Thai Central Bank Collaborates With Singapore’s 2C2P on CBDC Pilot

UAE’s Royal Office Visits Korea to Further Security Token Collaboration with AIITONEAIITONE, a Korea-based augmented reality firm specializing in security tokens, invited journalists to showcase its strategy to foster business collaborations between South Korea and the United Arab Emirates (UAE) on the occasion of the Korean visit of the Private Office of His Highness Sheikh Ahmed Bin Faisal Al Qassimi.Photo by Ethan Brooke on UnsplashPrivate Office’s return visitThe Private Office is a Dubai-based corporate conglomerate that operates businesses in various areas including real estate, energy, and finance. This visit by the Private Office marks a return visit following AIITONE’s visit to the UAE in July.The conference took place at a hotel in Gangnam, Seoul, and was attended by Lee Jin-yeop, CEO of AIITONE; Bruce Jeong, Chairman of Middle East Investment; and H.H. Sheikh Ahmed Bin Faisal Al Qassimi.Security tokens, CBDCs, smart defenseChairman Jeong, leading AIITONE’s global initiatives, said that their primary endeavor is to set up a Korean branch of the Royal Office. This branch will function as an international business hub, facilitating collaborations across three key sectors: security tokens, central bank digital currencies (CBDCs), and smart defense ventures.The event also featured presentations by AIITONE officials who introduced the company’s focus areas.Kang Man-soo, who leads AIITONE’s defense unit, highlighted the company’s technical expertise in maintenance training equipment, interactive electronic technical manuals, and integrated system support. He pointed out that AIITONE has been actively involved in the development of technical manuals and training simulators for various defense assets, including warships, guided weapons, and fighter aircraft. Kang emphasized that AIITONE’s strategic partnerships with Korean defense firms have propelled their engagement in initiatives aimed at exporting these products to countries such as Indonesia, Malaysia, and Poland.Lee Joo-hyung, the head of AIITONE’s extended reality (XR) content division, revealed the company’s plan to create portable products that can replicate the physical sensations of the real world, including sensations like physical contact and heat. Additionally, Lee introduced MOUM, a metaverse platform that features blockchain-powered security functions and generative artificial intelligence (AI) capabilities.Park Sang-il, who is at the helm of the firm’s security token project, showcased AIITONE’s comprehensive security token platform, which enables users to both issue and distribute security tokens. Notably, the platform is compatible with hyperledgers Besu and Fabric.Since arriving in Korea last Wednesday, the Royal Office has met with representatives from Standard Chartered Bank Korea and lawyers from law firm Kim and Chang, as well as lawmaker Yang Hyang-ja. Additionally, the Royal Office made a visit to smart farms located in South Jeolla Province.H.H. Sheikh Al Qassimi expressed a high regard for South Korea, acknowledging its beautiful natural landscapes and significant economic development. He underlined that this visit serves as an opportunity for the Royal Office to strengthen cooperation between UAE companies and their Korean counterparts, further fostering economic exchanges between the two countries.

Suspects emerge in Taiwan in ongoing JPEX scandal falloutIn the ongoing saga surrounding the collapse of Dubai-headquartered cryptocurrency exchange JPEX, Taiwanese prosecutors have identified new suspects, marking a significant development in the case.The Taipei District Prosecutors Office (TDPO) has requested the custody of Chang Tung-ying, chief partner at JPEX’s Taiwan office, over allegations of fraud. That’s according to a report by local TV channel TVBS News on Thursday.Photo by Ricky Zeng on UnsplashMoney laundering and Banking Act violationsThis latest development brings a new twist to the scandal, which has largely been playing out in the Chinese territory of Hong Kong. The TDPO reportedly conducted searches at nine locations linked to the JPEX investigation. Chang, along with three other individuals, including JPEX lecturer Shih Yu-sheng (also known as Shi Yu), was summoned by the authorities. Chang and Shih are being investigated for violations of the Banking Act and the Money Laundering Control Act.During the investigation, JPEX salespersons Liu Chien-fu and Niu Keng-sheng were released, with Liu being granted bail of 50,000 New Taiwan dollars ($1,550). Niu, the registered person in charge of JPEX Taiwan, was released after questioning.Celebrity promoter focusThe report also revealed that Nine Chen, a Taiwanese celebrity and singer who previously served as a brand ambassador for JPEX, was summoned by prosecutors. He has cooperated with law enforcement in the role of a witness to the alleged fraud who has testified to illicit activity carried out by the platform. However, it is now understood that recent events have developed such that Chen is now being treated as a defendant.This action resonates with actions taken by the authorities in Hong Kong some weeks ago in the earlier stages of investigation into this affair. In September, one of the first actions taken by Hong Kong law enforcement was the arrest and detention of social media influencer and former lawyer Joseph Lam, known to followers as “Jolamchok” on the Instagram platform.Alleged liquidity crisisJPEX, once a successful crypto exchange, abruptly halted some services in mid-September, citing a liquidity crisis triggered by alleged “unfair treatment” from institutions in Hong Kong. The sudden implosion led to accusations of misleading investors regarding the application for a crypto trading license and other issues.The scandal surrounding JPEX has escalated into a major industry concern, prompting investigations by Hong Kong authorities. Over 2,000 complaints from JPEX users, reporting losses of nearly $180 million, have triggered significant regulatory attention.As investigations progressed in Hong Kong, the authorities took the decision to block access to the platform, with the platform responding by advising customers to circumvent this restriction through the use of a virtual private network (VPN).As of September 25, law enforcement has arrested at least 11 alleged suspects in the JPEX case, while the alleged masterminds remain at large. At that time, Hong Kong’s Securities and Futures Commission (SFC) pledged to renew its efforts to combat unregulated crypto platforms in Hong Kong.A survey conducted by the Hong Kong University of Science and Technology (HKUST) business school has indicated that the affair has had a negative impact on public sentiment towards crypto more recently.

Thailand’s KBank Furthers Crypto Business Through Satang AcquisitionKasikornbank (KBank), Thailand’s second largest bank, is expanding its involvement in the digital assets sector through the acquisition of a majority stake in the local crypto exchange Satang.Photo by Lisheng Chang on UnsplashTradFi embracing cryptoThe acquisition, involving a purchase of 97% of Satang’s shares, is a significant move in the context of an ongoing trend of traditional financial institutions embracing digital assets. The deal was officially announced on Monday, as disclosed on KBank’s official website.KBank executed the acquisition through its newly established subsidiary, Unita Capital, whose registered capital is valued at 3.7 billion Thai baht (approximately $103 million). Unita Capital specializes in investments within the digital asset sector. This move underlines the bank’s commitment to stay ahead in the dynamic world of digital finance.Subsidiary formationIn light of the acquisition, Satang Corporation is set to undergo a name change and will soon be known as Orbix Trade Company Limited. Unita Capital has established a number of other subsidiary companies as a consequence of the buy-out.KBank’s cryptocurrency venture will be structured into three distinct divisions. Orbix Custodian has been formed, focusing on secure digital asset storage and management. There is a growing demand for reliable digital asset custody services. KBank will use Orbix Custodian as a vehicle to capitalize on that growth opportunity.Orbix Invest has been established to act as the venture arm of the business relative to the digital assets space. It will focus on fund management in meeting the needs of clients looking for exposure to the digital assets sector. Lastly, Orbix Technology has been established to concentrate on blockchain technology development.Satang, a prominent player in the Thai cryptocurrency scene, operates a cryptocurrency exchange alongside a range of digital asset services. Notably, Poramin Insom, the founder of Satang, is recognized for his role in launching Firo (formerly Zcoin), a privacy-centric cryptocurrency. Insom confirmed the acquisition via a Facebook post on Monday, acknowledging the evolution of Satang as it transitions under KBank’s ownership.Insom stated: “I’ve been at Satang since 2017 until now, six years have passed. Currently, Satang on the trading board has already exited according to the news. And there should be an official announcement soon.” He also highlighted Satang’s diversified ventures, including Satang Technology, a blockchain service platform, and Satang Space, focusing on space-related endeavors.This strategic move by KBank follows its recent launch of a $100 million fund, introduced in September, targeting investments in Web3, fintech, and artificial intelligence (AI). In 2022, KBank launched Bigfin, a digital asset investment analysis platform. Bigfin has since been integrated with the Binance platform.Last year the bank backed Thai digital asset and blockchain startup Forward, a project that is working on developing a decentralized derivative platform.KBank is recognized as the second largest lender in Thailand based on assets, trailing behind Bangkok Bank. Thai NVDR Company Limited is the largest shareholder of KBank, as per data from the Stock Exchange of Thailand (SET), with the SET itself owning 99.9% of NVDR’s shares.