Korean blockchain firms Creder and ITCEN partner with Malaysia STO exchange Green-X

Dubai-headquartered crypto derivatives trading platform Bybit has moved to enable stock trading on its platform.  The offering, initially featuring 78 stocks, is being provided via Bybit’s MT5 platform, which includes access to various financial instruments including forex, commodities, contracts for difference (CFDs) and crypto, according to an announcement made by the company last week.Photo by Ishant Mishra on UnsplashStock derivatives via CFDsIndividual stocks are being offered in a pairing with U.S. dollar stablecoin USDT. Bybit’s MT5 is a trading platform originally developed by software company MetaQuotes, facilitating the integration of various asset classes within one platform. Enabled through the use of CFDs, holders of such stock-derived CFDs can receive dividend adjustments based upon the ex-dividend events of the underlying stocks. A trading fee of 0.04 USDT has been set, with a minimum charge of 5 USDT per order. Access to leading global equitiesBybit users will now be able to gain exposure to leading U.S. equities such as Apple (AAPL), Amazon (AMZN), Meta (META), Microsoft (MSFT) and Nvidia (NVDA). By adding this product to its multi-asset trading platform, Bybit has reduced a degree of friction for market participants. In pairing these stocks with USDT, it means that there is no fiat onboarding required and transferring funds in fiat from outside the crypto ecosystem is not required. In a press release, the firm asserted that the development was a “landmark move bridging traditional and decentralized finance.” Bybit further asserted that with this product launch, it has become “the first and only major crypto exchange to unify crypto, stocks, and traditional assets under one roof.” Previous offeringsA few years ago, global crypto exchange platform Binance had offered tokenized stocks through a partnership with German global financial services firm CM-Equity AG. However, it withdrew that product offering in 2021 when faced with growing regulatory pressure.  Failed crypto exchange FTX also offered its users exposure to tokenized stocks, which was also facilitated by CM-Equity AG. That product offering came to an abrupt halt in November 2022 when the platform collapsed. With a more positive regulatory position having been adopted in the United States following the election of U.S. President Donald Trump, tokenized stock offerings are emerging once again. In March Coinbase CFO Alesia Haas said that the Securities and Exchange Commission (SEC) could facilitate such offerings going forward. The U.S. crypto exchange platform has revived plans to tokenize its own COIN stock, alongside other securities.Bernstein analysts recently predicted that the crypto sector is moving towards integrated platforms that offer both traditional financial products alongside digital assets. Further evidence of this approach emerged on May 22 with the news that global crypto exchange platform Kraken plans to add access soon to a range of tokenized stocks for its global user base.  The company’s U.S. clients can already access in excess of 11,000 stocks and exchange-traded funds (ETFs). Blurring the lines further between TradFi and the digital assets space, JPMorgan CEO Jamie Dimon indicated last week that the investment bank will facilitate Bitcoin trading for clients from now on.

Singapore Pledges $112M to Boost Fintech Solutions Including Web3Acknowledging the growing significance of collaboration with industry stakeholders in propelling advancements in emergent technologies such as Web3, Singapore’s central bank, the Monetary Authority of Singapore (MAS), has unveiled plans to allocate up to 150 million Singapore dollars (approximately $112 million) towards supporting a spectrum of financial technology solutions, with a special focus on Web3.Photo by Jason Leung on UnsplashDistributed over three yearsThis financial commitment, outlined in a press release published to the MAS website on Monday, will be distributed over a three-year period as part of the revamped Financial Sector Technology and Innovation Scheme (FSTI 3.0), designed to invigorate and fortify innovation by backing projects that leverage cutting-edge technologies.The renewed innovation scheme encompasses multiple avenues, including the Enhanced Centre of Excellence track, the Environmental, Social and Governance (ESG) fintech track, and the Innovation Acceleration track — the last incorporating the realm of Web3.Emphasizing industry partnershipsMAS underlined the importance of forging partnerships with industry participants to bolster inventive fintech solutions originating from emerging technologies such as Web3.“MAS will conduct open calls for the use of innovative technologies in industry use cases. Grant funding will be provided to support actual trial and commercialization,” the central bank stated.In addition to these efforts, the initiative will maintain its commitment to encouraging adoption across domains like artificial intelligence, data analytics, and regulatory technology (RegTech). Furthermore, there will be an emphasis on fostering adoption within companies that are still digitally maturing and seeking to integrate RegTech solutions.Applicants across the various program tracks will be required to allocate resources toward nurturing talent. This strategy aims to augment Singapore’s fintech talent pool, ultimately contributing to the nation’s expertise in the sector.Ravi Menon, the Managing Director of MAS, underscored the substantial investment that the Financial Sector Development Fund (FSDF) has funneled into the FSTI program since its inception in 2015.Menon highlighted that this initiative’s overarching objective is to spur innovation and facilitate the seamless integration of novel technologies within the financial landscape. Over the years, the program has exemplified its commitment to driving transformation and pioneering the adoption of new technology across the financial sector.Nurturing Web3 innovationPotential Web3 and crypto hubs have come and gone, but Singapore has been vying to take its place as a center for Web3 innovation over a sustained period after it suffered some setbacks in 2022 related to a string of crypto business failures.While Binance had not been permitted to serve customers in the city-state, that meant that a disproportionate number of Singaporeans got caught up in the failure of the FTX crypto exchange. Alongside that regulatory failure, state investment giant Temasek had to write off a substantial investment in the company, while suffering reputational damage for not having detected the FTX fraud.The city-state has also been home to the failure of crypto lender Hodlnaut and crypto hedge fund Three Arrows Capital (3AC). Despite these setbacks, Singaporean authorities are continuing to work towards setting the proper stage to further develop Web3 innovation. In June, MAS proposed a comprehensive framework for the design of open networks relative to tokenized digital assets. This latest initiative will further Singapore’s ambition to grow its Web3 sector.

Of all the crypto startups bootstrapping their way forward in 2023, few have forged as many industry partnerships as Singapore-based fiat-crypto payment solutions provider Alchemy Pay. This week brought two more collaborative developments for the fledgling company.Photo by Erika Fletcher on Unsplash Trust Wallet partnershipAlchemy Pay has entered into a strategic alliance with Trust Wallet, a self-custody and multi-coin wallet project headquartered in San Francisco, boasting over 70 million users. The collaboration empowers users to seamlessly engage in crypto transactions with various fiat payments directly within Trust Wallet.According to a press release published by the company on Wednesday, the integration not only enhances the user experience but also provides more on and off-ramp solutions. With that, it potentially lowers the entry barrier for retail users and aids acceleration of the adoption of Web3.Trust Wallet users can now convert between crypto and fiat using a multitude of international and local payment methods which are enabled by Alchemy Pay from within the wallet. The platform supports over 30 fiat currencies and accommodates transactions involving numerous cryptocurrencies across more than 100 blockchains.Robert McCracken, the Ecosystem Lead at Alchemy Pay, expressed pride in the partnership, emphasizing the commitment to ensuring a smooth, compliant and secure user onboarding process for fiat on-ramp and crypto off-ramp. The collaboration aims to make comprehensive on and off-ramp support available to the global user community.Nate Zou, Trust Wallet’s Product Lead, was similarly enthused, stating:“We’re excited to offer more fiat solutions for our users by working with Alchemy Pay, making crypto more accessible than ever. This opens up new buying options for our global user base and introduces lower fees and more convenient payment methods while maintaining full ownership of their assets.” Enabling UK and Euro paymentsNot resting on that single collaboration, in a separate development Alchemy Pay has introduced new payment options, including the euro instant solution, Single Euro Payments Area (SEPA) Instant and the U.K. fast money transfer option, Faster Payments. According to details of these additions published to the Alchemy website on Thursday, the aim is to simplify the process of purchasing cryptocurrencies like Bitcoin, with transfers being processed in seconds to within a few minutes.SEPA Instant allows European Alchemy Pay customers to buy cryptocurrency up to 5,000 euros ($5,460), while Faster Payments, available in 30 European countries and the U.K. after Know Your Customer checks, has a transfer limit of up to 5,000 British pounds ($6,320). These options complement existing local payment channels, such as the Polish Blik payment system, Bancontact, Skrill and others.The announcement emphasized that this expansion of payment channels throughout Europe signifies Alchemy Pay’s growing influence and market reach.Notably, the platform recently acquired licenses in the United States, including Iowa and Arkansas. It has stated that other such state license applications are in the works, with the company expecting further licensing awards to be announced in the coming weeks. The firm also expanded its operations in Indonesia and Lithuania in February 2023.As Alchemy Pay actively broadens its payment services worldwide, the partnership with Trust Wallet and the enabling of Euro area and UK payments contributes to its mission of making crypto transactions more accessible and user-friendly on a global scale.