UAE’s Royal Office Visits Korea to Further Security Token Collaboration with AIITONE

Buysell Standards and AGST collaborate to expand security token projects in Southeast AsiaBuysell Standards, a South Korean company operating fractional investment platform Piece, is accelerating its expansion into the Southeast Asian market through a recent business collaboration.A report from Korean news outlet Financial News indicates that the company has signed a memorandum of understanding (MOU) with AGST, a subsidiary of blockchain-focused investor Fundiant Holdings. This collaboration aims to launch security token projects within the Association of Southeast Asian Nations (ASEAN) region.Photo by Kelvin Zyteng on UnsplashSingapore in Q1 2024As an asset manager in Singapore and Japan, AGST is set to play a pivotal role in the issuance and distribution of security tokens in these markets. Their strategy includes launching security token products in Singapore in the first quarter of next year. These products will be backed by assets from Buysell Standards.The partnership between Buysell Standards and AGST is set to be multifaceted, encompassing several key areas of collaboration. Together, they will focus on developing new investment products and building the necessary infrastructure to support them. They will also focus on marketing and promotional efforts in the ASEAN region.Anticipating regulatory exemptionBuysell Standards is among the seven companies that received approval from the South Korean Financial Services Commission to issue security tokens. The company is anticipating a regulatory exemption from the government, which would allow them to introduce fractional investment products linked to ship finance.Buysell Standards expects that its partnership with AGST will facilitate quicker access to funding from international sources for high-quality investment products in South Korea. Meanwhile, AGST seeks to introduce a range of Korean assets to the global security token market.Emphasizing the quick adoption of fintech by ASEAN investors and their fondness for South Korea, Shin Beom-jun, CEO of Buysell Standard, stated that the company is committed to actively promoting Korean security token products on the global investment stage.Kim Chang-soo, Chairman of Fundiant Holdings, expressed his ambition to strengthen the Korean security token market. He observed that the market is currently in an early stage of development, leading to the undervaluation of underlying assets. He believes that introducing Korean security tokens to international markets will reciprocally aid in the expansion and maturation of the domestic market.

CJ ONE to Sell 3,000 NFTs for New Membership ServiceCJ ONE, a lifestyle membership service operated by digital service company CJ OliveNetworks of South Korean conglomerate CJ Group, announced on Tuesday that it will sell 3,000 digital membership NFTs for its new lifestyle service, PRISM ONE. This comes as part of efforts to enhance brand value and boost customer benefits.Photo by Choong Deng Xiang on Unsplash“The PRISM ONE Membership NFT is an important milestone that reflects changes within CJ ONE. As a lifestyle membership, our brand will strive to provide unique experiences in all aspects of our members’ lives,” said Ha Jae-young, Head of Data Marketing at CJ OliveNetworks.Tier benefitsThe NFTs are categorized into four tiers — Basic, Special, Premium, and Prestige — with higher tiers offering more benefits. Depending on the tier, which will be decided randomly, customers can receive up to 10,000 CJ ONE membership points per month and eight times the number of points that they accumulated the previous month over a period of half a year.CJ ONE points can be used like cash at various CJ Group subsidiaries that offer services in culture, dining, shopping, and entertainment, as well as over 30 brand partners such as cafe Mega MGC Coffee, convenience store CU, and refinery company Hyundai Oilbank.10 customers with the Prestige NFT will also be chosen to receive benefits worth KRW 1 million, including welcome packages from CJ The Market, CJ Group’s online grocery shopping mall, and accommodation vouchers to use at Starville, a luxury “glamping” — a portmanteau of “glam” and “camping” — site.Limited sales and resell opportunitiesMinted with a new brand identity design, the NFTs will be sold for KRW 45,000 each on the NFT trading platform Pala starting from 7 PM (Korea Standard Time) on September 13. Customers who participate in an event until September 3 can win a chance to purchase them at a discounted price of KRW 42,000 prior to the public sale. Payments can be made with Polygon tokens (MATIC) or Korean won, and digital wallets Klip and MetaMask are also supported, the company said. In particular, the NFTs can be resold on trading platforms like Pala.

Blockchain-based digital payment network enterprise Ripple has announced that it has acquired in-principle approval of a financial services license from the Dubai Financial Services Authority (DFSA) in the United Arab Emirates (UAE). In a press release published on the firm’s website on Oct. 1, Ripple claimed that the approval “unlocks Ripple’s end-to-end payment services in the UAE, boosting Middle East operations.” The in-principle approval is a first step on the company’s path towards full approval. That eventuality will enable Ripple to offer cross-border payment services relative to fiat and digital assets, within the Dubai International Financial Center (DIFC) special economic zone.Photo by Moose Photos on PexelsExpanding Middle Eastern presenceThe company claims that pursuing the license is part of a broader strategy to expand its Middle Eastern presence. It follows on from the firm’s move in 2020 to establish its Middle Eastern headquarters in Dubai. Ripple claims that the licensing “significantly strengthens Ripple’s global footprint as a regulated entity and enables the introduction of seamless cross-border payment services, including Ripple Payments Direct (RPD), in the United Arab Emirates (UAE).” In moving from in-principle approval to full approval, Ripple will have further obligations to accomplish, such as securing office space within the DIFC special economic zone. The company had previously indicated its intention of establishing an office within the DIFC. Back in August, it emerged that Ripple had partnered with the DIFC Innovation Hub with a view towards promoting blockchain and digital asset innovation within the UAE. Regulatory clarity in the UAERipple is striving to become the first blockchain-enabled payment services provider licensed by the DFSA. Once licensed, the company plans to roll out its enterprise-grade digital asset infrastructure. Ripple’s XRP has been one of five digital assets approved by the DFSA such that investment funds are allowed to invest in it, although the regulator did indicate in June that it is moving towards expanding the list of recognized tokens. Mired in legal difficulties with local regulator the Securities and Exchange Commission (SEC) in its home market of the United States in recent years, the company signaled a change of strategy in 2023, indicating its interest in focusing more on international expansion. While speaking at an event in Dubai at the time, Ripple CEO Brad Garlinghouse said that Ripple was expanding in Dubai. Taking to X in relation to this latest milestone, Garlinghouse wrote that “regulatory clarity is what businesses want, and what consumers need,” adding that “the UAE understands that.” In the company’s press release, Garlinghouse referred to the “forward-thinking regulatory approach” being pursued in the UAE, which he believes is positioning the country “as a global leader in this new era of financial technology.” The UAE isn’t the only focus for the company’s international expansion. Ripple has established an office in Singapore which handles over 50% of the firm’s payment flows. On Oct. 1, U.S. investment bank Houlihan Lokey published a report in which it highlighted Ripple as an emerging competitor to the SWIFT cross-border payments system.  Although the company has had some success in navigating its way through litigation with the SEC in the U.S., it’s thought that the dispute may be prolonged further as some commentators have suggested that the SEC plans to appeal a recent court decision.