Real-World Asset Investment Platform Alterna Launches in Japan

Standard Chartered Bank Hong Kong, a licensed bank and subsidiary of British multinational banking group Standard Chartered, has partnered with local companies to launch a Hong Kong dollar-based stablecoin in the Chinese autonomous territory.Photo by Chapman Chow on UnsplashJoint venture formed In a press release published by Animoca Brands, a blockchain-based gaming and Web3 venture capital firm based in Hong Kong, the company outlined details of the partnership between it and Standard Chartered, alongside Hong Kong Telecom (HKT), Hong Kong’s dominant fixed-line, mobile and broadband telecommunications firm. The partnership has been structured as a joint venture between the three companies, with the objective of launching the Hong Kong dollar-backed stablecoin. Local regulator and central bank, the Hong Kong Monetary Authority (HKMA) has been working towards implementing a regulatory framework specifically dedicated to stablecoins.  Legislative framework incoming As of the end of 2024, proposed legislation that would enable such a framework had advanced to Hong Kong’s Legislative Council. Before the bill can be enacted into law, the legislative process requires three readings of the bill accompanied by a series of debates and the scrutiny of lawmakers.  Once the legislation has been signed into law, it will require stablecoin issuers to obtain a license from the HKMA. In the case of this particular joint venture, the promoters plan to apply for a license in due course. Standard Chartered is already deeply embedded in Hong Kong’s financial system, making this latest development all the more significant. Alongside HSBC and Bank of China (Hong Kong), Standard Chartered issues the local currency, the Hong Kong dollar. That activity is carried out under the oversight of the HKMA.  The HKMA launched a sandbox environment relative to stablecoins in order to provoke an exchange of views between the regulator and market participants. The three parties to this latest joint venture have been sandbox participants since July of last year, alongside JINGDONG Coinlink Technology and RD InnoTech. JINGDONG declared its intention to launch a Hong Kong dollar-backed stablecoin last year. RD InnoTech plans to launch the HKDR stablecoin in conjunction with HashKey Exchange. Stablecoins ‘starting to eat the world’Earlier this month, Rene Michau, Standard Chartered’s global head of digital assets, set out the bank’s thoughts on stablecoins in an article published on the company’s website and co-authored by Circle Chief Financial Officer (CFO) Jeremy Fox-Green. Within it, Standard Chartered recognized the potential of stablecoins, suggesting that they are key to unlocking a future where blockchain acts as a new “internet of money.” The article went on to state that it is critical for stablecoin issuers “to maintain deep connections with strong banks and for those banks to be building digital asset capability.” The company recognizes that stablecoins are “starting to eat the world,” referring to a global stablecoin circulation that has already surpassed $100 billion.  Evan Auyang, President of Animoca Brands, pointed out that “we are still in the early stages for mass adoption of stablecoins across retail, enterprises and institutions.” He added that Hong Kong has a bright future as a global Web3 hub. Susanna Hui, Managing Director at HKT, believes that “issuing an HKD-linked stablecoin will enhance payment efficiency, streamline transactions, and provide greater security and transparency through advanced Web3 innovations.”

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.

Mammoth Foundation signs deal with the Philippines’ AFAB for blockchain business collaborationThe Mammoth Foundation, a blockchain research and development company, announced on Thursday that it has signed a memorandum of understanding (MOU) with the Authority of the Freeport Area of Bataan (AFAB) of the Philippines to establish business partnerships in the blockchain field. Under this agreement, the Mammoth Foundation intends to bring its blockchain technology to the Philippines as a part of efforts to expand its global business.Photo by Sean Yoro on UnsplashFostering innovation in the PhilippinesAFAB is a free economic zone in the Philippines dedicated to pushing development, economic growth and sustainability through creating jobs and establishing technologically-relevant infrastructure systems. In particular, it is focusing on the adoption of cutting-edge technologies such as blockchain, artificial intelligence (AI) and fintech. As one of the oldest free economic zones in Asia, companies residing in the zone are granted preferential measures such as tax exemptions and special visas. Firms that operate innovative businesses can also receive licenses to support the development of the global IT industry — the Mammoth Foundation being one of these.Global expansion and daily engagementHeadquartered in Singapore with offices in the United Kingdom and several Asian countries, the Mammoth Foundation offers dApps in a range of fields such as healthcare, e-commerce, entertainment and gaming through its mainnet Giant Mammoth Chain (GMMT). GMMT is built on the BNB Chain Application Sidechain and is fully compatible with the Ethereum virtual machine (EVM).Participants in GMMT can acquire token rewards through Play-to-Earn (P2E) and Life-to-Earn (L2E) mechanisms by participating in everyday activities and hobbies like walking, shopping, gaming and reading comics. These tokens can then be used within the Mammoth ecosystem.“The Philippines’ market for advanced technologies such as AI and blockchain is expected to grow in the future,” said John Baek, Chairman of the Mammoth Foundation. “We will strive to expand GMMT globally.”