China Performs Well as Global Crypto Industry Employment Surpasses 190,000

Sejong Telecom to showcase real estate STO platform at 2023 Blockchain Grand WeekSejong Telecom announced that it is participating in the upcoming 2023 Blockchain Grand Week from Wednesday to Thursday in Seoul to showcase BBRIC — its blockchain-based security token offering (STO) service that tokenizes real estate profit rights — while securing business partners in the process.Photo by Precondo CA on UnsplashLeveraging blockchain technology in real estateBBRIC is built and operated on distributed ledger technology, which protects investors by digitizing their real estate profit rights and recording them on the ledger. This customizable solution enables enterprises to operate and manage the life cycle of an STO, including token issuance, investment product sales, investor deposits and transactions.Corporate clients can seamlessly integrate BBRIC into their respective services or platforms to issue and trade security tokens, calculate dividends, conduct settlements and organize shareholder meetings. They can also securely manage tokens and digital wallets based on smart contracts.“Our technology-intensive STO solution will be a great help to companies that are preparing STO-related projects,” said Park Hyo-jin, head of Sejong Telecom’s marketing strategy division.Bringing BBRIC to the massesThe 2023 Blockchain Grand Week — hosted by the Ministry of Science and ICT and jointly organized by the National IT Industry Promotion Agency (NIPA), the Korea Internet and Security Agency (KISA) and the Institute of Information and Communications Technology Planning and Evaluation (IITP) — aims to promote the value of blockchain technology in enhancing trust in the digital age.Additionally, Sejong Telecom plans to introduce BBRIC at SoftWave, the largest software exhibition in Korea, set to take place at the end of this month. This follows the company’s presentation at the Busan Blockchain City Conference, which showcased the feats of technological innovation in regulation-free zones. Sejong also seeks to expand its network and accelerate the commercialization of its service.The company will also share updates on its submission for a proof of concept (PoC) project to the NIPA. This project involves building a blockchain-based platform for issuing and distributing security tokens and integrating systems for the utilization of mineral resources.Sejong Telecom also recently partnered with enterprises like Hyosung TNS and KOREIT to promote BBRIC and expand the products and services available on the platform.

SBI Remit and Shonan Shinkin Bank Join Forces on International RemittancesSBI Remit, a long-time partner of Ripple, has expanded its collaboration in Japan, partnering with Shonan Shinkin Bank to offer international remittance services.The partnership, operating under the guidance of SBI Group and announced by SBI Remit last week, claims to provide a more efficient and cost-effective solution for international employees living in Japan who need to transfer money abroad.Photo by Naoya Matsuda on UnsplashEfficient overseas transfersBoth Tokyo and Kanagawa Prefecture, the area of operation of Shonan Shinkin Bank alongside the city of Yokosuka where it is headquartered, have witnessed a surge in the number of migrant employees working there. That makes these metropolitan areas ideal locations for this particular collaboration.According to the press release, the partnership “was formed as mutual use of both parties’ network and strengths would allow Shonan Shinkin Bank to offer highly convenient international money transfer services that deliver convenience for foreign nationals working at local companies while enabling SBI Remit to develop new markets.”The collaboration, named SBI Ripple Asia, aims to leverage Ripple’s distributed ledger technology to streamline international payments. The technology has the potential to disrupt the remittance sector by offering real-time processing of cross-border payments. This approach significantly reduces transfer times and costs. One of the key elements of the partnership involves the use of XRP, Ripple’s native digital asset, for on-demand liquidity (ODL) between Japan and the Philippines. ODL allows for near-instantaneous transfers.Broader sector trendThis partnership is part of a broader trend in the financial industry, where blockchain technology is being harnessed to enhance services. Ripple, in particular, has been targeting remittances through an offering that enables a competitive edge through both speed and cost-effectiveness relative to transfers. Foreign workers in Japan, particularly the 280,000 Filipinos working in the country, stand to benefit from this new offering. That’s due to the ongoing need for foreign overseas workers to send money back home.The SBI Remit and Shonan Shinkin Bank collaboration highlights the immense potential of blockchain technology in reshaping financial services, especially in regions with a high concentration of foreign workers.This development represents yet another significant achievement in the longstanding partnership between SBI and Ripple. The two companies first began to cooperate by way of a mutually beneficial partnership in 2016 with the establishment of SBI Ripple Asia. The recent demonstration of using XRP for ODL remittances in Japan and the Philippines showcases the tangible benefits of this collaboration, with the potential to reduce international transfer times from days to mere minutes.With the demand for seamless international money transfers on the rise, the partnership between SBI Remit, Shonan Shinkin Bank, and Ripple is poised to make a significant impact on the remittance landscape in Japan and beyond.Foreign overseas workers and the families they support in their home countries have long since been at the edge when it comes to financial inclusion. In the press release, Shonan Shinkin Bank was stated to be committed to achieving financial inclusion by partnering with various stakeholders to provide solutions to the various issues facing small- and medium-sized enterprises, as well as providing international remittances and other solutions to the diverse local community.As the financial industry continues to embrace blockchain solutions, collaborations like this one serve as a testament to the ongoing evolution of global payments systems.

Four Pillars for Success in Korean Security Token MarketOn Wednesday, blockchain experts in various fields gathered at the 2023 Blockchain Meetup Conference held in Seoul to discuss issues with security tokens and their outlook.©Pexels/Alesia KozikWhat attracted security token businesses’ attention at the meeting was a presentation by Jung Eui-heon from Lambda256, a subsidiary of Korean crypto exchange Upbit’s operator Dunamu. He shared four pillars for success in the Korean security token market.Security tokens gaining traction in KoreaSecurity tokens have been a trending topic in the Korean blockchain industry since the Korean Financial Services Commission (FSC) allowed the issuance and trading of security tokens last February. Furthermore, a 2022 report jointly published by Boston Consulting Group and Singaporean investment platform ADDX predicted that the total size of illiquid tokenized assets worldwide would reach $16 trillion by 2030.Against this backdrop, here are the four keys to successful security token projects that Jung outlined.Technology adaptationFirst, he emphasized the importance of adopting rapidly changing technology. To tackle the issue, he suggested teaming up with advanced tech companies for long-term collaboration. When choosing tech partners, companies should ensure they are sustainable, possess technological prowess, hold credibility on high volume transactions, and maintain the security level of financial institutions, Jung advised.Forging partnershipsThe second point he mentioned was the need to forge partnerships. The FSC’s February guideline requires the issuance and distribution of security tokens to be managed separately. This means that security token projects require collaboration between issuers, distributors, account managers, asset holders, and tech companies.New securities productsJung also noted that discovering new securities products is crucial. Partnering with existing fractional investing companies may help accelerate the security token project initially, but in the long run, enterprises will eventually have to create products in various fields such as gaming, movies, and entertainment.Token liquidityLastly, Jung underlined the token liquidity, which plays a crucial role in determining its prices. Issuers will need to find various distributors and vice versa. Securing liquidity requires the establishment of a technical standard that improves interoperability and compatibility, he highlighted.