Philippines to move forward with CBDC without blockchain

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.

Crypto.com Plans to Launch Its Services in South Korea This YearIn an interview with local news outlet Global Economic, Patrick Yoon, General Manager Korea of Crypto.com, shared the global cryptocurrency exchange’s plans to launch its services in South Korea this year. Yoon, who previously held positions at Standard Chartered Bank and Visa, joined Crypto.com in September 2021.Expansion into KoreaAccording to Yoon, Crypto.com is actively preparing to meet the requirements for obtaining a real-name account from a Korean commercial bank. In Korea, virtual asset trading platforms are legally obliged to secure such a bank account in order to support the trading of the nation’s fiat currency, the Korean won. The exchange secured virtual asset service provider registration in South Korea last year through the acquisition of Korea-based virtual asset exchange OK-BIT.Photo by Anna Evlanova on UnsplashCollaboration with Korean ent industryDuring the interview, Yoon emphasized the growing global popularity of Korean entertainment content, including drama and music. He mentioned that Crypto.com is engaging in discussions with various Korean intellectual property holders and entertainment studios to explore innovative ways to introduce Korean culture and art to international crypto audiences. Notable collaborators include entertainment company Fantagio, K-pop girl group Mamamoo, content studio Astory, and production house Studio Dragon.Crypto.com’s global presenceFounded in 2016, Crypto.com has garnered an impressive user base of 80 million worldwide. The crypto exchange has been actively obtaining regulatory approvals in many countries, including France, the United Kingdom, Dubai, Australia, Italy, Greece, and the Cayman Islands.Recent developmentsCrypto.com also recently obtained a virtual asset service provider registration from the Bank of Spain, the central bank of Spain. Prior to this accomplishment, the company received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the central bank of Singapore. While Crypto.com continues to make progress in various jurisdictions, it made the strategic decision to discontinue its institutional offering in the United States due to limited demand in that particular market.

Netherlands-based mobile wallet Swoo Pay has joined forces with global financial giant Mastercard to target the Southeast Asian market, offering crypto cashback on everyday purchases. Crypto loyalty tokensThe partnership was announced via a press release published on Cointelegraph earlier this week. Through Swoo's platform, users stand to gain crypto rewards, specifically Swoo Loyalty Tokens, for each contactless payment made via the app using digitized Mastercard cards. The partnership marks yet another step forward in the convergence of traditional financial systems with the burgeoning world of cryptocurrency. It reflects a broader trend among major financial institutions and retailers, who increasingly view cryptocurrency integration as a means to revitalize loyalty programs. Once users accrue “Tokenback” in the form of Swoo Loyalty Tokens, they have the flexibility to either exchange their rewards for popular cryptocurrencies like USDT or BTC within the Swoo app or convert them into fiat currency through partnering services. As Swoo continues to refine its crypto rewards platform, it will incorporate more Web3 features, further enhancing the utility and value of loyalty tokens within its ecosystem.Photo by Markus Winkler on UnsplashTargeting emerging marketsSwoo Pay is targeting emerging markets. Alongside Southeast Asia, that also brings the Middle East region and Africa within the scope of its marketing efforts for this product offering. Emerging markets have long been seen as ideal markets within which to bring about crypto adoption more generally. The significance of this announcement wasn’t lost on Nicki Sanders, chief technology officer (CTO) with tokenized real estate enterprise, Realio. Taking to social media, Sanders cited crypto adoption as one of three main reasons as to why this partnership could be a game-changer.   Sanders feels that the nature of the offering will result in crypto adoption as daily crypto use will be boosted. In turn, that will bring digital currencies into the realm of mainstream acceptability.She also feels that the product offering will be significant in terms of financial inclusion as it’s very accessible to underserved communities. Additionally, Sanders identifies the inherent innovation as being likely to result in mass adoption. “Focusing on Android and Huawei users, Swoo Pay navigates around Google service sanctions, offering a fresh pathway to digital payments,” she claims.This partnership builds upon the success of a previous trial campaign dubbed “Super Tokenback with Mastercard.” During the three-week initiative, users enjoyed 5% Tokenback (crypto cashback) on all Mastercard purchases made through Swoo Pay. The results were positive, with over 17,000 participants conducting upwards of 128,000 transactions. Not only did this drive increase card spend, but it also introduced a wave of new consumers to the concept of crypto-backed rewards. Representatives from Swoo emphasize the seamless integration of crypto into mainstream markets, ensuring compliance with local regulations and simplifying the launch and scalability of marketing campaigns to attract new users. Conversely, officials from Mastercard underscore the company's commitment to expanding the possibilities of digital payment instruments, prioritizing convenience, technological advancement and security. They highlight the role of Swoo Pay in addressing issues with tokenized payments for Android device users, thereby broadening accessibility to these innovative financial solutions.