China Launches Shenzhen Park Centered on CBDC Growth

Milk Partners Achieves Integration with OK Cashbag, Elevating Reward Point UtilityMilk Partners, the operator behind a South Korean blockchain-powered platform delivering an integrated service for reward points, announced yesterday that its app, MiL.k, has achieved compatibility with OK Cashbag. This integration is notable as OK Cashbag enjoys a substantial presence in the nation, with a user base exceeding 20 million.Photo by Josh Sorenson on PexelsEnhanced utilization of reward pointsThrough this collaborative initiative, MiL.k aims to facilitate enhanced utilization of reward points for customers of both entities.MiL.k allows point collectors to swap their points across diverse domains like travel, leisure, and shopping, introducing a new approach to utilizing reward points. The company has been forging collaborations with notable companies, including conglomerate Lotte, convenience store chain CU, theater franchise Megabox, travel platform Yanolja, Malaysian budget airline AirAsia, and Indonesian loyalty platform GetPlus.Expanding Web3 servicesThe point exchange service is part of a strategic partnership agreement signed by Milk Partners and SK Planet, the operator of OK Cashbag, in June. Beyond loyalty programs, the two companies plan to maintain collaboration efforts to expand Web3 services. In particular, they will cooperate to enhance the ecosystem of the UPTN blockchain, jointly developed by SK Planet and Ava Labs, utilizing Avalanche Subnet technology.Cho Jung-min, CEO of Milk Partners, said that the utility of MiL.k has increased thanks to its partnership with OK Cashbag, whose points are accepted at numerous retailers both online and in-store. He added that the company will explore more partnerships to provide a wider range of tangible benefits to both corporate partners within the MiL.k alliance and app users.

Sumitomo Trade Document Network Partnership Adds Chainlink InvolvementA successful proof-of-concept (PoC) venture between Vodafone and Japanese trading and investment giant Sumitomo has resulted in Vodafone’s Digital Asset Broker (DAB) platform now being integrated into the Chainlink network as a node operator.Vodafone provided details on the Chainlink Labs tie-up via a blog post published to its website on Tuesday. The primary objective of this partnership is to enhance the seamless transfer and processing of financial documents within the $32 trillion global trade ecosystem.Photo by CHUTTERSNAP on UnsplashLeveraging Chainlink’s cross-chain interoperabilityThe proof of concept leveraged Chainlink’s Cross-Chain Interoperability Protocol (CCIP), offering a solution that bridges the gaps in document management and financial transaction processing. DAB’s core function is to provide enhanced security and interoperability among Internet of Things (IoT) devices on the edge of a network.The results of this initiative have demonstrated the potential for Vodafone’s IoT devices and blockchain technology to furnish data for use in contracts and artificial intelligence (AI) applications. Furthermore, the prospect of creating a unified interface for data and token transfers is now within reach.For instance, envision a scenario where a cargo vessel detects a fire outbreak. Thanks to the collaborative efforts of DAB’s platform and CCIP, this crucial information could be autonomously relayed to smart contracts, potentially triggering an efficient marine cargo insurance process.Convoluted legacy processTrade documents have long posed a significant challenge due to their existence in both physical and digital formats, often lacking interoperability. This predicament necessitates repeated handovers and makes the exchange of such documents a convoluted process.Vodafone introduced the Digital Asset Broker in February 2022. Their initial application of DAB in the United Kingdom involved a partnership with Mastercard, where they trialed an app designed to assist electric vehicle drivers in locating and paying for the most suitable charging options.In a subsequent move, Vodafone and Sumitomo joined forces in May, culminating in the creation of a new entity in which Vodafone maintained an 80% stake. In addition to transferring DAB, Vodafone also contributed intellectual property, contracts, technology, and software to the new venture. This partnership extended further with joint investments in Safaricom Ethiopia.In August, Vodafone DAB solidified its presence in the enterprise blockchain arena by collaborating with Aventus. Their shared mission is to enhance the efficiency of supply chains within the aviation industry.Chainlink’s CCIP made a significant leap in September when it launched on Ethereum’s Arbitrum One layer 2, promising to enhance scalability. In the same month, it collaborated with the Australia and New Zealand Banking Group to test an Australian dollar stablecoin, underscoring Chainlink’s commitment to transformative developments within the blockchain space.Early blockchain interestSumitomo had expressed a desire to utilize blockchain technology going back a number of years. In 2018, the corporation’s US entity joined the Blockchain in Transport Alliance (BiTA) with a view towards using blockchain technology within its logistics business.Earlier this year, the conglomerate invested in Japanese logistics blockchain project TradeWaltz. In June, its US subsidiary was involved in the first-ever transaction of tokenized carbon credits.As Vodafone and Sumitomo continue to push the boundaries of innovation in trade document management, their partnership with Chainlink brings us one step closer to a more efficient and interconnected global trade ecosystem.

The launch of Hong Kong's inaugural spot crypto exchange-traded funds (ETFs) is expected to occur by mid-2024, according to one of Hong Kong’s leading crypto executives. Gary Tiu, the executive director and head of regulatory affairs at OSL, a licensed cryptocurrency exchange based in Hong Kong, made that assertion in discussion with The Hong Kong Economic Journal. Tiu provided the publication with insights into the accelerating pace of negotiations between cryptocurrency exchanges and fund companies in the region.Photo by Stella P on UnsplashUp to ten firms contemplating ETF launchOSL is actively engaged in discussions with multiple fund companies, with five to ten firms contemplating the introduction of spot crypto ETFs. Tiu revealed that certain firms have made notable progress, raising the possibility of the debut of these ETFs in Hong Kong by the middle of the year. Additionally, the OSL executive emphasized the significance of maintaining reasonable fees in collaborations between OSL and fund companies, given the limited presence of licensed crypto exchanges in the city – a total of two at present. This suggestion from Tiu aligns with similar recent soundings emanating from HashKey, another licensed crypto exchange in Hong Kong, which recently disclosed its ongoing discussions with asset managers exploring the potential launch of spot crypto ETFs. Livio Weng, the CEO of HashKey, indicated that approximately ten fund companies are considering the introduction of such ETFs in the city. VSFG’s ETF plansAligned with Tiu’s thoughts on the matter, according to a Bloomberg report last week, Venture Smart Financial Holdings Ltd (VSFG), a Hong Kong-based financial services firm, expressed plans to potentially launch a spot bitcoin ETF within the first quarter of this year. Bloomberg reported the company's goal of growing the ETF's assets under management to $500 million by the end of 2024. The regulatory landscape in Hong Kong is actively adapting to accommodate spot crypto ETFs, with the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) announcing in December that they have reviewed their existing policies. Two circulars were published, outlining the requirements for spot crypto ETFs, with the SFC stressing that transactions should be conducted through SFC-licensed crypto platforms or authorized financial institutions. Currently, Hong Kong has listed several futures-based crypto ETFs, including the Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF and CSOP Ether Futures ETF. Hong Kong venue for Bitcoin conferenceIn a related development, local lawmaker Johnny Ng revealed on social media on Monday that Hong Kong will host The Bitcoin Conference this year. Earlier this month Ng urged the local administration in Hong Kong to swiftly follow the United States' approval of spot bitcoin ETFs and position the city as a leading hub in the cryptocurrency space. With Hong Kong and Singapore vying for hub status in the Asian region relative to the digital assets space, the launch of ETF products would give the Chinese autonomous territory a competitive head start given that Singapore doesn’t appear to be close to accommodating crypto ETFs for the time being.