UAE Accelerates Cross-Border Payments with JPMorgan’s Onyx

XPLA joins hands with EDUM to bring Study-to-Earn services to learnersSouth Korean gaming corporation Com2uS Group’s layer 1 blockchain XPLA has established its newest partnership with EDUM, a Study-to-Earn (S2E) project operated by Dream Ladders, a blockchain subsidiary of educational and career services provider Jinhak, according to an official announcement on Monday (KST). Together, they plan to bring blockchain to education, helping students benefit from a new, innovative approach to learning and proving that blockchain can be useful in any environment.Photo by JESHOOTS.COM on UnsplashOptimizing the learning experience with Web3EDUM is set to leverage Web3 technology to provide students with access to affordable, high-quality educational services for everyone, no matter their economic background. Users will be able to earn rewards in the form of EDUM or EDUMP tokens when using different functions on the EDUM mobile application. EDUM is the project’s market-based utility token that can be cashed through external exchanges or even swapped with EDUMP, which has a fixed value and can only be used within the EDUM ecosystem. EDUMP tokens can also be used for purchasing NFTs or lectures on the EDUM platform.The project will also incorporate NFT technology as a key mechanism. Learners on EDUM can record their achievements as NFTs through certification performed by a Proof of Attendance Protocol (POAP). The platform offers benefits to instructors as well, whose content such as lectures, exams and textbooks can be protected and compensated by being minted as NFTs.Going beyond gamingBy working with EDUM, XPLA aims to venture into the realm of education, which is outside of its usual gaming focus, helping the platform revolutionize S2E services and creating more real-world use cases for blockchain technology.

Digital asset insurer funds Middle East expansionOneDegree, a Hong Kong-based InsurTech startup is expanding its area of engagement to the Middle East, funded through an undisclosed investment from Dubai Insurance.Fresh funding round to finance growthThe seven-year-old startup announced on Friday that it has secured further funding, solidifying its commitment to Middle East expansion while building upon the success of OneDegree’s $55 million Series B round in June. Total funds raised are believed to be in the region of $100 million.The Series B round was required to expand its digital assets insurance portfolio. Similarly, the partnership with Dubai Insurance is aimed at facilitating OneDegree’s expansion into the digital asset insurance sector within the United Arab Emirates (UAE) and the Gulf region. The startup firm will now proceed to establish a new entity in Dubai and hire staff locally to take on new business in the region.Among its notable investors are Alibaba Entrepreneurs Fund (AEF) Greater Bay Area Fund, Sun Hung Kai & Co and Cathay Venture, the venture capital arm of Taiwanese billionaire Tsai Hong-tu’s Cathay Financial Holdings. OneDegree’s CEO, Alvin Kwock, has stated that the company is on track to achieve profitability by the second half of 2024.Photo by Roman Logov on UnsplashMinisterial interestIt’s understood that the UAE’s economy minister, Abdulla bin Touq Al Marri, had outlined his interest in OneDegree bringing its service offering to the UAE when he met with representatives from the company at the Belt and Road Summit in Hong Kong in September.Given that OneDegree is planning to service the digital assets sector in the UAE, the move aligns with Dubai’s new crypto regulatory framework implemented earlier this year, which mandates insurance coverage for licensees engaged in crypto-related businesses to safeguard users’ funds. Major players in the crypto industry, such as Binance, Crypto.com and OKX, have already established a presence in Dubai.Only digital asset insurer in AsiaIn a video interview from Dubai on Friday with Forbes, Alvin Kwock emphasized OneDegree’s unique position as the first and only licensed insurer in Asia capable of providing digital asset insurance.Kwock revealed that approximately half of the world’s top 20 crypto exchanges have approached OneDegree for its digital asset insurance, with some of them already being clients. The startup has extended its services to around 30 companies, including Cactus Custody, the custodian unit of Singapore’s Matrixport; Rakkar Digital, backed by Thailand’s Siam Commercial Bank; and Hashkey, one of Hong Kong’s licensed crypto exchanges.In July it penned a deal with blockchain infrastructure firm Blockdaemon. Meanwhile, it has been underwriting digital assets for crypto custodian METACO since November 2022.Anticipating substantial growth, Kwock expects the number of OneDegree’s digital asset insurance customers to surpass 100 by the end of 2024. He foresees this segment constituting about half of the company’s total business in the coming year, up from the current level of 30%. Kwock underscored the evolving dynamics in the crypto market, emphasizing the increasing importance of risk management and the essential role of insurance in the digital asset industry.OneDegree’s expansion into the UAE aligns with the nation’s crypto-friendly policies, actively attracting firms to leverage its supportive regulatory environment. Indirectly, it also serves the Hong Kong government’s strategy to deepen business ties with the Middle East.

Hong Kong Bank to Act as Settlement Bank for Crypto FirmsZA Bank, Hong Kong’s largest virtual bank, is looking to become the go-to bank for crypto startups. The online bank has been given permission to serve as the settlement bank for regulated Web3 companies in the city. This development was announced at Hong Kong’s Web3 Festival, an event supported by the local government and attended by crypto startups and institutions from across Asia.©Pexels/Frank BarningHashKey and OSL collaborationZA Bank is expected to facilitate crypto-fiat conversions with two licensed exchanges in Hong Kong, HashKey and OSL, where customers can swap crypto into fiat currencies. ZA Bank will also offer basic banking services to local Web3 startups, a category that is currently underserved by traditional financial institutions.ZA Bank is focusing on assisting local Web3 startups and small-medium enterprises (SMEs).The bank linked up to the city’s company registry data, allowing for minimal information input and cross-checking. According to Devon Sin, alternate chief executive of ZA Bank, the bank currently conducts AML scrutiny against the usual checklists to satisfy the regulatory requirements. No AML issues have emerged during the recent months of work.Competing for global crypto businessHong Kong is trying to establish itself as a crypto-friendly alternative to other hubs, such as the US and Singapore, and a sandbox for Web3 businesses from China, where crypto trading is illegal. The city is revamping its digital assets regulatory framework, with plans to legalize retail trading of major cryptocurrencies like Bitcoin and Ether. Ronald Lu, CEO of ZA Bank, said that ZA Bank’s online account opening for Web3 startups is a major step forward in integrating traditional banking services with the Web3 world.According to Lu, ZA Bank will act as a settlement bank for clients to allow withdrawals in Hong Kong, China, and US currencies after they deposit crypto tokens with exchanges. The business model is already operational through HashKey and OSL, the only two licensed crypto exchanges in Hong Kong. The bank will provide the same service for other exchanges as they become licensed.HK China’s crypto “trial run”Hong Kong is opening up to the beleaguered sector in a move that aims to revive its status as a financial center following years of COVID restrictions and political upheaval. However, access to banking has been a major hurdle for the city’s ambitions. The city’s banking and securities regulators are hosting a round-table for crypto players and bankers to share experiences and perspectives on banking services later this month.Many have speculated about a softening stance on cryptocurrency by the Chinese authorities. However, it’s more likely that they continue with strict regulation and control relative to crypto in mainland China while happy to monitor a more open approach to it within Hong Kong. Crypto analyst Myles Deutscher likens the approach to a “trial run” that is being monitored by China.Launched in March 2020, ZA Bank is one of Hong Kong’s eight licensed virtual banks and had the most net assets as of last year, despite remaining unprofitable. The virtual lender doesn’t expect it will need to boost its headcount to handle the crypto client push. Although the revenue model is still unclear, Lu said that more clients, more deposits, and more business opportunities are always great for the bank. The lender doesn’t offer services for clients from mainland China, given the restrictions in place there.