Hong Kong and Kazakhstan Pilot SWIFT’s CBDC Solution

Modhaus attracts $8M in advancing blockchain-based K-pop fan engagementModhaus, a South Korean Web3 startup focused on blockchain-driven K-pop promotion, recently announced that it has raised $8 million in Series A funding, according to a report by local news outlet Maeil Business Newspaper. This latest funding round brings the company’s total investment to over $12 million.Photo by C D-X on UnsplashKey investorsThis Series A funding was led by Sfermion, a Chicago-based venture capital firm focused on non-fungible tokens and the immersive internet. The investment round also saw participation from various investors, including SM Culture Partners, Laguna Investment, the KDDI Open Innovation Fund, Foresight Ventures, Reflexive Capital, NFT song collector Cooper Turley, Quantstamp CEO Richard Ma and Playco CEO Michael Carter.Modhaus had previously attracted investment from other players in earlier funding rounds. These included UNOPND, a venture division of Web3 venture capital firm Hashed; Naver D2SF; CJ Investment and Futureplay.Digital photo cards and tokensDoubling as an entertainment agency, Modhaus operates Cosmo, an app that empowers fans to play a role in their favorite artists’ operations. Through Cosmo, fans can purchase digital photo cards, earning tokens in return. These tokens then allow fans to vote on various aspects of their artists’ activities. The use of blockchain technology ensures that all votes are transparently and securely recorded, boosting the fan-artist relationship.Sfermion’s general partner, Dan Patterson, expressed enthusiasm about their investment in Modhaus, explaining that it “has innovatively bridged the K-pop fandom with both tangible and digital realms through NFTs. [The new] investment signifies more than just financial backing; it’s a venture into melding the energetic world of K-pop with the expansive narrative of the metaverse.”Jaden Jung, CEO of Modhaus, said, “K-pop fans possess keen insights. With their sharp eyes for talent and trendspotting, we aim to enhance artist value through amplified fan involvement.” He emphasized the crucial role of fan engagement in the entertainment industry, pointing out that Modhaus is dedicated to elevating this aspect to new heights. He referred to the achievement of girl group TripleS, which has garnered 1.74 million subscribers on YouTube since its debut in February of this year, as an example of what they envision for Cosmo. He suggested that Cosmo has the potential to evolve into a platform akin to LinkedIn or Kickstarter within the K-pop sector, aiming to maximize the value and reach of artists.Deepening artist-fan connectionsModhaus seeks to use the funds raised from this recent investment round to advance its Cosmo platform. This improvement aims to deepen the connections between fans and artists, providing fans with more opportunities to actively engage with and contribute to their favorite idol groups.At the helm of Modhaus are co-founders Jaden Jung and Kwanghyun Joseph Baek. Jung brings over two decades of experience as a producer at JYP Entertainment and Woollim Entertainment. Baek, on the other hand, has a background as the Chief Operating Officer at Playlist Originals, a digital content studio, and as a consultant at Bain & Company.Their team also includes Chief Product Officer Park Jae-hyun, formerly Product Owner at Viva Republica, the fintech company behind the internet-only bank Toss. Chief Creative Officer Kim Jong-soo has a history in the music industry as well, having produced girl groups like Dreamcatcher and Dal Shabet. Chief Business Officer Lee Gyu-hwa comes from MyMusicTaste, a K-Pop platform, while Chief Financial Officer Yang Ji-eun brings her experience from venture capital firm NCORE Ventures.

Korea Fintech Industry Association Establishes Council for Security TokensThe Korea Fintech Industry Association (KORFIN) has recently held a successful kickoff meeting to launch the Fintech Council for Security Tokens. Comprised of 18 members specializing in security token-related fields, including blockchain technology and fractional investments, the council aims to expand its membership by inviting more enterprises interested in security token projects.Current participants in the council include The Seed Partners, a venture capital firm; Lucentblock, a blockchain-based real estate securities platform provider; and Leadpoint System, a blockchain tech developer.Photo by Ethan Brooke on UnsplashActivities for ecosystem growthThe purpose of the council is to foster the growth of the security token ecosystem by undertaking various activities. These activities encompass engaging in discussions to strengthen the security token industry, conducting research on policy development, and seeking expert consultations.Promoting innovationLee Keun-ju, the President of KORFIN, expressed the association’s commitment to supporting fintech companies in realizing their innovative ideas in the industry. In line with this commitment, KORFIN will organize a range of events, including educational courses and seminars, to facilitate knowledge sharing and enable fintech companies to establish valuable business network connections.Growing enthusiasmSince the Korean Financial Services Commission (FSC) authorized the issuance and trading of security tokens in February, the interest in security tokens has gained momentum within the country. This growing enthusiasm aligns with the global trend, as highlighted in a 2022 report by Boston Consulting Group (BCG) and Singaporean investment platform ADDX, which projected that the global market for illiquid tokenized assets would hit $16 trillion by 2030.

Circle introduces Circle Mint with zero-fee USDC mintingIn a move designed to enhance accessibility and compliance, Circle, the issuer of leading U.S. dollar stablecoin USDC, has introduced the “Circle Mint” facility.Singapore launchIn a recently published blog article on its website, the company outlined that the zero-fee minting service is set to launch initially in Singapore. In June, Circle Internet Singapore, the company’s Singapore-incorporated subsidiary, secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). In this most recent announcement, the firm indicated that given the MPI licensing award, it was most appropriate to launch the service initially in Singapore.Circle executives, alongside its co-founder and CEO Jeremy Allaire, were attendees at the Singapore Fintech Festival on Wednesday, an annually organized knowledge platform for the global fintech community. Taking to the X platform, Allaire stated:“It was an honor to host [Singapore President, Tharman Shanmugaratnam] with the @circle team at @sgfintechfest where we officially launched Circle Mint Singapore.”Photo by Mike Enerio on UnsplashCircle Mint facilityCircle Mint Singapore will attempt to strategically position itself as a trusted gateway to the world of digital currencies, emphasizing compliance with MAS regulations. For Singapore-registered entities, the facility offers a range of benefits.Rather than a traditional bank account, Circle Mint is a digital wallet that enables users to send, receive and store digital assets. There will be no minting fees as part of the offering. Customers will be able to take advantage of a zero-fee product offering for both the minting and redemption of USDC. The move eliminates additional risks and additional fees, as well as the ability to do away with the lengthy transaction times often associated with brokers and resellers.Circle Mint Singapore has been designed to align seamlessly with MAS regulations. In that way, the company can reassure its customer base that financial activities are conducted efficiently, securely and compliantly within the regulatory framework.Instant availabilityInstant availability is another feature that Circle is enabling through its Circle Mint product offering. Fiat funds from users’ bank accounts can be swiftly and automatically converted to USDC. That’s thanks to the instant settlement networks of participating banks. Circle Mint Singapore is also planning to expand access to regional banking rails for near-instant settlement, streamlining transactions for users.As digital currency adoption gains momentum in the Asia Pacific (APAC) region, Circle Mint Singapore’s initiatives have the potential to play a pivotal role in making digital currencies more accessible for businesses in this dynamic market.Asian market emphasisIn addition to this latest product offering, other recent activities of the global financial technology firm in recent weeks suggest that it has placed a strong emphasis on market growth in the APAC region.In September, the firm partnered with Southeast Asian super-app Grab. As part of that collaboration, Circle’s Web3 services platform is being integrated into the app to facilitate blockchain-enabled solutions. The move will see Grab’s 25 million users exposed to the facility of a digital wallet within the app.Similarly, the following month, Circle followed up with a deal with Taiwan FamilyMart, a convenience store chain, and the BitoPro cryptocurrency exchange. Once again, Circle’s Web3 services platform is being integrated, this time into the FamilyMart app, so as to enable the redemption of loyalty points in USDC.