Hong Kong’s GSBN Takes Lead in Blockchain Logistics

The Department of Science and Technology-Advanced Science and Technology Institute (DOST-ASTI) in the Philippines has launched an initiative to educate the Southeast Asian country’s young people in relation to blockchain technology and non-fungible tokens (NFTs). The DOST published a blog article on its website on September 23 titled “Opening opportunities for the youth: DOST-ASTI highlights blockchain applications across various sectors.” It highlighted that technologies such as blockchain are “key forces reshaping how public and private institutions operate.” It’s on that basis that the government agency believes that there is a need to familiarize the country’s youth with blockchain technology, digital assets and NFTs. Photo by Choong Deng Xiang on UnsplashTech forum With that objective in mind, DOST-ASTI held a tech forum titled  “ASTIg Tech Talks Season 2: Blockchain for Young Innovators” on September 20 in Pasay City to fulfill that objective of aiding Filipino youngsters in becoming better acquainted with blockchain technology. The event formed part of the second National Youth Science, Technology and Innovation Festival (NYSTIF). In that effort, the agency is placing a focus on the real-world applications associated with blockchain technology, and with that, an emphasis on the fostering of this innovation going forward. DOST-ASTI placed blockchain in the same category as other emerging innovations such as the Internet of Things (IoT) and artificial intelligence (AI), pointing out that these are tangible innovations rather than hyped buzzwords. Job opportunities DOST-ASTI Senior Science Research Specialist Roxanne Aviñante spoke at the event, introducing the concept of blockchain to those participating students in attendance. Aviñante outlined that the emerging technology is building momentum and with that, increasingly there are job opportunities opening up within the sector. While acknowledging that blockchain’s first application was cryptocurrency, Aviñante pointed out that other use cases are being found. With that, she referred to “Self-Sovereign Identity Empowerment: Reinventing Rights and Attributes” (SIERRA), a blockchain-based system for managing intellectual property that is being developed by DOST-ASTI. Marc Jerome Tulali, a science research specialist at DOST, discussed the use of blockchain in voting systems and how it addresses deficiencies in traditional voting systems. Tulali claimed that blockchain can enhance traceability and transparency, as it provides a clear flow and record of product movement. Additionally, its characteristics make it ideal in addressing fraud and counterfeiting risks. Tulali recommended participating students to enroll in online educational courses in order to learn more about the field. He also provided details of four sample careers in blockchain, including blockchain developer, blockchain architect, NFT artist and blockchain researcher, as potential job opportunities for the students in the future. The Philippines has featured consistently within the top twenty of nations on Chainalysis’ Global Crypto Adoption Index in recent years. It has long been considered an ideal market for furthering crypto-based payments, given the large Filipino diaspora sending millions of dollars back home from overseas each year. With that remittance market in mind, Australian startup Stables Money recently partnered with Philippines-based digital assets platform Coins.ph to use a Philippine peso-based stablecoin for remittances.

Crypto Travel Rule solutions provider CODE obtains ISO 37301 certificationCODE, a Travel Rule solutions provider and joint venture co-founded by Korean cryptocurrency exchanges Bithumb, Coinone and Korbit, announced on Wednesday (local time) that it has obtained the ISO 37301 certification for compliance management systems (CMS) from the Korea Compliance Initiative (KCI).Photo by Héctor J. Rivas on UnsplashBoosting complianceISO 37301 is an international standard that outlines the requirements and guidelines for an organization in establishing, developing, implementing, evaluating, maintaining and improving a CMS. It provides a framework for organizations to ensure that they are following all relevant and applicable laws, regulations, codes of conduct and more to exercise good governance, transparency and accountability.CODE has taken the initiative to bolster its CMS to provide more secure and reliable Travel Rule solutions by analyzing and managing compliance risks. The firm’s CEO Lee Sung-mi is responsible for overseeing these efforts as the recently appointed head of compliance. Through these measures, the company explained that it has been capable of building a system to comply with strict international standards.The Travel Rule under the Financial Action Task Force’s (FATF) Recommendation #16 outlines that virtual asset service providers (VASPs) must share certain personal information about customers — including names and account numbers — when facilitating crypto transactions that exceed a certain amount.CODE is also running mandatory training sessions and various programs for all employees to ensure adherence to compliance requirements. In particular, the firm operates a system to monitor Travel Rule compliance risks that may arise during cryptocurrency deposits and withdrawals.“Beyond establishing a robust compliance management culture as a Travel Rule solution provider, we will continue to work with our corporate members to ensure that this culture can be more widely adopted across the crypto industry,” said Lee Sung-mi.Contributing to anti-money launderingCODE has also recently teamed up with global blockchain analytics and crypto compliance solutions provider Elliptic to help Korean VASPs adapt to the evolving international regulatory landscape for anti-money laundering (AML) and the crypto Travel Rule.

Ripple, the blockchain company behind the XRP token, announced in a May 19 press release that it has added two new customers in the United Arab Emirates (UAE)—Zand Bank and Mamo. Both institutions will use Ripple Payments, the company’s blockchain-based platform for cross-border transactions. Photo by Dmytro Demidko on UnsplashExpanding under Dubai license obtained in MarchThis partnership comes after Ripple’s obtainment of a license from the Dubai Financial Services Authority (DFSA) in March to offer regulated crypto payments and services in the Dubai International Finance Centre (DIFC). Ripple Payments facilitates end-to-end payment management for its customers. The platform enables funds to be transferred globally around the clock, with payments settled within minutes. Ripple’s latest move follows growing demand for blockchain-powered payment solutions in the Middle East. Ripple’s 2025 New Value Report shows 64% of Middle East and Africa (MEA) finance leaders see faster payments as the main reason to adopt blockchain for cross-border transactions. “Our new partnerships with Zand Bank and Mamo are testament to the momentum that the license has created for our business,” said Reece Merrick, Managing Director for the Middle East and Africa at Ripple. Zand Bank, the UAE’s first fully licensed all-digital bank, will leverage Ripple’s technology to enhance its payment solutions. “Our collaboration with Ripple highlights our commitment to empowering global payment solutions through blockchain technology. Moreover, we are excited to soon launch an AED-backed stablecoin,” said Chirag Sampat, Head of Treasury and Markets at Zand Bank. Meanwhile, Mamo, a company that helps businesses consolidate payment collection, corporate cards and expense management, sees the partnership as an opportunity to support the UAE’s growth. “The UAE is on an incredible growth path, with over a million businesses expected to call it home by 2030. At Mamo, we're proud to be at the forefront of this journey making global payments simpler and more accessible for everyone,” said Imad Gharazeddine, CEO and co-founder of Mamo. Ripple faces legal setback in U.S.While Ripple continues to expand its business globally, it is facing ongoing legal challenges in the U.S. On May 15, U.S. District Judge Analisa Torres rejected a joint request by Ripple and the U.S. Securities and Exchange Commission (SEC) to approve a proposed $50 million settlement. The settlement would have reduced Ripple's fine from $125 million to $50 million, effectively concluding a four-year legal dispute. The case began in December 2020, when the SEC accused Ripple of raising $1.3 billion through unregistered XRP sales. In July 2023, Judge Torres ruled that Ripple’s institutional XRP sales violated securities laws, while sales on exchanges to retail investors did not. Despite the SEC easing its crypto enforcement activities under the Trump administration, Judge Torres rejected the proposed settlement, calling it “procedurally improper.” Ripple’s bid to acquire USDC issuerIn a related development, Ripple made an offer to acquire Circle, the issuer of the USDC stablecoin. Circle, which is preparing for an initial public offering (IPO), is also exploring a potential sale and has reportedly engaged in informal discussions with both Coinbase and Ripple, seeking a valuation of $5 billion. However, Ripple’s offer was reportedly turned down. Meanwhile, XRP is trading at $2.39, up 2.57% over the past 24 hours, according to CoinMarketCap data at the time of publication.