Lotte Data Communication launches NFT donation campaign for children’s rehab center

Hong Kong’s Largest Bank in Lackluster Crypto EmbraceFor all of its pro-crypto initiatives Hong Kong has been struggling with banking crypto companies. A recent report from the Hong Kong Economic Journal cited Lin Yansheng, Director of Commercial Banking at Hang Seng Bank, Hong Kong’s largest local bank, in outlining that the bank will accommodate crypto but that support is conditional.Photo by Florian Wehde on UnsplashCrypto in a high rates environmentYansheng shared his insights on interest rates, stating that he believes that interest rates will rise but reassures that any increase will be temporary in nature.The Commercial Banking Director acknowledged that Hong Kong’s current high-interest rates, in contrast to those of mainland China and neighboring regions, have caused a slowdown in the overall demand for bank loans. He predicts that loan growth will face pressure this year. However, he also offers a glimmer of hope, stating that a reduction in interest rates may not be far off. He suggests that next year’s expected interest rate cuts could lead to an improvement in loan growth.Data published recently by the Hong Kong Monetary Authority (HKMA) shows that annualized loan growth has been negative since May. It currently stands at -1.1%. Yansheng explained that as borrowing rates decrease in mainland China, Hong Kong’s banking industry is experiencing a downturn in loan growth. The high Hong Kong dollar interbank offered rate (HIBOR) currently limits the volume of corporate borrowing.The rising concerns over interest rates have prompted Hang Seng Bank to acknowledge the importance of cryptocurrencies.Unconvincing crypto embraceThe bank recently outlined the regulatory framework for virtual asset businesses seeking to operate within its purview. To open standard banking accounts, these businesses must obtain an Approval-in-Principle (AIP) license from the Securities Regulatory Commission (SRC), as per the bank’s announcement.The first issue is that obtaining an AIP license has proven to be incredibly difficult. Currently, only OSL and HashKey, two virtual asset trading platforms, have managed to obtain the required clearance. Hang Seng Bank acknowledges that it hasn’t received many inquiries about crypto-banking, attributing it to that challenging process of obtaining AIP certification. Meeting the demanding requirements for such permission poses a significant hurdle for most businesses.Getting beyond this obstacle, Yansheng clarified that even then crypto companies will only be able to obtain a “simple” bank account. He didn’t clarify what services would be excluded but Hang Seng’s embrace of crypto-related business sounds very much like it’s lacking in conviction.Both the China Securities Regulatory Commission and the Hong Kong Monetary Authority have conducted roundtable meetings to address the difficulties faced by virtual asset businesses. Yansheng reiterated Hang Seng’s commitment to complying with the regulators’ instructions and accommodating these companies. However, it’s clear that difficulties remain.Last month, it was reported that Hang Seng Investment Management Co., a wholly-owned subsidiary of Hang Seng Bank and the largest exchange-traded fund (ETF) manager in Hong Kong, was looking to add digital assets to its product line.

RaonSecure Partners with Korean Savings Banks to Build Mobile ID Verification SystemRaonSecure, a South Korean tech security firm and blockchain solutions developer, announced yesterday its partnership with the Korea Federation of Savings Banks (KFSB) to build a system that verifies customers’ identities through mobile identification cards, according to local news outlet Financial News.Photo by Brett Jordan on UnsplashImproving customer convenienceThe KFSB has undertaken the establishment of a mobile ID verification system with the goal of improving customer convenience. This system enables mobile ID cardholders to easily verify their identities during the know-your-customer (KYC) procedures of savings banks, whether they are conducted remotely or in-person. In pursuit of this objective, RaonSecure was chosen through a selection process that sought out a company with experience in constructing mobile IDs.Blockchain-powered DID solutionRaonSecure CEO Lee Soon-hyung said the company has demonstrated its technological prowess by providing cutting-edge services based on its blockchain-powered decentralized identity (DID) platform, OmniOne. These offerings include an application tailored for civil servant IDs, along with an app specially crafted to support citizens who entered or completed military service.Under this agreement, RaonSecure will develop a system designed to ensure both convenience and security in verifying mobile IDs across the integrated computer network of KFSB’s member banks. The company has future plans to extend its services to individual banks, aiming for wider implementation and utilization.During the initial phase of the service rollout, verification will be limited to driver’s licenses. However, RaonSecure’s overarching objective is to establish a dynamic and adaptable system capable of accommodating a broader array of identification documents, such as resident registration cards, in the future.Most Korean commercial banks have already accepted mobile IDs for their identification processes. Other financial institutions, including insurance companies and card companies, are also embracing this trend and introducing similar services. This collective shift is anticipated to expedite the growth and expansion of the industry.

Circle Makes Inroads in Singapore with License AwardCircle Internet Financial’s Singapore entity, Circle Internet Singapore, has received a full license from the Monetary Authority of Singapore (MAS) to provide digital payment token services in Singapore. This major payment institution (MPI) license will enable Circle Singapore to offer cross-border and domestic money transfer services through its Circle account.Photo by Timo Volz on PexelsMajor Payment Institution (MPI) licenseThe company announced the milestone achievement via a press release published on Monday. The MPI license enables Circle to offer institutional customers access to USDC, a leading US dollar stablecoin issued by the company. With the license approval, Circle Singapore can now fully utilize the expertise of its corporate affiliates to drive innovation, expand its offerings, and provide more value to its clients and stakeholders.The granting of the license follows the in-principle approval received by Circle Singapore in November last year and the subsequent opening of its office in May. The company recognizes the importance of Singapore in its global expansion strategy and its mission to promote global economic prosperity through seamless value exchange.Jeremy Allaire, Co-Founder and CEO of Circle, expressed the significance of Singapore in Circle’s expansion plans and the goal of facilitating frictionless value exchange. The company aims to leverage its licensed status to contribute to Singapore’s digital payment ecosystem positively.Pursuing overseas expansionWith ongoing regulatory turmoil in the United States right now in relation to the treatment of digital assets, no doubt Circle, just like many other leading US digital asset companies, sees the benefit in diversifying geographically. In turn, that feeds into the importance Allaire affixes to this Singapore expansion: “Singapore is integral to Circle’s global expansion and mission in raising global economic prosperity and through the frictionless exchange of value.”There has been a flurry of activity in terms of large crypto sector players establishing a greater foothold in Singapore in recent months. Last week, global crypto trading platform Crypto.com was granted an MPI license by MAS.Coinbase, the US-headquartered crypto exchange business that was sued earlier this week by the Securities and Exchange Commission (SEC) in the United States, took the decision to expand its product offering in the Singapore market last month. Another US-based crypto business, Gemini, has decided to expand its Singapore operation with a view towards growing its institutional and retail customer base.Tribe collaborationEarlier this year, Circle Singapore collaborated with Tribe, the first government-supported blockchain ecosystem builder in Singapore. Together, they launched a training and support program designed to nurture and upskill Web3 developer talent in the region. This initiative aligns with Singapore’s focus on promoting blockchain technology and nurturing a skilled workforce capable of driving the growth of the digital economy.With its full license, Circle Singapore is well-positioned to strengthen its presence in the Singaporean market and offer enhanced digital payment token services to institutional customers. The license also demonstrates the company’s commitment to compliance and regulation in the evolving landscape of digital finance.As Circle Singapore expands its operations and explores further innovations, it will continue to contribute to Singapore’s reputation as a leading global fintech hub. The company’s focus on promoting global economic prosperity aligns with Singapore’s vision of becoming a smart financial center and a pioneer in digital innovation.