OCBC Bank Partners With ADDX to Launch Tokenized Note

AIITONE Partners with UAE’s Royal Office to Boost Fintech Industry in AsiaAIITONE, an immersive tech company based in South Korea, has taken a significant step towards expanding its reach to the Middle East, according to Korean news outlet Newsis. The company recently signed a memorandum of understanding (MOU) with the Royal Private Office of H.H Sheikh Ahmed Bin Faisal Al Qassimi in the United Arab Emirates (UAE). The partnership between the two entities aims to bolster the fintech industry in South Korea, China, and Japan.Photo by Editz central Editors on PexelsUAE and East AsiaThe Royal Office, known for its diverse business ventures in the fields of real estate, global trading, consulting, and others, provides valuable guidance and strategies to enterprises in the UAE and the Gulf Cooperation Council. Lately, the Royal Office has been looking to expand its operations into East Asia, making this collaboration with AIITONE a strategic move.Security token and CBDCAs part of their joint efforts, the Royal Office plans to invest in promising Korean startups and facilitate the establishment of UAE banks’ Korean branches. Furthermore, the Royal Office intends to support Korean businesses in entering the Middle East market. Emphasizing their commitment to cutting-edge financial technologies, both parties will also work together on security token projects and central bank digital currencies (CBDCs), areas where Dubai is at the forefront of innovation.To facilitate the smooth implementation of these plans, Royal Office officials will visit AIITONE’s headquarters in Busan, Korea, next month. This visit will foster greater understanding and cooperation between the two organizations.An AIITONE representative expressed enthusiasm about the partnership, recognizing it as an opportunity to witness the Middle East’s growing interest in blockchain-based financial technology. Leveraging its expertise in Web3 technologies, such as extended reality (XR), artificial intelligence (AI), and blockchain, AIITONE strives to contribute to the development of both countries in the realms of digital economy and technology.

Kazakhstan achieves first retail payment with digital tengeBinur Zhalenov, Chairman of Kazakhstan’s National Payment Corporation (NPC), marked a historic moment at the XI Congress of Finance in Almaty on Wednesday by conducting the inaugural transaction with the country’s newly introduced Central Bank Digital Currency (CBDC), the digital tenge.Photo by J B on UnsplashDigital tenge debit cardThat’s according to a report published by local media outlet, Kapital.kz. Utilizing a debit card linked to the CBDC account, Zhalenov demonstrated the practicality of the digital tenge during his speech, showcasing its potential impact on the nation’s financial landscape.The official launch of the digital tenge on the retail market is expected to usher in a wave of development, with Zhalenov outlining that it will result in massive platform development in 2024. Collaborating with global giants Visa and Mastercard, as well as local banks, Kazakhstan aims to integrate the CBDC into plastic cards, enabling users to make digital tenge payments globally through platforms like Apple Pay and Samsung Pay.Eurasian Bank is one of the local banking participants in the project. Its CEO, Lyazzat Satiyeva, commented on the development:“Participation in the ‘Digital Tenge’ project opens up opportunities for launching innovative products for consumers and businesses using blockchain and cryptocurrency technology, developing a regulatory framework for digital assets and, in general, this is a big step in the development of a new digital economy in the country.”Meanwhile, Zhalenov emphasized the programmable capabilities of the digital tenge, envisioning its utilization in smart contracts, innovative financial services and digital asset transactions. Looking ahead, the CBDC’s development roadmap includes a focus on offline payments in 2024, with ambitions to incorporate the digital tenge into cross-border trade by 2025.The journey towards the digital tenge commenced in February 2023, with the NPC, established in September, spearheading the development and implementation of the CBDC. The launch of the NPC was likened to a restructuring of the Kazakhstan Center for Interbank Settlements. Its mandate includes overseeing interbank clearing services, managing digital identification and enabling money transfers.As Kazakhstan strides into the digital era, parallel measures have been taken to tighten oversight of the cryptocurrency market.‘Great Kazakh investment firewall’While the central Asian country may be progressing its CBDC, authorities in Kazakhstan appear to be taking a different approach to international crypto businesses operating within its borders. In September, reports surfaced of difficulties accessing major international crypto exchanges such as Coinbase and Kraken without a local license. Following this, local crypto mining operators addressed President Kassym-Jomart Tokayev in an open letter in October, urging a reconsideration of newly introduced tax rates on mining activities.Kazakhstan’s advancement of the digital tenge signals a transformative phase in the nation’s financial landscape, aligning with global trends in digital currency adoption. As the NPC continues its strategic development, the intersection of traditional finance and emerging digital assets in Kazakhstan is poised for further evolution.

Indian police arrest eight more in $300M crypto scamIndian authorities have apprehended eight new individuals in connection with a sprawling $300 million (2500 crore Indian rupees) cryptocurrency scam that victimized approximately 100,000 people.According to a report published by local news media outlet The Times of India, the arrests have been made as part of an ongoing investigation. Of the eight individuals arrested, four have been identified as police officers.Photo by Big G Media on UnsplashLong running scamAs the investigation has unfolded, it has revealed an operation which is alleged to have been masterminded by Subhash Sharma, who remains at large. What has been termed the Himachal Pradesh crypto scam began to unravel in late September, although the Indian authorities believe that the origins of the scam stretch back to 2018.The perpetrators lured unsuspecting victims with investment schemes involving a local cryptocurrency known as Korvio Coin (KRO coins). As the scheme expanded, various other cryptocurrencies were introduced through fraudulent websites. One of these projects was abandoned after individuals had already invested, leading to significant financial losses.Targeting police officers and government officialsThe target audience for this particular scam has set it apart from that of others, given that police officers seem to have been involved while their colleagues are counted among the victims of the scam. Reports indicate that over 1,000 police personnel became entangled in the fraudulent web. While some officers were themselves victims, others made substantial gains. A few voluntarily took on the role of promoters, lending an air of credibility to the operation.Alongside police officers, 5,000 government officials also fell prey to the fraudulent investment schemes. The gravity of the situation became evident when it was revealed that around 56 complaints had been filed with police stations over the past two years.Multi-agency responseIn response to mounting concerns, multiple agencies, including the Enforcement Directorate and regional police teams, embarked on a comprehensive investigation under the guidance of a Special Investigation Team (SIT). The investigation has uncovered that over 100 individuals profited to the tune of $240,000 each, while another 200 reaped around $120,000 each from the scam.While the arrests have mounted to a total of 18 individuals, Sharma continues to evade capture. However, authorities have managed to identify and seize several properties associated with Sharma.In a separate investigation, the Enforcement Directorate is scrutinizing the roles of five women suspected of working as agents or promoters for the elusive kingpin. These developments underscore the vast extent of this crypto scam and the imperative for swift and thorough legal action.While crypto and Web3 more broadly have yet to fully unfold and reach full potential, there is no doubt that the sector has been blighted by ongoing scams, hacks and sharp practice. A recent report by Singapore-based blockchain security firm Immunefi estimated Q3 losses within the sector of $686 million.In August, a $120 million crypto ponzi scheme was uncovered in India’s Odisha state. Meanwhile, authorities in Hong Kong continue to come to terms with a fraud perpetrated by Dubai-based crypto exchange platform JPEX.As the investigation continues to unfold, the authorities are determined to bring all involved parties to justice, with a view towards sending a stern message to those who exploit unsuspecting individuals under the guise of cryptocurrency.