Wemade to Participate as Main Sponsor in G-STAR 2023

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.

Finblox Launching Tokenized US Treasury BondsHong Kong-based cryptocurrency firm Finblox has unveiled a groundbreaking solution aimed at meeting the growing demand among crypto investors for traditional assets that generate yields. By launching tokenized rights to US Treasury Bills (T-Bills), the company seeks to bridge the gap between the crypto and traditional financial worlds.In a tweet thread posted on Tuesday, the company set out some detail on the product offering it has been working on. In collaboration with smart-contract vault OpenEden, Finblox aims to tap into the trillion-dollar market of Web3 users. Finblox is a crypto app, with the enterprise being backed by leading venture capital firms such as Dragonfly Capital, Sequoia Capital, and Saison Capital. This innovative offering provides crypto investors with access to a highly secure AAA-rated financial asset, leveraging the advantages of blockchain technology.Photo by Karolina Grabowska on PexelsYield generationUnlike stablecoins, which have failed to deliver substantial returns, and crypto lending, which carries notable risks as recent defaults and insolvencies in the digital asset sector have shown, tokenized US T-Bills provide a reliable investment option.By converting the rights to these assets into digital tokens that can be traded and held within the blockchain ecosystem, Finblox enables fractional ownership. This means that users can invest small amounts and still earn proportional yields, opening up investment opportunities to a wider range of individuals.Through the Finblox platform, users can directly benefit from the yield generated by these tokenized T-Bills. Historically, Treasury Bills have been regarded as blue-chip financial assets, offering reliable returns and serving as a benchmark for global financial markets.OpenEden integrationTo ensure transparency and security, Finblox has integrated the T-Bill vault of Singapore-based OpenEden with decentralized blockchain Chainlink. This integration provides on-chain verification, guaranteeing that Finblox’s T-Bill tokens are backed by US Treasury securities, USDC stablecoins, and US dollars on a 1:1 basis.Finblox founder Peter Hoang emphasized the seamless and secure bridge that T-Bills offer between traditional and emerging markets in an interview with Tech in Asia. He stated: “With T-Bills, we are offering users a real-world asset while also benefiting from the custody of a regulated financial institution. It’s a seamless and secure bridge for both traditional and emerging markets, bringing safer yields to a wide range of users.”To access Finblox’s T-Bill tokens, investors need to follow a straightforward process. Initially, they must obtain USDC from a reputable exchange, either through Finblox or other exchanges. Once the know-your-customer (KYC) verification process is completed, users can swap their USDC for T-Bills within the Finblox platform.To enhance transparency, Finblox makes its wallets publicly available, enabling users to track deposits and withdrawals and verify the accuracy of transactions. The company also holds working capital in hot wallets to facilitate withdrawals below 2% of the entire pool, ensuring swift processing within three business days.It’s understood that Finblox will market the product offering to users in the Philippines, Indonesia, India, and Vietnam, among other jurisdictions within Asia.

Korean Survey: High Hopes for New Tech, Less for Blockchain and MetaverseA survey report on the perceptions and acceptance of evolving technology among the South Korean public was released yesterday by the Korea Communications Commission (KCC) in collaboration with the Korea Information Society Development Institute (KISDI). The survey, conducted from October 5, 2022, to January 13, 2023, involved 5,378 smartphone users who accessed the Internet at least once a day.Photo by Алекс Арцибашев on UnsplashTech toolsThe report titled “The 2022 User Panel Survey on Intelligent Information Society” revealed that Korean individuals generally hold high expectations for technological tools. Among the respondents, 89.3% expressed their belief that robots would enhance our lives, making it the most anticipated technology. This was closely followed by autonomous driving (87.8%) and kiosks (87.6%). On the other hand, blockchain and AR/VR were slightly less popular, with 73.4% and 72.4% of respondents showing interest, respectively. AR/VR stands for augmented reality and virtual reality.Information servicesThere was also significant anticipation for advanced information services among the respondents. Algorithm-based content recommendations garnered approval from 86.9% of participants, while artificial intelligence-based healthcare received support from 86.5%. However, metaverse-related services received a more moderate level of enthusiasm, with approximately 66% of respondents expressing interest.Metaverse usageThe survey also delved into the usage of metaverse platforms among respondents, revealing that only 12.7% had prior experience with such platforms. This finding suggests that the level of metaverse usage remains relatively low. Among the metaverse-experienced respondents, the most popular platform was ZEPETO, which accounted for 39.4% of usage. On average, users spent 1 hour and 4 minutes on the platform daily. ZEPETO is a Korean communication service that allows users to create and interact as 3D avatars in a virtual world. The cyberspace platform is operated by NAVER Z, an affiliate of the nation’s search engine giant NAVER Corp.Regarding the activities conducted on metaverse platforms, 77.9% of users stated that they primarily utilized them for gaming purposes. This was followed by “communicating with friends” (67.8%) and “communicating with strangers” (66.6%).When discussing the advantages of the metaverse, respondents highlighted its ability to transcend physical and temporal limitations, with 65.7% and 62.6% mentioning “less constraint by time” and “less constraint by space,” respectively. Additionally, 60.1% of respondents mentioned the metaverse’s capacity for self-expression as a benefit. However, respondents also expressed concerns about the metaverse, including risks such as sex offenses (65.7%), personal data infringement (62.6%), hacking (60.1%), and addiction (57.8%).