Chinese Subsidiary of DBS Bank Launches e-CNY Product Offering

Shinhan Bank Advances into Metaverse with the Launch of Shinamon Season 3According to a report by local news media Dailian, Shinhan Bank, a prominent financial institution in South Korea, has made a stride in its metaverse endeavors. The bank announced yesterday the launch of Shinamon Season 3, a metaverse platform, accompanied by a series of celebratory events to mark its implementation.Photo by Richard Horvath on UnsplashMerging financial & non-financial realmsShinhan Bank claims it is the first Korean bank to independently develop a metaverse platform. With the launch of Shinamon Season 3, the bank has merged the financial and non-financial realms, providing customers with access to a user-friendly platform that offers fun and engaging experiences.In Shinamon Season 3, Shinhan Bank has enhanced its financial services by replacing mobile gifts with reward points and providing additional benefits to customers who make transactions through the bank.Personalization and enhanced servicesAfter gathering customer feedback over the past two seasons, Shinhan has made enhancements to the platform’s environment and interface. Additionally, they have introduced the ability for customers to personalize their characters’ costumes. Looking ahead, the bank intends to leverage NFT wallets to help customers reach other platforms.To celebrate the release of Shinamon Season 3, Shinhan Bank is organizing special events that will grant rewards to customers who join the metaverse. Participants of Shinamon Season 3 who engage in daily quests will have an opportunity to win enticing prizes, including electronic devices, free fried chicken coupons, and reward points.A Shinhan Bank official said that customer feedback was given top priority in the preparations for the launch of Shinamon Season 3. The official added that will continue to reflect customer needs and integrate a diverse range of financial services. This approach aims to create a metaverse platform that closely resonates with real-life experiences, making it more relatable for customers.

Korea’s FSS to Collect Public Comments on Financial Statement Guidelines for Virtual Asset EntitiesThe South Korean Financial Supervisory Service (FSS) has revealed a set of exemplary financial statements aimed at clarifying the disclosure requirements of virtual asset-related entities. These guidelines have been designed to align with the Korean version of International Financial Reporting Standards (K-IFRS), which was established by the Korea Accounting Institute (KAI).It was reported earlier this month that the Financial Services Commission (FSC) brought forward these regulations to tackle accounting uncertainties within the blockchain industry.The main goal of these exemplary guidelines is to help entities provide financial statement readers with essential information regarding virtual assets. This includes details about the reserve amount held by virtual asset issuers and information about the virtual assets held by virtual asset service providers (VASPs).Photo by Kelly Sikkema on UnsplashPresentation sessionsTo ensure effective dissemination and understanding of these guidelines, the FSS, KAI, and the Korean Institute of Certified Public Accountants (KICPA) have planned presentation sessions. These sessions will take place from July 26 to August 11, which will involve visits to VASPs, listed companies, and accounting firms. Valuable feedback and suggestions from these stakeholders are anticipated, as the events encourage open two-way communication and welcome participation from anyone interested.Discussion meetingsTo further refine the ideas put forward during the presentation sessions, two separate discussion meetings with experts are scheduled for September and October. The recommendations gathered from the industry will undergo a careful review by experts and be thoughtfully incorporated into the guidelines.The FSS will finalize the guidelines in cooperation with the FSC, and the Securities and Futures Commission under the FSC will review them and give approval for their implementation. This is expected to take place between October and November.The FSC has stated that these exemplary guidelines are currently in their preliminary stage and open to potential changes during the public comment period. Additionally, companies have the flexibility to make necessary adjustments to these practice guidelines to suit their specific needs and requirements.Issuers, holders, exchangesThe exemplary practice guidelines are specifically targeted at three types of entities: virtual asset issuers, virtual asset holders, and virtual asset trading exchanges.For virtual asset issuers, providing essential information about their virtual assets is a key requirement. This information should encompass their business models, accounting policies, obligations (e.g. whitepapers), and the current status of their projects. Such details should be disclosed in the annotations of their financial statements. Furthermore, revenue generated from the sales of virtual assets must be recognized, and any changes to their obligations should be duly noted. Moreover, disclosure of the reserved amount of issued virtual assets and their intended usage plan is mandatory.Companies holding virtual assets must provide information regarding accounting policies, the total value of assets held, the reasons behind their holdings, and any gains or losses incurred. Additionally, holders are obligated to disclose risks associated with virtual assets and their potential impact.Virtual asset trading platforms, such as exchanges, are mandated to disclose not only their own virtual asset holdings but also those held on behalf of their customers. This disclosure should encompass detailed information about their accounting policies, the total value of assets under their custody, associated risks, and the involvement of third-party custodians. In particular, the platforms must indicate whether they treat customer assets under their custody as assets or liabilities and provide a clear rationale for such classification in the annotations of their financial statements.

Dunamu’s Q1 Revenue Drops 28.6% Amid Global Liquidity ContractionDunamu, the operator of Upbit, a major cryptocurrency exchange in South Korea, announced today the release of its Q1 2023 report.Photo by Tiger Lily on PexelsDeclining revenueAccording to the Data Analysis, Retrieval and Transfer System (DART) of the Financial Supervisory Service (FSS), Dunamu’s consolidated sales revenue for the first quarter of 2023 was 304.8 billion KRW ($231.3 million). This figure represents a 28.6% decrease from 426.8 billion KRW ($323.9 million) recorded during the same period last year. Additionally, its operating income declined by 26.3% to 211.9 billion KRW ($160.8 million) from 287.8 billion KRW ($218.4 million). However, its net income showed an increase of 54.9%, reaching 326.3 billion KRW ($247.6 million).Global liquidity contractionDunamu attributed the decline in revenue to several factors, including the ongoing global liquidity contraction, economic downturn, and reduced investor confidence. These factors collectively impacted the company’s financial performance during the first quarter of 2023. On a positive note, Dunamu linked the net income increase to the recovery and upward movement of digital asset prices in comparison to the previous quarter.Established in April 2012, Dunamu has enjoyed noticeable growth by offering a range of services related to digital assets, securities, and asset management. In recent years, it has been tapping into new technology trends like non-fungible tokens (NFTs) and metaverses to adapt to the era of Web3 and enhancing transaction security and convenience for valuable assets.As a company with a shareholder base exceeding 500, Dunamu has been disclosing its business reports as well as quarterly and semiannual reports since 2022 in line with the Korean Capital Markets Act’s requirements.