Nomura Subsidiary Launches Bitcoin Adoption Fund

Thai Central Bank Collaborates With Singapore’s 2C2P on CBDC PilotThe Bank of Thailand is set to commence a pilot project for a retail central bank digital currency (CBDC) within a regulatory sandbox later this month.Three participating fintech firmsThat’s according to local media, with reports suggesting that three payment providers will participate in the project, which is expected to involve up to 10,000 users and run until August.The scheme will involve two Thai banks, Bank of Ayudhya (Krungsri), Thailand’s fifth largest bank, and Siam Commercial Bank. Singapore-based payments service provider 2C2P will also collaborate with the Thai central bank on the CBDC initiative. 2C2P is a global payments platform which helps businesses to accept payments securely online, on mobile, and in-store. Each organization has developed an app exclusively available to selected users, encompassing a digital wallet and a QR code scanner.Krungsri plans to engage up to 2,000 staff members and approximately 100 merchants in the project, focusing on locations around the bank’s headquarters. Furthermore, the project will expand to include the Ploenchit branch.Photo by Florian Wehde on UnsplashMaintaining relevanceBanks are having to embrace the need to adapt to the eventuality of developments like CBDCs as, depending upon how they’re implemented, they could render some banking products obsolete. Sam Tanskul, the Managing Director of Krungsri Finnovate, a division of the Thai banking business that focuses on strategic investments, expressed the need for the bank to establish a distinct strategy for differentiating the retail CBDC from its existing PromptPay mobile payments service.Siam Commercial Bank’s pilot project will operate in a similar manner to Krungsri’s, involving staff members and nearby merchants as participants. The Bank of Thailand has emphasized that the project aims to facilitate learning rather than serve as an official pilot launch. At present, the central bank has not disclosed any official plans to implement a CBDC.Wholesale and retail CBDCsThe Bank of Thailand commenced the development of a wholesale CBDC back in 2018. It has actively participated in various projects such as the Bank for International Settlements’ (BIS) mBridge cross-border payment initiative and the Project Inthanon-Lion Rock collaboration with the Hong Kong Monetary Authority (HKMA).In a move to foster the growth of the digital token market, Thailand waived corporate income tax and value-added tax for companies issuing investment tokens in March. While this decision is expected to result in an approximate loss of $1 billion in revenue for the country, it is projected that investment tokens will generate $3.7 billion over the next two years, as stated by a government spokesperson.The Bank of Thailand’s forthcoming retail CBDC pilot project is one of a plethora of such projects being pursued throughout the Asia-Pacific region. In Japan, the Bank of Japan recently completed the second phase of a proof of concept project relative to its CBDC, with the project now progressing to phase three. Last month, it emerged that the Bank of Korea is collaborating with Samsung Electronics relative to its CBDC project. Meanwhile, India is progressing further in trialing its CBDC, while China is further along the development curve than all others in that respect.

SBI Holdings and TradeFinex Partner to Create a Trade Finance JV in JapanJapanese financial services conglomerate SBI Holdings has joined forces with UAE-based TradeFinex to establish a dynamic joint venture. The objective of the partnership is to propel the widespread adoption of the XDC Network within Japan’s trade finance sector.Details of the agreement between the firms emerged last Friday. The strategic collaboration represents a move toward harnessing blockchain technology to infuse transparency, efficiency, and accessibility into the fabric of trade finance and supply chain management.At its core, the XDC Network stands as an enterprise blockchain platform which is compatible with the Ethereum virtual machine (EVM). In recent times, the XDC Network has cultivated partnerships with several international organizations, including the World Trade Organization (WTO) and the International Chamber of Commerce (ICC). It has pioneered solutions aimed at cost reduction, transaction acceleration, and transparency augmentation within the trade finance sphere.Photo by Timelab on UnsplashBuilding upon related partnershipSBI Holdings, deeply ingrained in Japan’s financial services sector, has taken significant strides to embrace the potential of blockchain technology. Earlier this year, its subsidiary, SBI VC Trade, partnered with the XDC Network, becoming the inaugural Japanese exchange to facilitate the cryptocurrency asset XDC. Building upon this previous collaboration, SBI VC Trade has been proactive in championing the expansion of the XDC Network’s presence in Japan.The freshly minted joint venture between SBI Holdings and TradeFinex has the potential to serve as a catalyst for further XDC Network growth in Japan. A central goal is to localize XDC Network-related information, thereby rendering it more accessible to Japanese businesses and investors.Additionally, the venture is actively scouting for cryptocurrency exchanges who are prepared to use and promote the XDC network, further amplifying its adoption. Exploring collaborations with subnet and layer-2 enterprises forms an integral part of their strategy.Japan’s evolving stance on blockchainThe timing of this collaboration coincides with Japan’s evolving stance on blockchain technology and cryptocurrencies. Emerging reports indicate the Japanese government’s contemplation of allowing startups to raise capital through cryptocurrency tokens, marking a seismic shift away from conventional stock listing processes.In April the Japanese government released a whitepaper on Web3, in its efforts to explore ways to foster innovation in the emerging sector. Furthermore, Japan’s National Tax Agency has made adjustments to its cryptocurrency-related tax code, underscoring a proactive stance toward regulating the cryptocurrency industry. Related to that, the country’s Financial Services Agency (FSA) has been exploring tax exemptions relative to unrealized crypto gains.Japan has become known historically as a center of technological innovation. There have been soundings recently that it can rediscover its abilities in that respect through the development of Web3.The strategic alliance between SBI Holdings and TradeFinex charts a promising trajectory for the XDC Network within Japan’s trade finance sector. Anchored in a project that aspires to offer innovation, transparency, and operational efficiency, this joint venture offers considerable potential to spearhead the adoption of blockchain technology within one of the world’s most prominent financial markets.

Gaming Industry Pioneers to Gather at Korea Blockchain Week 2023The highly anticipated Korea Blockchain Week (KBW) 2023, Asia’s largest blockchain and Web3 conference co-hosted by FACTBLOCK and Hashed, is on the horizon.Marking its sixth year, the conference is set to take place from September 4 to 10 at various venues, including The Shilla Seoul hotel. It will feature a series of panel discussions, keynote speeches, and networking opportunities focused on emerging blockchain and Web3 technologies.Photo by Terry on UnsplashUnveiling expert insights on blockchain, Web3, and moreThe main event, a two-day conference from September 5 to 6 titled “IMPACT,” will host prominent industry figures to discuss blockchain technology, cryptocurrency, decentralized finance (DeFi), Web3, and artificial intelligence (AI). Several gaming enterprises are also set to present their projects and insights into blockchain gaming.In particular, Henry Chang, CEO of Korean gaming publisher Wemade, will deliver a keynote speech titled “Mega-Ecosystem Wemix: Beyond Games.” As a two-time title sponsor of the event, Wemade will also set up exhibition booths for visitors to explore the vast blockchain ecosystem of its WEMIX3.0 Mainnet.There will also be a panel discussion dubbed “Creating a Sustainable Blockchain Gaming Economy: The Importance of Tokenomics” featuring Hilmar V.Pétursson, CEO of Pearl Abyss subsidiary CCP Games, as well as Hwang Sun-young, Production Director at Nexon’s NFT-centered blockchain games ecosystem MapleStory Universe.More leaders like Jose Ko, CEO of Neowiz’s blockchain gaming platform Intella X; Jake Moon, COO of Netmarble’s blockchain subsidiary MARBLEX; and Bryan Song, Biz and Ops Team Lead at game developer Krafton, will talk about the thriving landscape of high-quality blockchain games in Korea during the conference’s last program on September 5.The second day will go on to feature a discussion on the impact of non-fungible tokens (NFTs) and gaming on business adoption with Justin Waldron, Co-Founder and CEO of Storyverse, and Robbie Ferguson, Co-Founder and President of Immutable, sharing their insights on the topic.Kyu C. Lee, CEO of Com2uS USA; Han Yoo, Chief Operating Officer of NOD Games; and Tin Nguyen, Founder of Sipher and Athler Labs, are also set to lead a panel centered on the disruptive potential of blockchain in the gaming industry.In addition, companies like XPLA and IPX will hold separate functions to foster lively networking and promote their respective blockchain gaming ecosystems.NFT-centered eventScheduled for September 7 to 8 after the IMPACT conference is The Gateway: Korea, an annual Web3 event that will bring NFT enthusiasts and digital artists together at SFactory in Seongsu-dong, Seoul.