Regulatory approach sees Singapore move closer to crypto hub status

Com2uS’ partnership with Thailand’s SHIN-A to boost Web3 gaming presence in Southeast AsiaCom2uS Holdings, a South Korean game developer, announced on Thursday that its subsidiary, Com2uS Platform, has forged a reselling partnership with SHIN-A, a Bangkok-based marketing and game service firm. This collaboration aims to bolster the expansion of Com2uS Platform’s all-in-one gaming platform, Hive, marking a significant step in its global outreach and growth strategy.Photo by Lisheng Chang on UnsplashBlockchain-powered, all-in-one platformHive offers a comprehensive suite of services, including authentication, payments, promotions, customer support, analytics, and Web3 integrations, all integrated within a single software development kit (SDK). Since opening its services to external game companies in 2021, the blockchain-powered platform has secured contracts with 51 games from 39 different publishing clients, demonstrating its growing influence and utility in the gaming industry.Against this backdrop, the newly established partnership between Com2uS Platform and SHIN-A paves the way for cooperative marketing and sales efforts aimed at promoting the Hive platform to a broader range of global gaming companies. To facilitate this goal, SHIN-A is planning to establish a dedicated support team in Thailand, which will focus on the resale of Hive products.SHIN-A, a key player in game publishing and global marketing, covers a wide range of business areas, including Web2 and Web3, across mobile, desktop and console platforms. The company has forged game publishing contracts with global giants like HoYoverse and Tencent, and has successfully conducted local marketing for Com2uS’ game, Birdie Crush: Fantasy Golf. Additionally, SHIN-A collaborates with major Thai firms like mobile phone network AIS and is involved in entertainment ventures, including organizing large-scale K-pop concerts.Thailand’s growing gaming marketWith almost 40% of its 70 million population engaging in games, Thailand presents a significant market opportunity. This is further underscored by the fact that the country boasts the highest average in-app purchase spending per person in Southeast Asia. It is also witnessing rapid growth in the gaming sector as the second-largest gaming market in Southeast Asia, trailing only behind Indonesia.In this vibrant market, Com2us’ action RPG, Summoners War: Chronicles, has achieved notable success, becoming one of the top-grossing games on the Steam platform in Thailand. This success signals a promising landscape for the introduction of Com2uS Platform’s Hive, which is likely to further enhance customer engagement and expand the company’s footprint in the region’s booming gaming market.Com2uS Platform’s Business Director, Kim Jong-moon, stated that the reselling partnership with SHIN-A is poised to significantly enhance Hive projects in the Southeast Asian market, a region known for its dynamic gaming and blockchain sectors. Kim highlighted the company’s plans to earmark the upcoming year as a pivotal period for Hive, marking the beginning of its global strategy implementation.

Cosmose AI, an artificial intelligence-driven retail analytics firm headquartered in Singapore, has opted to collaborate with the Near Foundation with the aspiration of building a blockchain-based payments system centered on low transaction fees as a more cost-efficient alternative to more conventional payments processors like Stripe and PayPal. Payment platform disruptionThe Near Foundation is a non-profit organization responsible for guiding governance, contracting protocol maintainers and funding ecosystem development relative to the proof-of-stake (PoS)-based Near blockchain protocol. In a blog post published to the Cosmose AI website on Sunday, the company set out the extent of its new partnership with the Near Foundation.Cosmose AI uses AI-powered analytics to track in-store foot traffic as a basis to engage with shoppers online. Both companies will work towards building a payment system that facilitates shoppers to purchase goods and services at low transaction fees through cryptocurrency. As part of the deal, Near has made a strategic investment in Cosmose AI, reflecting a Cosmose company valuation of $500 million.In its press release, Cosmose stated that the investment from the Near Foundation means that the Cosmose “is set to apply Web3 principles and further advance the AI-driven retail ecosystem. Cosmose believes that it can leverage Web3 such that users maintain complete control over their data while benefiting from the ecosystem they help to create.The AI-driven company has a suite of retail solutions, including the KaiKai app, which enables retail customers to discover retail stores in their local vicinity. The app also includes an online targeting platform. Both elements are being overhauled with a Web3 facelift, with the Near collaboration enabling the integration of blockchain into the app.KaiKai already settles payments by leveraging Near Protocol with the creation of its own native stablecoin, Kai-Ching. Near Foundation CEO Marieke Flament said that Near will give Cosmose “the means to leverage the full potential of Web3 in a way that is sustainable, transparent, and infinitely scalable.” Moving away from Stripe, PayPalIn an interview with TechCrunch, Cosmose Founder and CEO Miron Mironiuk stated: “ I’m not sure if you know how expensive and slow it is to process online payments. It’s absolutely crazy.” The Near protocol leads with an ability to achieve inexpensive, scalable blockchain transactions. If successful in building this blockchain-based payments system, Cosmose would be in a better position to replace the use of payments service providers like Stripe and PayPal.Mironiuk gave the example of a simple coffee purchase. Small transactions like that can involve transaction fees in excess of 10%. This overhead is reflected in the overall price of the cup of coffee, with the seller passing on the cost to the buyer. In that one isolated example, Mironiuk makes the point that a regular coffee drinker could be spending an additional $200 per year to cover the costs of payments intermediaries.Over the course of nine years, Cosmose has grown to a point where it extends its service to 20 million stores. The firm operates on a global basis, with its team of eighty staff distributed across centers such as Hong Kong, Tokyo, Paris, Shanghai and Warsaw, as well as at its Singapore headquarters.

SBI Digital Asset Holdings (SBI DAH) has unveiled a new joint venture with Chiliz, geared towards introducing soccer club fan tokens to Japan.  Bringing a fan engagement token offering to JapanThese tokens, operating under the Socios fan engagement brand, encompass soccer clubs such as Arsenal, AC Milan, Manchester City, FC Barcelona, Inter Milan and Paris Saint-Germain. Both companies outlined to The Block in a joint statement that the purpose of the joint venture is to provide local sports fans in Japan with access to tokens associated with these high profile soccer clubs.Photo by Konstantin Evdokimov on UnsplashAlongside this collaboration, SBI DAH intends to establish a node on the Chiliz Chain. Notably, over 2 million users have already engaged with the Socios fan tokens, signifying a burgeoning interest in this space. Rather than depend upon non-fungible tokens Chiliz relies upon fan tokens, representing a distinct category. They're fungible, akin to tracking stocks, facilitating fan engagement through voting, competitions, VIP experiences, merchandise and exclusive offers.  In Japan, private investors traditionally exhibit more active engagement with companies, often receiving incentives such as discount coupons, gift cards, points and memberships. While fan tokens don't confer ownership rights in the clubs, they offer similar avenues for engagement.  Fernando Luis Vázquez Cao, CEO of SBI DAH, highlighted the importance of technology in enhancing community experiences, expressing enthusiasm for collaborating with industry leaders like Chiliz to introduce novel experiences to the Japanese audience. Vázquez Cao stated:”The partnership between SBI DAH and Chiliz will bring together the best-in-class capabilities of both traditional finance and Web3, leveraging fintech innovations to transform the sports and entertainment experiences for communities.” The recent transition of the Chiliz blockchain from a Proof of Authority (PoA) to a Proof of Staked Authority (PoSA) version marks a significant step forward, attracting node operators like Paris Saint Germain and enhancing the network's capabilities. PoSA is a hybrid consensus algorithm that enables faster block times and reduced transaction costs. Additional partnershipsIn addition to its collaboration with Chiliz, SBI DAH boasts a diverse portfolio of blockchain interests, spanning initiatives such as AsiaNext, SBI Digital Markets and crypto custodian Zodia Custody. Many crypto projects have partnered with the company as a means to gain access to the Japanese market. One of the most recent examples is its partnership with USDC stablecoin issuer Circle.  The objective of that partnership has been to expand the circulation of stablecoins in Japan, but particularly USDC. Moreover, SBI DAH has made strategic investments in prominent players like Swiss digital asset bank Sygnum, Blockdaemon and the Tangem wallet. SBI Holdings, the parent company of SBI DAH, similarly maintains an extensive involvement in blockchain investments and activities.  In tackling the Japanese market, Chiliz will have to contend with a local competitor in the form of FiNANCiE. It has emerged to fill a similar role, fostering relationships with domestic sports teams, including J-League soccer clubs. By contrast,  Chiliz has provided broader international exposure. International competitors include Sorare and Dapper Labs, which concentrate on NFTs.