UAE initiates landmark cross-border digital dirham payment

Ninety Eight launches web3 startup fundNinety Eight, a dynamic ecosystem of Web3 innovators, has unveiled its latest venture, a $25 million ecosystem fund.The company is headquartered in Ho Chi Minh City, Vietnam, with the objective of founding and funding blockchain companies that make Web3 accessible to everyone. The firm was founded by Le Thanh, alongside co-founder and CEO Nguyen Vinh.Photo by Markus Winkler on UnsplashFocus on AsiaThe announcement, made via a blog post to the company’s website on Tuesday, indicates that the fund will support the development of Web3 startups within the Asian region.The project’s primary objective is to nurture the growth and advancement of Web3 startups within a crypto and blockchain sector in Asia that continues to progress and evolve. Ninety Eight takes an approach that encompasses both financial backing and strategic guidance for handpicked startups, with a dedicated team working in tandem to provide insights and facilitate access to its extensive network of industry collaborators.Leveraging ecosystem infrastructureNinety Eight maintains that entrepreneurs can harness its infrastructure and draw upon the depth of its ecosystem. One of the key components of that ecosystem is Viction, formerly known as Tomochain.Viction is a layer-1 blockchain boasting zero-gas transactions and cutting-edge security features. The project claims that Viction creates the ideal conditions for projects to broaden their horizons and enhance their prospects of success.C98 tokenA defining feature of the ecosystem fund is its emphasis on promoting the utility of its native token, C98. Originally conceived as a wallet token, C98 has since transformed into an instrument for propelling Web3 innovation. With its versatile applications, Ninety Eight claims C98 holds the potential to revolutionize the way Web3 applications are conceived, deployed and utilized. Through the ecosystem fund, the company mission is to bolster startups capable of harnessing C98 to craft inventive and impactful solutions.Ninety Eight has incorporated Arche Fund within its offering, with it assuming the role of fund custodian. It also plays a part in overseeing the fund and closely collaborating with selected startups to unlock their full potential. Arche Fund offers value-added programs while equipping partnering businesses with essential tools, resources and invaluable networks.By propelling their pioneering vision, we empower our partners to transform their aspirations into reality. CEO Thanh Le articulated the firm’s mission, stating:“Our path forward is guided by one principle — we are builders backing builders. Thanks to the incredible community that has brought us to where we are today, we are determined to give back. We believe that by supporting talented builders and providing them with the necessary resources, we can drive the adoption of Web3 technologies and shape the future of the decentralized internet.”The firm previously launched its Vietnam Future Fund earlier this year, with a view towards concentrating on propelling Vietnamese Web3 startups forward.Prospective startups considering applying for funding from the Ninety Eight ecosystem fund are being encouraged to submit their applications via the Arch Fund’s submission form.

Kiwoom Securities and Koscom Partner to Pilot Security Token Platform Amid Regulatory ChangesKiwoom Securities, a securities firm based in South Korea, has recently taken a step forward by announcing its collaboration through a memorandum of understanding (MOU) with fintech company Koscom. This partnership aims to carry out a pilot program for a security token platform.Photo by Shubham’s Web3 on UnsplashPreparing for regulatory shiftIn light of the expected enactment of a revised bill that will establish a legal framework for security tokens, the two companies have joined forces to work towards creating standardized practices for security tokens. Once this regulatory act comes into effect, fractional investment companies — the entities responsible for issuing security tokens — will have the opportunity to kick-start their operations promptly. This will be possible by utilizing the systems developed by securities firms, also known as account management institutions. The primary objective of this MOU is to define the essential industry standards that will facilitate this process.Combining strengthsWhile Kiwoom Securities benefits from a substantial retail customer base, Koscom brings technological expertise to the table thanks to its four-decade-long track record of constructing the data infrastructure for capital markets. Together, they will work to verify the seamless integration of distributed ledger technology into the operational system of the securities firm.Kiwoom Securities has been making strides in this direction through its partnerships with diverse companies, including music copyright trading platform Musicow and fine arts fractional investment platform Tessa. These collaborations have provided Kiwoom Securities with practical experience and technological insights relevant to security tokens.Hwang Hyun-soon, CEO of Kiwoom Securities, expressed Kiwoom’s commitment to collaborating to ensure that the security token platform developed by both companies evolves into a benchmark platform for the future security token market.Hong Woo-sun, CEO of Koscom, remarked that they expect the agreement to play a role in advancing their security token businesses and developing the Korean security token market.

Hana Securities Holds Second Event to Promote Security Token VentureHana Securities, the securities arm of South Korean financial holding company Hana Financial Group, is currently holding the second event of its Meta1 project, which aims to bridge future assets with modern finance as part of the company’s security token platform venture.This comes after the first event in April, which was organized in collaboration with the art gallery Print Bakery (PBG), during which it showcased paintings and NFT artwork by PBG exclusive artists Kim Sunwoo and DADAZ.Photo by Zach Key on UnsplashA fusion of NFT art and creative workshopsThe second event, dubbed “Meta1 Art & Play,” is being held in collaboration with PBG again at Airdrop Space in Garosu-gil, southern Seoul, and will continue until September 3. It showcases an art exhibition of 20 works, including new NFT artwork by Kim Sunwoo and DADAZ as well as pieces by collage artist Sunhotan and illustrator Boat. The latter two artists will also teach one-day art workshops for pre-registered guests, and their works will later be issued as NFTs, Hana Securities said.Collaborative pop-ups and diverse eventsIn addition, the event features a pop-up bar jointly operated by Hana Securities and online liquor retailer Dali. Visitors can enjoy a cocktail made with the Johnnie Walker Blue Label Nomad Seoul edition whisky by signing up for Dali and opening a Hana Securities banking account. Johnnie Walker and Dali are participating as sponsors of the event.Visitors who make reservations beforehand will also be eligible to receive a cup of coffee and an NFT made by one of the participating artists. Surprise gifts will also be prepared for 100 guests every day on a first come, first served basis.“We have prepared ‘playable, visual, and enjoyable’ content for visitors to have hands-on engagement in line with the recent trend of experience-based consumption,” said Im Sang-soo, Head of the Wealth Management division at Hana Securities.