p0x Labs Secures $25M Funding to Propel Manta Network Into Asia

Chinese Subsidiary of DBS Bank Launches e-CNY Product OfferingDBS Bank China, a cryptocurrency-friendly bank and subsidiary of the Singaporean multinational financial services firm DBS, has introduced a new solution for its customers in mainland China, facilitating transactions with the digital yuan.The bank has officially launched the digital yuan or e-CNY merchant solution, allowing businesses in mainland China to receive payments in the central bank digital currency (CBDC). The announcement of the new service offering was made via a press release published to the website of the parent company on Wednesday.Photo by Hanny Naibaho on Unsplashe-CNY settlementWith this new service, DBS clients in mainland China can receive the e-CNY and have it automatically settled into their CNY bank deposit accounts. DBS refers to this as a “merchant collection solution,” where the merchant collects the final amount in CNY directly into their bank deposit account. The solution aims to streamline the process by eliminating manual settlement procedures.Enabling CBDC functionalityThis innovative tool offers several advantages. It allows businesses to collect CBDC without the need for manual settlement processes. Moreover, the e-CNY’s capabilities enable users to receive payments in regions with limited internet connectivity, ensuring broader accessibility. The solution also provides reconciliation through consolidated merchant reports, with detailed e-CNY transactions available on DBS’ digital platform for business banking.The CEO of DBS Bank China, Ginger Cheng, announced that the first e-CNY transaction using the new solution has been successfully completed, involving a catering company in Shenzhen. Cheng emphasized that integrating a CBDC collection and settlement method into clients’ existing payment systems would position their businesses for a digital future where e-CNY becomes increasingly prevalent among Chinese consumers. She expressed the bank’s commitment to enhancing user experience and supporting China’s financial market innovation.Adoption pushChina has made substantial progress in promoting and expanding the digital yuan since its launch in 2019. The country’s central bank reported that there were 13.6 billion e-CNY in circulation, equivalent to approximately $2 billion, by the end of 2022.The digital yuan is currently accepted in 26 cities and 17 provinces across China, with further adoption expected as the program gradually expands to more regions. In recent days, another measure was taken to bring about everyday use of the digital yuan when the city of Jinan enabled use of the currency across its public transport system.DBS Bank has become actively involved in the digital assets space. In 2020, the bank launched cryptocurrency trading and custody services for institutional clients. In April of this year, it extended crypto trading services to its premier customers. The bank has also participated in various government-related blockchain initiatives in Singapore, including Project Orchid, Project Guardian, and Project Ubin.DBS is not the first foreign banking entity to collaborate with the Chinese relative to the digital yuan. Earlier this year, France’s BNP Paribas partnered with the Bank of China to promote the digital yuan to its corporate clients. The Chinese are clearly making every effort to promote use of the digital currency inside and outside of Chinese territory.

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.

Korbit and Shinhan Bank hold seminar to strengthen suspicious crypto transaction reportingKorbit, one of the top five cryptocurrency exchanges in South Korea, revealed on Monday (local time) that it conducted a seminar in collaboration with Shinhan Bank last month aimed at enhancing the effectiveness of suspicious transaction report (STR) filings.Photo by Nick Fewings on UnsplashEnhancing suspicious transaction reportingThe seminar held at Korbit’s premises was a collaborative forum where experts from both the exchange and Shinhan Bank exchanged insights and engaged in a question-and-answer session. The agenda covered areas such as the writing of STR reports, monitoring based on particular themes and the education of staff members. The gathering featured key participants, including Jin Chang-hwan, Compliance Officer of Korbit, and Yoo Jung-yeol, Head of the Digital Assets Team at Shinhan Bank as well as personnel from both organizations involved in anti-money laundering (AML) initiatives.Focus on complianceEarlier this year, Korbit and Shinhan Bank held a meeting to go over the Financial Intelligence Unit’s (FIU) comprehensive evaluation of virtual asset service providers (VASPs). This evaluation examined how well VASPs complied with the Travel Rule. Additionally, the meeting allowed both organizations to exchange ideas on how to enhance their compliance processes. In a move ahead of the industry, Korbit in September became the first Korean crypto exchange to adopt new rules for real-name bank accounts, a policy that will become mandatory in January of the following year.Oh Se-jin, Korbit’s CEO, highlighted the increasing significance of filing STRs, citing recent FIU data that showed VASPs submitted more STRs in the first three quarters of this year than in the entirety of last year. He affirmed Korbit’s dedication to establishing itself as a secure and reliable cryptocurrency exchange through ongoing collaborations with Shinhan Bank.Meanwhile, Korbit has managed to cut down the review period for STRs to a third of its previous duration. Additionally, the exchange verifies the effectiveness of its STR rules by performing monthly evaluations and seeking advice from external consultants.