Binance partners with Bhutan on tourism payment system

UAE’s Royal Office Visits Korea to Further Security Token Collaboration with AIITONEAIITONE, a Korea-based augmented reality firm specializing in security tokens, invited journalists to showcase its strategy to foster business collaborations between South Korea and the United Arab Emirates (UAE) on the occasion of the Korean visit of the Private Office of His Highness Sheikh Ahmed Bin Faisal Al Qassimi.Photo by Ethan Brooke on UnsplashPrivate Office’s return visitThe Private Office is a Dubai-based corporate conglomerate that operates businesses in various areas including real estate, energy, and finance. This visit by the Private Office marks a return visit following AIITONE’s visit to the UAE in July.The conference took place at a hotel in Gangnam, Seoul, and was attended by Lee Jin-yeop, CEO of AIITONE; Bruce Jeong, Chairman of Middle East Investment; and H.H. Sheikh Ahmed Bin Faisal Al Qassimi.Security tokens, CBDCs, smart defenseChairman Jeong, leading AIITONE’s global initiatives, said that their primary endeavor is to set up a Korean branch of the Royal Office. This branch will function as an international business hub, facilitating collaborations across three key sectors: security tokens, central bank digital currencies (CBDCs), and smart defense ventures.The event also featured presentations by AIITONE officials who introduced the company’s focus areas.Kang Man-soo, who leads AIITONE’s defense unit, highlighted the company’s technical expertise in maintenance training equipment, interactive electronic technical manuals, and integrated system support. He pointed out that AIITONE has been actively involved in the development of technical manuals and training simulators for various defense assets, including warships, guided weapons, and fighter aircraft. Kang emphasized that AIITONE’s strategic partnerships with Korean defense firms have propelled their engagement in initiatives aimed at exporting these products to countries such as Indonesia, Malaysia, and Poland.Lee Joo-hyung, the head of AIITONE’s extended reality (XR) content division, revealed the company’s plan to create portable products that can replicate the physical sensations of the real world, including sensations like physical contact and heat. Additionally, Lee introduced MOUM, a metaverse platform that features blockchain-powered security functions and generative artificial intelligence (AI) capabilities.Park Sang-il, who is at the helm of the firm’s security token project, showcased AIITONE’s comprehensive security token platform, which enables users to both issue and distribute security tokens. Notably, the platform is compatible with hyperledgers Besu and Fabric.Since arriving in Korea last Wednesday, the Royal Office has met with representatives from Standard Chartered Bank Korea and lawyers from law firm Kim and Chang, as well as lawmaker Yang Hyang-ja. Additionally, the Royal Office made a visit to smart farms located in South Jeolla Province.H.H. Sheikh Al Qassimi expressed a high regard for South Korea, acknowledging its beautiful natural landscapes and significant economic development. He underlined that this visit serves as an opportunity for the Royal Office to strengthen cooperation between UAE companies and their Korean counterparts, further fostering economic exchanges between the two countries.

Singapore’s Whampoa Plans Crypto-Friendly Bank in BahrainSingapore-based privately held investment firm Whampoa Group has announced that it plans to open a crypto-friendly digital bank in the Kingdom of Bahrain in the Persian Gulf.Photo by Charles-Adrien Fournier on UnsplashIsland state diversificationThe island state has been looking to diversify from its predominantly oil-based economy into fintech and finance. Whampoa Group CEO Shawn Chan said that the company was “impressed by Bahrain’s solid reputation in the financial services sector, transparent regulatory framework, and ongoing pledge to collaborate and innovate.”Chan added that Whampoa would commit to providing “secure and innovative digital financial solutions in line with global best practices” relative to the proposed digital bank, with an eye towards setting a benchmark for the industry where digitally-native banking is concerned.Persian Gulf crypto hubsThe Persian Gulf is proving to be a crypto-friendly region in recent times. Bahrain is one of a number of Gulf Cooperation Council (GCC) countries vying for digital asset-related business. The country’s financial services sector contributes in excess of 17% to Bahraini gross domestic product (GDP). Bahrain has been one of the first in the region to establish a regulatory framework for digital assets, together with a crypto asset licensing system.Its Persian Gulf neighbor, the United Arab Emirates, including the individual emirates of Dubai and Abu Dhabi, have followed a similar path, establishing a workable set of regulatory rules in relation to digital assets, alongside licensing of crypto businesses.CEO of the Bahrain Economic Development Board, Khalid Humaidan welcomed Whompoa’s decision to establish the business in Bahrain, emphasizing the importance of crypto-friendly digital banking to support further development of crypto business in Bahrain, while bolstering the infrastructure available to existing digital asset businesses operating within the Kingdom.Doors open in 2023The bank is scheduled to open later this year, providing integrated financial services covering traditional banking, together with crypto-specific banking activity. That will include digital asset trading and custody, as well as asset management-based products and services.Whompoa’s plan is to gear the bank towards meeting the needs of institutions, innovators and crypto start-up companies and sophisticated global investors. Crypto-friendly banking has been a perennial problem that has stymied the development of the digital assets sector since its emergence.That problem has gotten worse rather than better more recently, with a mixture of banking failures and a crypto sector crackdown leading to the closure of crypto-friendly banks like Silvergate and Signature in the United States in recent months.In East Asia, Hong Kong, while shaping up to compete on the global stage as a crypto-hub, has seen crypto businesses experience difficulty in terms of securing banking within the Chinese autonomous territory. Efforts are being made to alleviate that issue. Furthermore, Hong Kong’s largest virtual bank, ZA Bank, has set out to become the go-to bank for crypto start-up banking in the city.Experiences elsewhere exemplify how crucial banking infrastructure is to the embryonic digital assets sector. It underscores the important role that Whompoa could play in boosting crypto sector business in the island state of Bahrain as digital asset innovation continues to be rolled out.

Com2uS USA CEO Highlights Importance of Transition from Web2 to Web3 GamingLee Kyu-chang, CEO of South Korean game developer Com2uS’ American branch, stressed the important role of Web3 games in encouraging gamers to embrace blockchain technology during a discussion at the Korea Blockchain Week (KBW) 2023 event held at the Shilla Hotel in Seoul on Tuesday.Photo by Fredrick Tendong on UnsplashLee shared various insights on the topic that Com2uS Group has gained through its experience in developing blockchain games. “We view blockchain not as a platform but as a tool,” he said.Nurturing Web3 adoption among gamersIn particular, the CEO emphasized the need for Web2 users to transition to Web3. Indeed, Com2uS is aiming to migrate to Web3, although it is still majorly involved in Web2 businesses.However, there stands a roadblock to achieving this widespread transition. “Gamers do not understand Web3. What they want is for good games to be released. And if they’re not good, they won’t play them regardless of whether they’re Web2 or Web3,” Lee explained, arguing that fun Web3 games will have gamers naturally learning about Web3.Due to these reasons, the conversion rate for gamers is currently quite low. To remedy this, Lee proposed that facilitating the transition for Web2 gamers to Web3 is a more sustainable method than directly targeting only Web3 users. The latter strategy is not ideal due to the fact that there aren’t many Web3 users yet in the first place, and more importantly, existing ones are not typically gamers.Balancing the shiftThe Com2uS Group has thus chosen to concentrate on Web2 while gradually transitioning to Web3. “We must remember that the transition is slow. We went through a similar process when shifting from PC to mobile gaming,” Lee cautioned.“Our company’s mission is to make people want to play games with ownership rights and make them want to own game assets.”