Glohow to promote UtopiaGames’ blockchain-based casino games on global stage

Hana Financial Group Joins Hands with Netmarble to Attract Digitally Savvy Youths to the MetaverseKorean financial holding company Hana Financial Group has formed a strategic partnership with game publisher Netmarble, aiming to capture the attention of digitally savvy youths in South Korea. Their strategy involves introducing innovative financial services and identifying opportunities for joint business projects, as reported by local news outlet Consumer Times.Photo by Andre Taissin on UnsplashFinancial services in the gaming realmThe two sides intend to launch Hana Financial Group’s services within the realm of Grand Cross: Metaworld, a 3D animated massively multiplayer online (MMO) game. Grand Cross is being developed using Unreal Engine 5 and is a project led by Metaverse World, an affiliate of Netmarble.While the companies strive to collaborate on joint marketing promotions that encompass both gaming and financial aspects, the specific plans for executing these initiatives are still in the process of being developed.Some industry experts anticipate that the two entities will leverage their respective strengths within the virtual world to create synergistic outcomes.User interaction and advertising benefitsAccording to a tech insider who spoke to Consumer Times, there are indications that Netmarble will initially empower Hana to feature the financial group’s affiliated entities on the gaming company’s metaverse platform. This strategic step holds the potential for fostering user interaction and reaping advertising benefits. Additionally, the source mentioned that subsequent to this phase, Hana might take steps to enable customers to access banking services within the virtual domain.If, in the future, in-game goods were to establish themselves as a dependable form of currency due to potential policy reforms, it’s believed that Hana Financial Group would play an even more substantial role, leading to increased business opportunities for both partners, the source noted. These offerings would primarily cater to digital native generations.

Solomon Islands partners with Soramitsu on CBDC pilotCentral bank digital currency (CBDC) development has been ongoing globally at a brisk pace in 2023 and smaller nations, like the Solomon Islands with a population of over 700,000, are no exception when it comes to that process with the introduction of Bokolo Cash.Photo by Gilly Tanabose on UnsplashIntroducing Bokolo CashSolomon Islands Central Bank (CBSI) has officially unveiled the proof-of-concept for its CBDC named Bokolo Cash, with support from Japanese blockchain firm Soramitsu. Bokolo Cash is pegged to the value of one Solomon Islands dollar.The proof-of-concept pilot was launched on Tuesday by way of a keynote speech given by Manasseh Sogavare, the prime minister of the archipelago. In that speech, Sogavare highlighted that the CBDC would lead to reduced transaction costs for citizens and businesses. Users can rely on transactions to be both secure and transparent, given that the network will be blockchain-based.The prime minister also articulated that the CBDC pilot project would be a catalyst for financial inclusion relative to the Island nation’s remotest communities.Pilot scheme use casesParticipants in the project will have the opportunity to use it in various scenarios. From retail transactions in the capital city, Honiara, to person-to-person transfers, the CBDC aims to demonstrate its versatility. The proof-of-concept will also assess wholesale transfers between commercial banks, simulate cross-border payments and examine remittances. To ensure security and compliance, users will undergo a “two-step” Know Your Customer (KYC) verification process, as outlined by Soramitsu.Operating on a customized blockchain based on Hyperledger’s Iroha, Bokolo Cash is designed for local use. However, it will also integrate with Soramitsu’s public Sora blockchain. This connectivity will enable users to engage in transfers using QR codes and the self-custody Fearless Wallet, a creation of Soramitsu.Legislative changeAlthough the project commenced at the beginning of November, the official announcement was made earlier this week. The legislation required to enable the CBSI to issue the CBDC — CBSI (Amendment) Act 2023 — was enacted on Nov. 3.The Solomon Islands, a collection of over 900 islands situated west of Papua New Guinea, now joins a group of island nations, including the Marshall Islands and Mauritius, actively experimenting with CBDC. Palau collaborated with Ripple Labs back in July to introduce the Palau Stablecoin (PSC). Interestingly, Tonga has contemplated adopting Bitcoin as legal tender, while Vanuatu hosts Satoshi Island, known for its Bitcoin-friendly environment. Meanwhile, Eastern Caribbean countries have already implemented an official CBDC called DCash.Soramitsu has been active in collaborating with central banks relative to the introduction of CBDCs, particularly in Asia. It has played a key role in facilitating the issuance of the Cambodian Bakong and the Lao DLak in Laos. Furthermore, it has initiated a project for regional cross-border payments using the Bakong and a stablecoin.In 2022, Soramitsu completed CBDC-related feasibility studies in conjunction with the relevant authorities in Vietnam and the Philippines. The Japanese fintech company has also participated with the Asian Development Bank and Tokyo-based global information technology solutions firm Fujitsu on a Web3 development project.

Dubai-based Emirates NBD, one of the United Arab Emirates’ (UAE) top banks, has enabled a crypto trading service via its subsidiary bank, Liv Digital Bank. Liv Digital Bank has launched the crypto trading service through its Liv X mobile banking app. App users now have the ability to buy, hold and sell a range of cryptocurrencies. Users will have access to custody solutions. They can control both virtual currencies and fiat currencies from within one application.Photo by Markus Winkler on UnsplashAquanow collaborationThe offering has been brought online through a collaboration with digital assets infrastructure provider Aquanow. Taking to X, Aquanow CEO Phil Sham said that "incumbent institutions like Emirates NBD will play a pivotal role in driving the next wave of digital asset adoption.” Aquanow has acquired the necessary licensing from the Virtual Assets Regulatory Authority (VARA) in Dubai to enable the service offering on a compliant basis. Sham told Cointelegraph that the collaboration “showcases how traditional banking and digital assets can coexist, providing consumers with seamless, secure, and compliant access to the evolving digital economy.” Zodia as digital asset custodianZodia Custody, a virtual asset custodian that serves institutional clients, has been chosen to custody assets held as a result of crypto trading on the app. The custodian, a subsidiary company of British multinational banking group Standard Chartered, launched its service in Dubai back in 2023. Emirates NBD is government-owned and the UAE’s second largest bank. The service will facilitate users in trading Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA) and some other cryptocurrencies. The bank’s Group Head of Retail Banking and Wealth Management, Marwan Hadi, commented on the development, stating: “Offering cryptocurrency on Liv X is the next step towards the overall vision of Liv being a pioneer in innovation and excellence.” He added that “with the highest crypto adoption rate in the UAE, [Emirates NBD is] keen to launch [its] own virtual asset offering to capitalise on this trend.” This is not the first touch point with the crypto sector for the Emirates NBD subsidiary. Last year, Liv Digital partnered with tokenized real-world assets (RWA) firm Ctrl Alt. Accessing Ctrl Alt’s RWA tokenization expertise, Liv is opening investing opportunities for its customers in the area of tokenized assets. In November 2024, Emirates NBD signed up as a member of the Partior Network, the distributed ledger technology (DLT) clearing and settlement network. Partior uses tokenized instruments for the wholesale settlement of cross-border payments in conjunction with correspondent banks. In the past, the Dubai-based bank had made efforts to educate its customers with regard to the benefits of cryptocurrency and blockchain. Last year, American blockchain analysis firm Chainalysis reported that the Middle East and North Africa (MENA) accounted for 7.5% of global digital asset trading volume over the course of 12 months from July 2023 to June 2024. Chainalysis itself chose Dubai to set up its regional headquarters in May 2024.