket data offeringThe company published a press release on Tuesday, providing details on the milestone. The strategically positioned Hong Kong office will provide local sales and support to APAC customers, granting them access to Amberdata’s suite of products. These offerings include extensive on-chain, DeFi, spot, and derivatives market data, along with valuable market intelligence.Tongtong Gong, the COO and Co-Founder of Amberdata of the US-based firm, will spearhead the company’s operations in the region. Gong, expressing her excitement about returning to her home country, shared her aspirations to contribute to the growth of Amberdata’s presence in Asia.She highlighted the burgeoning development of Web3 in Hong Kong, which benefits from a clear regulatory environment and strong government support, making it an exceptional location for the new office.Industry trends eastwardsThe expansion into APAC by Amberdata aligns with the global trend of accelerating institutional adoption of cryptocurrencies and digital assets. By addressing the increasing demand for institutional-grade data infrastructure and analytics, Amberdata is positioned to serve as a crucial partner to financial institutions.The company’s foray into APAC is yet another demonstration of a trend among US-based digital assets companies to establish themselves in the east, where the regulatory environment is developing in a much more progressive, forward thinking way by comparison with the United States.Shawn Douglass, the CEO of Amberdata, said that the move was with a view towards expanding its presence in Asia, “to deliver the highest quality digital asset data and analytics to institutional investors in the region.”Hong Kong’s crypto credentialsHe emphasized the growing prominence of Hong Kong as one of Asia’s leading crypto hubs and highlighted the city’s suitability as the location for their new office. The establishment of a local office enables the company to effect a more direct sales and support pipeline to both new and existing customers within APAC.Amberdata holds a paramount position as the leading provider of digital asset data. Their comprehensive insights into blockchain networks, crypto markets, and decentralized finance seek to empower financial institutions with invaluable data for research, trading, risk assessment, analytics, reporting, and compliance.Also on Tuesday, the company added new product features. Taking to Twitter, Amberdata outlined the addition of derivatives data relative to a well-known trading and futures options platform, the Chicago Mercantile Exchange (CME). Service users are also now being given complete visibility on externally owned accounts and wallets within lending and borrowing protocols.As financial institutions increasingly enter the digital asset class and participate in digital asset markets, Amberdata’s robust infrastructure is being positioned as a vital component, enabling them to make informed decisions and navigate the dynamic landscape effectively.

NBC and AliPay collaborate to enable enhanced cross-border paymentsThe National Bank of Cambodia (NBC) and Ant Group, the parent company of AliPay+, the borderless payment and marketing solutions provider for merchants, have inked a memorandum of understanding (MOU) on “Cross-Border QR Code Payment Cooperation.”The deal was announced at last week’s Singapore FinTech Festival. The collaboration aims to boost the use of KHQR codes through Alipay+. KHQR codes provide for a standardization of QR codes which have been created for retail transfers and payments within Cambodia.Chea Serey, the Governor of NBC, and Douglas Feagin, Senior Vice President of Ant Group, formally signed the MOU to facilitate efficient and secure cross-border QR code payment transactions. The agreement focuses on bridging Bakong’s network through KHQR codes and Alipay+’s extensive global QR code acceptance network, as outlined in an NBC press release.Photo by Paul Szewczyk on UnsplashBakong CBDCBakong is Cambodia’s central bank digital currency (CBDC) based upon the Cambodian riel. Japanese fintech developer Soramitsu has collaborated with the Cambodian authorities in developing it.This latest development unfolded as Chea Serey took the stage as a keynote speaker at the Singapore Fintech Festival, addressing the theme, “The Intersection of Policy, Finance, and Technology.”According to a statement from Chea Serey’s official Facebook account, this collaboration opens doors for Cambodia Bakong users to access Alipay+ and engage with over 83 million merchants worldwide. Additionally, it allows international tourists to seamlessly make payments to KHQR merchants in Cambodia. Serey stated:“Today I am glad to announce the MoU signing between Alipay Plus and NBC, hence I encourage local banks to inform their merchants to open KHR accounts and start accepting KHR payments otherwise they won’t be able to benefit from this arrangement.”Greater interoperabilitySerey highlighted that this collaboration marks a significant step in enhancing Cambodia’s payment connectivity on a global scale, creating a more convenient and inclusive experience for tourists and contributing to the growth of the national economy.In an interview with CNBC at last week’s event, Serey said that the initiative will enable greater interoperability. In China, Cambodian merchants and visitors can use the Cambodian payment system to make payments to Chinese vendors. Likewise, Chinese visitors can use Alipay+, a platform they are familiar with, to make payments for goods and services in Cambodia. Serey believes this to be important, given that Cambodia depends heavily on tourism.The Alipay+ platform facilitates payments through various digital wallets, including Korea’s KakaoPay, Malaysia’s TouchnGo, Thailand’s TrueMoney and the Philippines’ GCash. Ant Group has been attempting to extend the regional utility of its payment system for some time.As far back as 2017, Ant Group signed an MOU with British bank Standard Chartered with a view towards increasing financial services access to clients located along China’s “Belt and Road” initiative route. In 2019, Alipay inked a deal with Cambodia’s DaraPay to allow Alipay wallet holders to pay for goods and services at DaraPay POS terminal points.Alipay and WeChat Pay are recognized as two of the most preferred payment methods among Chinese consumers. Together, they dominate the Chinese mobile payments landscape, boasting a market share of over 92 percent and a user base exceeding 2 billion.

Samil PwC seminar informs companies about crypto accounting amid shifting Korean regulationsWith the South Korean government anticipated to finalize a plan aimed at enhancing cryptocurrency transparency within this year, companies are preparing to swiftly respond to the changing accounting landscape.A seminar held on Thursday (local time) in Seoul by Samil PwC, the Korean member firm of the London-headquartered accounting firm PricewaterhouseCoopers, exemplifies these efforts. This meeting featured presentations from Samil staff, focusing on the implications of the new upcoming crypto accounting guidelines for businesses and exploring strategies for effective response.Photo by Kelly Sikkema on UnsplashGovt to soon finalize crypto accounting guidelinesDuring the meeting, an official from Samil PwC said that the Virtual Asset User Protection Act is set to be implemented next July. The accounting expert also noted that the Financial Services Commission’s guidelines on virtual asset accounting and the requirement for disclosing virtual assets in financial statement annotations, issued this July, are expected to be finalized shortly.From accounting to internal controlsAs the first speaker of the seminar, Lee Seung-wook, Partner at Samil PwC, delivered a presentation on the management of cryptocurrency accounting and the disclosure of cryptocurrency holdings within financial statement annotations. Lee classified companies into three categories: crypto issuers, crypto holders or investors and companies operating crypto businesses. He provided detailed guidance on what each category of companies should consider in their approach to managing and disclosing virtual assets.In particular, Lee drew attention by clearly explaining the accounting approaches companies should adopt in various scenarios, such as when offering cryptocurrency as an incentive to employees or airdropping cryptocurrency to customers for marketing purposes.Following this, Partner Jo Sung-jae delved into enhancing internal controls related to virtual assets. Drawing from PwC’s own framework, he presented practical methods to mitigate risks associated with cryptocurrencies, such as the loss of private keys, vault breaches and embezzlement.The seminar also covered the topic of Information Technology General Controls (ITGCs). Partner Lee Jeong-mi made a comparison between ITGCs in traditional business environments and those specific to the cryptocurrency industry, highlighting the unique considerations that crypto businesses need to be aware of. Furthermore, Managing Director Lee Eun-young discussed the tax implications related to cryptocurrency.Anticipation of uncertainty reductionLee Jae-hyuk, who oversees the cryptocurrency division at PwC and served as the overall manager of the seminar, expressed optimism that the government-led guidelines would reduce the uncertainty surrounding cryptocurrency accounting. He also conveyed his hope that the seminar would provide attendees with the opportunity to consider the influence of digital assets on corporate accounting, internal controls and tax implications, as well as their potential impact on future industry trends.Samil PwC stands out as one of the first Korean accounting firms to establish a dedicated blockchain division within its Digital Innovation Lab, incorporating a team of developers. Leveraging its accumulated expertise in this field, Samil PwC offers a broad range of services, including internal controls consultations, accounting audits, financial advice and tax filing. Further emphasizing its commitment to the evolving field of cryptocurrency, in June of this year, Samil PwC collaborated with the Korean Accounting Association (KAA) to conduct research focused on cryptocurrency accounting.