Maple Finance Secures $5 Million to Fund Asia Expansion

Korea Exchange sets the stage for security token tradingStarting next year, South Koreans may have the opportunity to trade security tokens, as the Korea Exchange (KRX), the sole securities exchange operator in the country, has officially begun preparations to establish a security token market. The Busan Digital Asset Exchange (BDX), slated for launch next year, is expected to play a pivotal role in spearheading the growth and development of this emerging security token market.Photo by Tierra Mallorca on UnsplashSeeking approval from financial regulatorsAs reported by local news outlet Busan Ilbo, KRX applied to the FSC last month for registration as an innovative financial service under the financial regulatory sandbox scheme. On Nov. 19, the FSC approved the creation of pilot markets for investment contract securities and non-cash trust beneficial certificates. KRX’s recent initiative is a follow-up to this development. The financial regulator is set to make a final decision after holding a main committee meeting to review KRX’s application.Investment contract securities and non-cash trust beneficial certificates represent two distinct types of security tokens. Investment contract securities provide a means for fractional investments in real-world assets (RWAs). This can include a diverse range of assets such as artworks, music copyrights, beef and carbon credits, allowing investors to own a portion of these assets. On the other hand, non-cash trust beneficial certificates function as secondary investment instruments. These certificates enable individuals to invest in financial products that themselves have invested in security tokens, offering an indirect pathway to participate in the security token market.Fractional investments on the horizonVarious industries are poised to benefit from the emerging digital market, especially platforms focused on fractional investment in artworks. Companies like Yeolmae Company, Art Together and Seoul Auction Blue are keen on this opportunity and have applied to the FSS for permission to register security tokens. Upon receiving regulatory approval, these platforms plan to accept subscription requests, enabling investors to participate in the art market in a more accessible way.The development of security token markets is expected to positively impact BDX, which is currently seeking an operator. Initially, when BDX’s operation plan was unveiled in September, it excluded security tokens due to regulatory constraints. However, with KRX now involved, it’s more probable that the Busan exchange will feature security tokens as major trading assets. Experts believe the success of these token exchanges will largely depend on the quality and appeal of the underlying assets.A local securities industry official emphasized the significant role of the security token market in enhancing the stature of Busan as a blockchain hub. The growth of this market is seen as pivotal in boosting the value and utility of BDX. The official noted that BDX’s appeal to investors would increase if it offered a diverse range of underlying assets or unique security tokens. This development could mark a significant turning point for Busan in the blockchain industry.

Daegu to host first-ever metaverse expo on Nov. 8South Korea’s Daegu Metropolitan City is set to host its first metaverse expo called the “ABB Big Show” from Wednesday to Friday (local time) at the EXCO convention center as part of efforts to stimulate and promote the metaverse industry — a key industry that was notably earmarked as a growth engine in last year’s eighth nationwide local elections. Despite more recent concerns about the sector due to worsening domestic and international economic conditions and reduced investments, the global market continues to recognize its high potential, as divulged at CES 2023, one of the biggest tech events in the world. Daegu has thus stepped up to promote the latest metaverse technologies and content across diverse industrial, administrative and educational services.“The metaverse industry represents a new field that symbolizes a digital era with infinite opportunities and possibilities,” said Choi Woon-baek, Director of the city’s Office for Future Innovation Growth. “I hope that this event will be a meaningful time for citizens to experience firsthand the advanced metaverse technology that is poised to change our future lives.”Photo by GuerrillaBuzz on UnsplashA confluence of metaverse innovation and technologyUnder the theme of exploring the link between reality and the virtual realm, the ABB Big Show — ABB is an acronym for AI, blockchain and big data — will be hosted by Daegu and jointly organized by the Daegu Gyeongbuk Metaverse Industry Association, the MICE Industry Research Institute and local news outlet Yeongnam Ilbo. It will also be held simultaneously with this year’s ICT Convergence Expo Korea and the ABB Hackathon. Of the 156 total companies that are scheduled to participate in the shared event, 32 of them are metaverse companies, the city said.These companies are set to introduce various cutting-edge metaverse technologies through hands-on activities and exhibitions, many of which come with prizes and special events for visitors. In particular, creative media content company YDesign Lab plans to set up a futuristic Instagram photo zone for visitors using immersive anamorphic technology, while mixed reality (MR) content provider DG Entertainment will showcase its motion recognition technology.Other individual guests plan to give lectures on the prospects of Korea’s metaverse industry and propose related policies to push these prospects in a promising direction. The second day of the expo will host a conference featuring Ahn Jong-bae, President of Hansei University’s Future Creativity Campus, who will deliver a keynote speech on the role of artificial intelligence (AI) in changing the future and the metaverse industry.Daegu’s ambitious projectsDaegu is also pursuing several other big-budget projects to foster its regional metaverse ecosystem, including the construction of a metaverse hub in the greater metropolitan area that will serve to support related businesses and cultivate metaverse experts. Also on the city’s agenda is the development of a “Daegu World” metaverse that leverages regional intellectual property in the realms of tourism, education and culture to give citizens unique virtual experiences.

South Korea to Revive Tech Exports with Metaverse, BlockchainThe South Korean Ministry of Science and ICT revealed today a strategy to enhance the country’s tech exports. The plan includes leveraging the potential of the metaverse and blockchain as promising export items.Photo by Pixabay on PexelsEmphasis on the digital sectorIn response to the recent decline in exports, the strategy seeks to establish new sources of growth by prioritizing the digital sector, which has historically been a key driver of Korea’s exports. Recognizing the complex challenge posed by the global economic slowdown and other factors, all government ministries are collaborating to counteract the export slowdown.The plan leverages South Korea’s digital capabilities and implements proactive measures to adapt to evolving export trends, including the recent advancement of generative artificial intelligence (AI) tools and the acceleration of digital transformation. By tapping into emerging markets and nurturing innovative companies, the government strives to diversify its export portfolio and strengthen its position in the global market.Despite achieving a record high of $248.8 billion in tech exports in 2022, Korea has faced year-on-year declines since July 2022 due to the global economic downturn. The semiconductor sector, which accounts for more than half of the nation’s tech exports, has been particularly sluggish. Nevertheless, the rise of new tech markets driven by significant technological advancements, such as ChatGPT, and the global push for digital transformation offer opportunities to overcome the current export slump.Emerging marketsAgainst this backdrop, the government is committed to backing the development of products that resonate with the evolving export landscape. It is eyeing emerging markets, notably the Middle East, Southeast Asia, and Latin America, recognizing their fertile grounds for the swift adoption of evolving tech trends, fueled by their substantial youth populations. Furthermore, the government plans to provide policy-level support to tech companies.Government supportUnder this plan, the government will identify promising companies and offer assistance, including consultation and guidance on product commercialization. It will also support metaverse companies participating in overseas projects by covering localization development costs.In the blockchain field, comprehensive support, including technology verification, consulting, and marketing, will be provided to those working towards international standardization for NFTs and their overseas commercialization.As part of this initiative, exhibition rooms will be established on metaverse platforms like ZEPETO and IFLAND in September. These platforms will provide opportunities for innovative firms to showcase their products. At the same time, the plan will facilitate interaction between Korean companies and overseas buyers through online and offline events to boost exports.