Shinhan Bank Advances into Metaverse with the Launch of Shinamon Season 3

XPLA-Kado Partnership allows fiat-to-crypto transactions for XPLA usersXPLA, the layer 1 blockchain project operated by South Korean gaming company Com2uS Group, announced on Friday (local time) its partnership with Kado, a fiat-to-crypto on/off ramp platform, enabling XPLA users to move between fiat currencies and cryptocurrencies seamlessly.Photo by Ibrahim Boran on UnsplashXPLA available via Visa, MastercardKado simplifies the process of converting between fiat and crypto. Usually, Web3 users have to deal with the inconvenience of using centralized exchanges to make such conversions. But Kado makes this much easier, allowing users to make purchases with either fiat currencies or cryptocurrencies. The platform accommodates an array of more than 20 fiat currencies and supports well-established payment options, including Visa, Mastercard, Apple Pay, ACH Transfer and Wire Transfer. Moreover, Kado’s services extend across over 150 countries that support Know Your Customer (KYC) protocols.Paul Kim, CEO of XPLA, acknowledged Kado’s contributions to establishing a base for the growth of the Web3 economy. He pointed out that this collaboration will make it simpler and more intuitive for XPLA users to engage with the Web3 economy. Thanks to Kado’s services, XPLA users will now be able to transact with their tokens with greater ease.Vince Dowdle, co-founder of Kado, underscored the importance of this partnership, noting that Kado has recognized XPLA as a frontrunner in shaping the future of Web3 gaming. This recognition comes from XPLA’s proactive stance in acquiring the intellectual properties (IPs) of multiple major games, reflecting a firm belief in the potential of the Web3 content space.Meanwhile, XPLA boasts a diverse roster of validators such as Oasys, Animoca Brands, YGG, Blockdaemon, Cosmostation and LayerZero. It has also onboarded popular games like Summoners War: Chronicles, Minigame Party, Ace Fishing: Crew, Idle Ninja Online and The Walking Dead: All-Stars. With these titles, XPLA is actively working to establish itself as a major hub for Web3 content on a global scale.

NBC and AliPay collaborate to enable enhanced cross-border paymentsThe National Bank of Cambodia (NBC) and Ant Group, the parent company of AliPay+, the borderless payment and marketing solutions provider for merchants, have inked a memorandum of understanding (MOU) on “Cross-Border QR Code Payment Cooperation.”The deal was announced at last week’s Singapore FinTech Festival. The collaboration aims to boost the use of KHQR codes through Alipay+. KHQR codes provide for a standardization of QR codes which have been created for retail transfers and payments within Cambodia.Chea Serey, the Governor of NBC, and Douglas Feagin, Senior Vice President of Ant Group, formally signed the MOU to facilitate efficient and secure cross-border QR code payment transactions. The agreement focuses on bridging Bakong’s network through KHQR codes and Alipay+’s extensive global QR code acceptance network, as outlined in an NBC press release.Photo by Paul Szewczyk on UnsplashBakong CBDCBakong is Cambodia’s central bank digital currency (CBDC) based upon the Cambodian riel. Japanese fintech developer Soramitsu has collaborated with the Cambodian authorities in developing it.This latest development unfolded as Chea Serey took the stage as a keynote speaker at the Singapore Fintech Festival, addressing the theme, “The Intersection of Policy, Finance, and Technology.”According to a statement from Chea Serey’s official Facebook account, this collaboration opens doors for Cambodia Bakong users to access Alipay+ and engage with over 83 million merchants worldwide. Additionally, it allows international tourists to seamlessly make payments to KHQR merchants in Cambodia. Serey stated:“Today I am glad to announce the MoU signing between Alipay Plus and NBC, hence I encourage local banks to inform their merchants to open KHR accounts and start accepting KHR payments otherwise they won’t be able to benefit from this arrangement.”Greater interoperabilitySerey highlighted that this collaboration marks a significant step in enhancing Cambodia’s payment connectivity on a global scale, creating a more convenient and inclusive experience for tourists and contributing to the growth of the national economy.In an interview with CNBC at last week’s event, Serey said that the initiative will enable greater interoperability. In China, Cambodian merchants and visitors can use the Cambodian payment system to make payments to Chinese vendors. Likewise, Chinese visitors can use Alipay+, a platform they are familiar with, to make payments for goods and services in Cambodia. Serey believes this to be important, given that Cambodia depends heavily on tourism.The Alipay+ platform facilitates payments through various digital wallets, including Korea’s KakaoPay, Malaysia’s TouchnGo, Thailand’s TrueMoney and the Philippines’ GCash. Ant Group has been attempting to extend the regional utility of its payment system for some time.As far back as 2017, Ant Group signed an MOU with British bank Standard Chartered with a view towards increasing financial services access to clients located along China’s “Belt and Road” initiative route. In 2019, Alipay inked a deal with Cambodia’s DaraPay to allow Alipay wallet holders to pay for goods and services at DaraPay POS terminal points.Alipay and WeChat Pay are recognized as two of the most preferred payment methods among Chinese consumers. Together, they dominate the Chinese mobile payments landscape, boasting a market share of over 92 percent and a user base exceeding 2 billion.

Hong Kong Broadens Pilot Program for China’s Digital YuanA senior Hong Kong official announced last week that the Chinese autonomous territory plans to expand its pilot program of the e-CNY, China’s digital yuan, to include additional banks and payment platforms.Photo by Chi Lok TSANG on UnsplashDriving cross-border payment efficiencyThe e-CNY project is China’s ambitious endeavor to bring a digital counterpart to its national currency, the yuan, into mass market, everyday use. The primary objectives of this latest initiative are to enhance the efficiency and convenience of cross-border payments and to bolster greater use of the digital yuan on an international basis.Given Hong Kong’s status as a special administrative region of China and bearing in mind that it is a global financial hub, its role in the e-CNY project is likely to be of paramount importance to the Chinese administration.Hong Kong has been actively involved in the e-CNY project for some time. Previously, the local regulator, the Hong Kong Monetary Authority (HKMA), and the People’s Bank of China (PBOC) jointly explored and tested e-CNY’s feasibility and interoperability in cross-border scenarios.Ongoing collaborationOver the years, these two authorities have conducted numerous technical trials to assess the practicality of implementing the e-CNY. The PBOC initiated e-CNY testing in mainland cities in 2019, followed by cross-border trials involving Hong Kong and Macau. Collaboration between Hong Kong and the mainland relative to the digital yuan was initiated in December 2020 when a pilot program was launched.That program enabled Hong Kong residents to utilize e-CNY wallets for purchases at specified merchants in Shenzhen, aligning at the same time with a separate initiative, the objective of which is to achieve closer economic and social integration between Hong Kong, Macau, and nine cities in Guangdong province.Hong Kong and Mainland China had also partnered on technical testing in 2021 aimed at evaluating the technical feasibility, operational efficiency, regulatory implications, and legal considerations of employing the e-CNY for cross-border trade settlement between the two areas. That testing program is likely to be providing valuable insights, which Chinese authorities can use to expand the e-CNY’s scope and use cases relative to cross-border transactions.Completion of initial testing phaseHong Kong recently successfully concluded the first phase of its e-CNY trial, featuring local banks and the Hong Kong Monetary Authority (HKMA). This phase primarily focused on assessing the technical feasibility of employing the e-CNY for cross-border payments between Hong Kong residents and mainland merchants.What Christopher Hui, Secretary for Hong Kong’s Financial Services and the Treasury, was referring to last week at a fintech event, is effectively the second phase of that overall trial program. This upcoming phase will involve a broader array of banks, payment service providers, and use cases, expanding the scope of e-CNY testing.Taking this latest development into account from the point of view of e-CNY development by the Chinese government, it’s patently obvious from the myriad of initiatives that keep coming week after week that the Chinese authorities are determined to drive the e-CNY towards ever greater real-world use.