SK C&C and NEAR Foundation Forge Strategic Partnership to Fuel Web3 Growth

According to a report by Nikkei Asia, Kasikornbank (KBank), Thailand’s second-largest bank, has entered into a partnership with Bangkok-based firm Orbix Technology and Singapore’s StraitsX to roll out a cross-border payments solution based on the use of stablecoins. StraitsX provides payments infrastructure for digital assets in Southeast Asia. It also issues XSGD, XUSD and XIDR, stablecoins that are pegged to the Singapore dollar, the U.S. dollar and the Indonesian Rupiah. Orbix Technology contributes towards the collaboration by providing blockchain infrastructure, in this case, its Quarix blockchain, which was developed to support transactions in both foreign currencies and baht, convert real-world assets into digital tokens and enable real-world identity confirmation of the blockchain user.Photo by Mathew Schwartz on UnsplashProject Carina The groundwork for this latest collaboration was accomplished through a partnership between KBank and American investment bank JPMorgan’s JPM Coin (now known as Kinexys Digital Payments) in April. Known as Project Carina, the collaboration explored wholesale cross-border payments using Q-money, KBank’s digital Thai baht, which runs on Orbix Technology’s Quarix blockchain and forms part of Thailand’s regulatory sandbox. The objective of Project Carina was to effect the transfer of Thai baht, using Q-money, to a U.S. dollar-denominated bank account, via Kinexys Digital Payments. Using that process, a cross-border multi-currency transfer could be effected efficiently in real time. Spending Thai baht in Singapore In part, building upon that earlier project, this latest collaboration, which commenced at the end of November, brings StraitsX into the fold alongside KBank and Orbix. The service targets Thai tourists visiting Singapore, enabling them to spend their Thai baht-based Q-money at retail outlets in Singapore. Thai visitors account for 2.4% of arrivals to the city-state each year. Many retail stores in Singapore now enable the use of payment systems like PayNow, a real-time payment service offered by a group of Singaporean banks; GrabPay, a payments wallet that features as part of the Grab super-app; and Alipay+, another cross-border mobile payments system. StraitsX has collaborated with these payment systems, opening up access to this latest offering led by KBank. In November, StraitsX added access to the GrabPay and Alipay+ systems. Users of the Q-money app can scan the codes generated via these payment systems, enabling the user to pay in Thai baht for the item they are purchasing priced in Singaporean dollars. Effectively, the system enables and exchange and conversion of digital baht for the StraitsX XSGD Singaporean dollar stablecoin. The three companies showcased their blockchain-based cross-border payment innovation at the Singapore FinTech Festival last month. At the time, Orbix Technology Managing Director Yarnvith Raksri stated:”Quarix has played a significant role in driving the Q-money by KBank app and integrating it with the StraitsX system to allow seamless cross-border payments via blockchain, making them as convenient as domestic transactions.” KBank competitor Siam Commercial Bank (SCB), Thailand’s oldest bank, announced in October that it was partnering with fintech firm Lightnet to launch a stablecoin-based remittance service.

Axie Infinity Moves Further Mainstream with App Store ReleaseThe developer of Axie Infinity, one of Asia’s most iconic Web3 projects to date, has released a version of its latest game on Apple’s App Store.Photo by James Yarema on UnsplashGame adoption strategyAxie Infinity’s Origins game is a card-based strategy game that allows players to collect, own and use a limitless variety of creatures to take into combat. Sky Mavis, the Singapore-headquartered developer behind Axie Infinity, has taken an interesting approach to bring about adoption for what will ultimately be a Web3 game.Initially, the game was launched on iOS with zero Web3 aspects to it. NFTs will not feature. Players will be given free non-NFT “starter characters.” That’s an entirely different approach to the one employed on the original Axie Infinity game. In that instance, players had to acquire NFT-based characters, by either renting or buying them, in order to participate in the game from the outset.While those starter characters will remain non-NFT in nature, the plan is to facilitate players in purchasing NFT-based characters at a later stage, as they progress within the game. Axie Infinity Co-Founder and COO Aleksander Leonard Larsen explained the strategy in an interview with Decrypt:“Starter Axies will remain as non-NFTs, but eventually as people buy other Axies in app we will want [to] turn them into NFTs.”App Store listingIt appears that the firm has been working on an Apple App Store listing for quite some time already. Larsen explained: “We have been in touch with Apple for about two years now, after a lot of trial and error, the current version is a lite version of Axie Origins with more to follow.”In a social media post, the project confirmed the significance of the listing: “We believe this is the first time that Apple has agreed to make an externally-purchased NFT usable on the App Store.” The initial step to getting listed on the large application platforms started out with a feature-limited Origins listing on the Malaysian version of the Google PlayStore in December 2022, before getting listed on that platform on a broader basis.The project outlined that it was following a similar strategy with Apple. This release will see the Axie Infinity Origin game listed on the Apple App Store relative to the following markets: Argentina, Colombia, Peru, Mexico, Venezuela, Indonesia, Malaysia, and Vietnam. The expectation is that the game will be listed in more territories as matters progress.Token price increaseAs the game runs on Sky Mavis’s Ronin network, an Ethereum sidechain, players who own Axie NFTs will still be able to utilize them in gameplay via the iOS version. The significance of the listing wasn’t lost on Axie Infinity community members. The unit price of the Axie Infinity Shards ($AXS) token, a governance token for the Axie Infinity gaming ecosystem, increased by 8% on Wednesday.Axie has proven to be a standout Web3 project for the Asian region. Axie’s developer, Sky Mavis is headquartered in Singapore although the project first emerged via its Vietnam-based development team.The original Axie game, which captured the imagination of crypto-enthusiasts more so than traditional gamers due to its ‘play-to-earn’ model, really came into its own during the pandemic. In particular, the game garnered a lot of adoption in the Philippines due to the opportunity it presented to Filipinos to earn tokens as a result of gameplay.

Hong Kong Setting High Bar on Crypto RulesLucy Gazmararian, a Fintech Advisory Group member of Hong Kong’s Securities and Futures Commission (SFC) and founder of crypto venture firm Token Bay Capital has said that the standards for Virtual Asset Service Providers (VASPs) in Hong Kong are incredibly high.©Pexels/Brayden LawThe Securities and Futures Commission (SFC) has established these strict guidelines as they want the crypto industry to adhere to the same compliance standards as traditional financial firms.Gazmararian made the comments in discussion with Cointelegraph on the fringes of the Hong Kong WOW Summit. Although the bar is set high, Gazmararian maintains that it is not without good reason. The SFC’s approach is to ask VASPs to apply the same standards that existing financial institutions such as huge banks and asset managers must comply with.Short term challengesAccording to a consultation paper released by the SFC on February 20th, licensed VASPs may serve retail investors, but the standard of investor protection measures imposed needs to be considered. Additionally, Anti-Money Laundering (AML) and Know Your Customer (KYC) policies were also discussed.While these high standards may benefit the industry in the long run, Gazmararian believes they may pose challenges for the crypto industry in Hong Kong over the short term. She explained that many crypto businesses are in the startup phase and have funding but not huge amounts. Therefore, complying with the framework may incur significant costs. Gazmararian mentioned the need for local VASPs to have insurance, independent assessment reports, and store crypto in cold storage. It is important to note that these costs may prevent some startups from entering the market, which may have consequences on the industry’s growth in Hong Kong.The Token Bay Capital founder believes that with a solid regulatory framework in place, more well-capitalized financial firms will be willing to help promising startups get off the ground. In her opinion, the companies that receive a license will be upholding the most stringent standards.Ambitions to be global crypto hubThe SFC has encouraged individuals, corporations, and crypto firms to review the 361-page consultation paper and provide feedback. The securities regulator wants these entities to share their views and point to things that may have been missed. According to Gazmararian, the SFC is “absolutely focused” on getting everything right, so they are seeking input from a wide range of sources.Submissions for feedback on the consultation paper closed on March 31. Hong Kong has made significant strides in recent months to establish itself as the world’s next crypto hub. According to a March 20 statement by the Secretary for Financial Services and the Treasury, Christian Hui, more than 80 digital asset firms have expressed interest in establishing a presence in Hong Kong over the last few months. This interest is a testament to the growing importance of the crypto industry and the favorable environment that Hong Kong is creating for its growth.