NH Bank Establishes Consortium to Build Security Token Ecosystem

Seoul to Host Web3 Festival This Summer, Igniting the Future of TechThe Seoul Metropolitan Government, together with blockchain company Baobab Partners and the Seoul Design Foundation (SDF), will host the Seoul Web3 Festival (SWF2023) from July 31 to August 2 at Dongdaemun Design Plaza (DDP), according to the South Korean capital’s press release.Photo by Mathew Schwartz on UnsplashSeoul and Web3 communitySWF2023 marks the inaugural event hosted by the Seoul Metropolitan Government in conjunction with the private sector, aiming to actively engage with the flourishing global Web3 community. The festival aims to enhance Seoul’s standing as a leading global city for pioneering technology and innovation.Under the slogan “Change, Chance, Challenge,” the festival offers an array of programs including a three-day hackathon, demo day for startups, an after-party for networking, and the introduction of the DDP 45133 project — an initiative converting the DDP building’s external panels into non-fungible tokens (NFTs).Three-day hackathonThe three-day hackathon will bring together teams consisting of two to six university students and tech professionals, both local and international. These teams will collaborate to develop practical Web3 solutions. With around 400 participants from 100 teams anticipated, the top ten teams will be selected based on criteria including applicability, business potential, teamwork, and innovation.Demo dayTo support the growth of Web3 technologies and blockchain companies, a demo day will be incorporated into the festival. Korean and international companies interested in participating need to complete an online application process. Out of the applicant pool, eight to ten teams will be chosen to showcase their products and services on-site during the demo day.The festival presents an opportunity for networking with accelerators, venture capitalists, and potential buyers, allowing selected companies to attract investments and establish growth foundations within the blockchain industry.DDP NFT projectThe DDP 45133 Project, managed by the SDF, aims to digitize the 45,133 silver panels of the DDP structure into NFTs. Owning an NFT of a DDP panel offers several benefits, such as the chance to join the DDP community. The Foundation sees this project as a way to highlight one of Seoul’s iconic landmarks and an innovative example of public facility shared ownership.Participating partnersAmong SWF2023’s partners are Korean companies Hexlant and Fingerlabs, along with global collaborators like Crypto.com, Cronos Labs, LBK Labs, and HK Central Research.Benefits for top-performing teamsTop-performing teams from the hackathon and demo day stand to gain support through accelerator programs provided by global companies. This could include valuable resources like mentorship, early-stage investments, networking opportunities, and support for overseas expansion, fueling the growth and success of the participating teams.The application window for SWF2023 will be open from May 23 to June 30, with interested parties able to apply via the official website: www.swf2023.com.With its spotlight on Web3 innovations, SWF2023 aims to familiarize the public with emerging trends, while offering a springboard for blockchain projects to secure investments.

Harvest Global to establish fixed income tokenized fundHong Kong investment firm Harvest Global Investments, in partnership with Meta Lab HK, is set to offer a tokenized U.S. dollar bond fund.The collaboration between Harvest Global Investments (HGI), an affiliate of Harvest Fund Management, and Meta Lab HK, backed by Harvest Digital Assets, marks a significant development in the crypto investment landscape within Hong Kong and the broader Asian region.Photo by Giorgio Trovato on UnsplashFirst fixed-income tokenized fund from Chinese institutionMeta Lab HK announced details of the new offering, detailed in a Nov. 22 post on X (formerly Twitter). The fund targets professional investors and will concentrate on U.S. dollar bonds with an investment-grade rating. Meta Lab wrote:”We have learned that this will be the first fixed-income tokenized fund introduced by a Chinese financial institution in Asia with a tokenization arrangement. The fund is exclusively available to professional investors and primarily invests in investment grade U.S. dollar bonds.”Meta Lab added, “The offering is set to be managed by HGI, a subsidiary of Harvest Fund in Hong Kong, with Meta Lab HK providing the tokenization solution.”The tokenization of the fund, a process transforming traditional financial assets into digital tokens, is expected to enhance accessibility and efficiency for investors. The notification to Hong Kong’s securities regulator has been duly completed, underscoring the compliance and regulatory adherence of the initiative.The move comes amidst a series of noteworthy developments emerging from Asia, occurring against the backdrop of persistent regulatory challenges facing the cryptocurrency industry in the United States.CoinFund market entryThis announcement follows closely on the heels of CoinFund, a New York-based investment firm, which revealed its plans to expand services into Asia earlier this week. Choosing Hong Kong as the inaugural location for this expansion, CoinFund cited the city’s appeal to crypto talents as a key factor. As Asia takes strides in pioneering tokenized funds, it suggests a competitive landscape in digital asset development that could rival the United States.It’s likely that Hong Kong is providing a workable environment for Harvest Global to take this tokenized product to market. In August, the local regulator, the Hong Kong Monetary Authority (HKMA), published a report where it indicated an interest in pursuing tokenization as a means to improve aspects of the bond market. The report presented outcomes of Project Evergreen, an initiative the HKMA had been running to examine the potential of tokenization, which also incorporated the launch of a first-of-its-kind tokenized green bond.Regional tokenization interestRecent weeks have also seen further efforts being made within the Asian region in terms of bond tokenization. Last week, SC Ventures, the Singaporean investment subsidiary of British banking group Standard Chartered, unveiled a new platform called Libeara. That platform is working towards the launch of the first-ever tokenized Singapore dollar government bond fund.In the same week, the Bureau of the Treasury in the Philippines announced that it is issuing $179 million in one-year tokenized bonds, with the bonds being facilitated by the Development Bank of the Philippines and the Land Bank of the Philippines.

Global Blockchain Incheon Conference to Promote Web3 Exchange and AdvancementThe city of Incheon is set to host the Global Blockchain Incheon Conference (GBIC 2023) this year from October 30 to 31 under the theme “The Age of Discovery: Voyage to the New World of Blockchain.” The conference aims to provide a space for the exchange of Web3 technologies that are becoming a part of daily life and facilitating communication between businesses, all in the pursuit of establishing Incheon as a global blockchain hub.Photo by Jiho Choi on UnsplashThe city intends to reveal its master plan to achieve this pursuit, consisting of five major strategy points: citizen participation, sustainable growth, advanced innovation, development of a business-friendly environment, and global technological leadership.Exploring the rich tapestry of GBIC 2023The event will include an opening ceremony, keynote speeches, seminars, and additional activities such as hackathon competitions, photo exhibitions of cutting-edge technologies, and interactive zones. Keynote speakers include Marouen Zelleg, Head of Business Development at Polygon Labs’ Asia-Pacific region; Patrick Yoon, General Manager Korea at Crypto.com; Shun Ishikawa, COO at Astar Foundation; and Christopher Lai, Director of the Hong Kong Trade Development Council’s Korea branch.There will be sessions centered around various themes such as stepping into the future of blockchain, improving safety for the citizens of Incheon, delivering tangible innovation, integrating blockchain into daily life, venturing beyond regulations into new possibilities, disseminating technology, and innovating industrial ecosystems.In particular, the conference will also hold a demo day, where companies can showcase demos for their products and services to attract potential investors.Diverse experiences for visitorsAttendees will have the unique opportunity to see how blockchain technology is integrated into daily life by receiving non-fungible tokens (NFTs) minted with Incheon’s mascots — Deungdaeri, Bumi, Kkomi, and Aini — and participating in blockchain-powered games. Other NFTs, such as those issued by Shinhan Bank with records of information like confirmation of entry and coupon usage, will also be available.GBIC is also holding other online and offline activities for visitors to participate in, such as quizzes, social media events, and souvenir distributions.“We will demonstrate how digital technology is integrated into daily life through blockchain in the Web3 era that we are living in,” said Son Hye-yeong, Head of the city’s Data Industry Division. “We encourage everyone’s interest and participation in the blockchain presentations and forums led by global leaders.”GBIC will take place at Songdo Convensia in Incheon, an international conference complex located in Songdo International Business District.