NEOPIN to launch bridge platform for Finschia, Ethereum and Klaytn networks

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.

Parameta and Solbric Korea to Create First Solar Power Plant Security Token Platform in KoreaSouth Korean blockchain company Parameta (formerly known as Iconloop) said Tuesday it entered a business deal with Solbric Korea, a subsidiary of solar energy innovation company Next Solar Energy, to jointly establish the country’s first solar power plant security token platform that allows investors to make fractional investments in solar energy.Photo by Nuno Marques on UnsplashReceiving approval as an innovative financial serviceIn order to establish such a platform that designates solar power plants as underlying assets, they will jointly apply for a financial regulatory sandbox — a program introduced by the Korean government that offers a special and provisional regulatory exemption for financial services that have been recognized for their innovativeness.Once the platform is recognized under the sandbox as an innovative financial service, the two companies will work together on the issuance and distribution of security tokens.Expanding opportunities to invest in solar energyUltimately, Solbric aims to build a platform that brings security token technology to the solar power sector, which, until now, has presented limited investment opportunities for individual investors in Korea. It will allow them to trade securities and make small-scale, fractional investments in solar power plants.To do so, Solbric intends to leverage the knowledge and expertise of its parent company, Next Solar Energy — an experienced veteran in the solar plant industry.As its partner, Parameta will provide the necessary blockchain technology for constructing and managing the platform based on its security token offering service, Parameta S. This service uses tokens to allow fractional management of real-world assets (RWAs), making it easy to invest in and organize them. This offers more liquidity and flexibility compared to traditional investment methods.“We will focus on providing investment returns to platform users as well as the unique experience of owning various solar power plants,” said Kang Jae-won, the CEO of Solbric Korea.Increased institutional supportThis project is made possible by the recent upturn in institutional support from Korean financial authorities that allows more security token offerings. Last month, the Korean Financial Services Commission ultimately granted regulatory exemptions to several fractional investment firms that have successfully completed the business reorganization as requested by the regulator. The Financial Supervisory Service has also decided to allow fractional investment businesses to apply for investment contract securities.Taking advantage of this momentum, Solbric and Parameta plan to continually explore diverse business opportunities to establish their platform.“We are currently working with various specialized companies, including Solbric, to expand our security token businesses in various fields such as solar power plants, mobility, real estate non-performing loans, carbon emission rights, and electric vehicle batteries,” said Kim Jong-hyup, CEO of Parameta.

China Launches Digital Yuan ATMs in Hainan Resort City of SanyaThe latest in a long list of initiatives to bring about further use of China’s digital yuan has seen the introduction of e-CNY ATM machines within the resort city of Sanya on Hainan Island. That’s according to a recent report published by the South China Morning Post (SCMP).Photo by Monstera on PexelsInternational currency exchangeThe introduction of e-CNY foreign exchange machines aims to provide visitors with easy access to digital payments and enhance their experience in the local mobile payments ecosystem. Resembling traditional ATMs, these machines allow tourists to deposit 20 different currencies, including US dollars and euros, and receive a physical card loaded with e-CNY in return.The card can be used for seamless payments at participating merchants with a simple tap. Travelers can also use the machines to top up their e-CNY balance, check transaction records, and manage their funds.This initiative addresses the needs of tourists who often face challenges setting up Chinese mobile wallets, which have become essential for retail, dining, transportation, and shopping. These mobile wallets typically require real-name verification and a local bank account, posing difficulties for foreign visitors.While limited prepaid options have been available in recent years, the e-CNY card now offers a convenient digital payment solution without the need to download a separate app. The machines are currently available in two cities, with the Bank of China (BOC), one of 11 authorized banks for e-CNY, leading the development of these innovative devices.Earlier this year, BOC launched a similar foreign exchange machine at Yiwu International Trade City in Zhejiang province, emphasizing China’s efforts to promote digital currency and facilitate financial accessibility. Both Zhejiang and Hainan have been striving to become attractive destinations for foreign tourists and merchants. In May, administrators within the local government in Jiangsu Province confirmed that they would be launching an initiative to promote use of the digital currency within the local education system.The introduction of these machines aligns with Beijing’s mission to develop and promote its sovereign digital currency, known as the Digital Currency Electronic Payment (DCEP). The project, which began trials in 2019, aimed to enhance financial inclusion and digital finance accessibility for unbanked individuals.Digital yuan internationalizationChina has been actively pursuing the internationalization of the digital yuan, seeking to facilitate yuan-denominated trade and investment, while reducing reliance on the existing global financial system. In May, the BOC entered into a partnership with French financial services firm BNP Paribas that will see the company promote e-CNY to its corporate clients.China’s efforts to promote cross-border use of e-CNY extend to regions like Hong Kong, a key offshore yuan center. A trial of the e-CNY for cross-border payments took place last year, facilitating more than 150 million yuan ($22 million) of cross-border e-CNY transfers in 160 payments, involving 20 commercial banks in Hong Kong, Thailand, and the United Arab Emirates (UAE).As China continues to make inroads where adoption and use of the e-CNY are concerned, these developments signal a significant shift in the way we can expect sovereign currencies to be made available globally.