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LG CNS Chooses Six Startups to Foster Innovation in Digital TransformationLG CNS, the information technology (IT) arm of South Korean conglomerate LG Group, said Tuesday that it has chosen six startups to nurture under its sixth annual Startup Monster program — a program dedicated to supporting technology startups that are capable of pioneering consumer values in the realm of digital transformation (DX). By directly contributing to their growth as startups, LG CNS also aims to secure them as future business partners.Photo by Milad Fakurian on UnsplashAmong those startups is Zkrypto, a company specializing in zero-knowledge proof technology — a method of providing the validity of a statement without revealing the statement itself. Zkrypto will work with LG CNS on security solutions and privacy protection services necessary for operating digital finance services such as digital wallets and security tokens. The two companies already established their relationship earlier last month when they signed a memorandum of understanding (MOU) to jointly develop blockchain-powered business models.Investing in startup growthUnder the program, the companies will undergo a six-month technology assessment as well as receive KRW 100 million (approximately $75,000) in funding to demonstrate the feasibility of technology integration into their businesses. LG CNS said that it would carry out the assessment by leveraging its extensive business references and technical resources along with assistance from other IT experts.“Through the Startup Monster program, we will continue to discover and nurture promising startups with innovative technologies and create an ecosystem where we can grow together,” said Jeon Eun-kyung, Executive Director of LG CNS’ Convergence Technology Research Institute.Participants from diverse industriesThis year’s recruitment attracted over 240 applicants, resulting in a highly competitive selection ratio of 40:1. Other selected startups besides Zkrypto include GradeHealthChain, Quantum Universe, Delivery Lab, mAy-I, and Circle Platform, which specialize in emerging DX technologies, such as big data analysis, artificial intelligence (AI) modeling, and extended reality (XR).GradeHealthChain is known for its health management app LOG, which analyzes health checkup results and medical information to allocate an overall health score. Users can provide these scores and other medical information to insurance companies partnered with GradeHealthChain to receive premium discounts on insurance. In turn, the insurance companies can use this data to accurately assess the customer’s health status and recommend optimal insurance products. LG CNS plans to work with GradeHealthChain to create services for insurance product recommendations.On the other hand, Quantum Universe specializes in the planning, production, and distribution of XR content. With LG CNS, the company will jointly develop digital twin technology that replicates physical objects in a digital environment for applications in smart factories and manufacturing. They are also pursuing marketing projects using metaverse technology.mAy-I and Circle Platform were chosen for the program for their impressive technical capabilities in data collection and AI modeling. Meanwhile, Delivery Lab operates a food distribution platform in the smart logistics field.LG CNS has been actively nurturing startups and working with them through the Startup Monster program since 2018. Up until last year, a total of 22 startups participated in the program.SelectStar, one of last year’s participants, is currently collaborating with LG CNS as a data construction partner for AI businesses. The two companies have notably created KorQuAD 2.0, a Korean language machine reading comprehension dataset.In addition, Lovo, an AI text-to-speech solutions startup from the third Startup Monster program, worked with LG CNS on developing an AI contact center. According to industry sources, Lovo’s corporate value has increased more than 20 times from the time it participated in the program, reaching KRW 100 billion.

Crypto.com Complies with UK FCA’s New Digital Asset RulesWhile some Asian crypto platforms are struggling to comply with the United Kingdom’s Financial Conduct Authority (FCA) regarding new marketing-related rules that took effect on October 8, Singapore’s Crypto.com has confirmed its successful compliance. The firm is registered as FORIS DAX UK LIMITED on the FCA website.Photo by Paul Fiedler on UnsplashContinuing support for UK customersAs a result, UK customers can continue to access Crypto.com’s products and services without disruption. The company emphasized its commitment to strengthening its platform and presence in the UK market. Crypto.com stated that it fully supports measures aimed at enhancing consumer safety and security in the cryptocurrency industry. The company also expressed its ongoing cooperation with UK and international regulators to foster consumer confidence in the crypto sector.Effective from October 8, the FCA’s updated guidelines mandate that all crypto firms marketing their services to UK consumers must register with the FCA and adhere to relevant standards concerning risk disclosures and marketing practices.Regulatory compliance challengesWhile Crypto.com has managed to remain compliant, that’s not the case for all large and well-known crypto platforms. The FCA recently expanded its scrutiny of digital currency exchanges by adding Huobi and KuCoin to its list of unapproved and unregistered firms.The FCA alerted clients to the fact that these service providers were offering various crypto services in the UK without obtaining regulatory approval. This development follows a recent warning from the FCA, which highlighted several other crypto-focused companies.Binance’s compliance difficulties2023 has seen global crypto platform Binance struggle with regulatory compliance in various markets worldwide. In some jurisdictions where it has either decided to withdraw from the market or been asked to leave, the firm has taken the approach of still maintaining exposure to that market by establishing a partnership with a locally registered firm.In the UK, Binance has partnered with Rebuildingsociety.com, a peer-to-peer lending platform. However, its local partner has fallen foul of the UK's FCA. On Tuesday, the UK regulator issued a notice clarifying that Rebuildingsociety.com was not authorized to “approve the content of any financial promotion for a Qualifying Cryptoasset for communication by an unauthorized person.”Dubai-headquartered crypto exchange Bybit is another crypto business that has struggled with the FCA's new regulatory requirements. Last month the exchange denied reports that it was preparing to leave the UK market due to the new strict marketing rules. The following week the exchange confirmed that it would be leaving the UK market, ahead of the introduction of the new crypto marketing regulations.Crypto.com had received registration approval from the FCA in August 2022. At the time, CEO Kris Marsazalek stated:“We are committed to the UK market and we look forward to developing our platform and presence in the UK further by expanding our offering to customers, while continuing to work with regulators.”In June, the firm acquired a Major Payment Institution (MPI) license in its home market of Singapore from the Monetary Authority of Singapore (MAS). Around the same timeframe, the firm received a minimum viable product (MVP) license from the Virtual Assets Regulatory Authority (VARA) in Dubai.

Coinone adds asset analysis service and fiat currency deposit featureSouth Korean cryptocurrency exchange Coinone has added a new asset analysis service, which allows users to easily track their profits and losses, as well as asset trends over time. The latest feature is designed to provide investors with comprehensive insights into their investment performance, including detailed information on their asset history. It is accessible through the “Assets” category on the Coinone website and mobile app.Photo by Markus Winkler on Unsplash“Coinone has been dedicated to enhancing user convenience, conducting over ten service updates this year alone. Moving forward, we will prioritize user needs by conducting in-house analysis and receiving customer feedback in order to provide the best crypto trading services,” said the exchange’s CEO Cha Myung-hun.Charting profit pathsUsers can analyze the trends of their profits and losses over certain periods ranging from weeks to years, the exchange explained, which are displayed on various charts and tables. They can choose to view either daily or cumulative figures along with other relevant information. The “Asset Trends” category also offers a detailed overview of the fluctuation in the total value of a user’s assets. This includes easily accessible data on how the values of the fiat currency (Korean won) and virtual assets that they hold have changed over time.Seamless transactionsCoinone has also added another feature where users can make fiat deposits directly during transactions. In the case that a user does not have enough fiat currency deposited into their account when purchasing virtual assets, a pop-up window appears, leading to a screen that displays the necessary amount that must be deposited and a function that allows them to do so. Upon completing the deposit, users can continue with their purchase. They can also navigate to the fiat deposit screen by selecting the plus symbol icon next to the available purchase amount.