South Korean cryptocurrency-only exchange Cashierest to close its doors

Dtcpay Looks to Extend Crypto Payment Services to Hong KongDtcpay, a Singapore-based payment processor catering to both fiat and cryptocurrencies, has set its sights on expanding into Hong Kong by the end of this year. The company also has plans to establish an office in Dubai, another prominent crypto hub, by 2024.Photo by Jonas Leupe on UnsplashNorth Asia potentialIn an interview with Tech in Asia, Kanny Lee, the group CEO of Dtcpay, expressed optimism about the North Asia market, citing clear regulations and rules for digital assets and the recent opening up to retail participants. Lee believes that the region holds significant potential for growth over the course of the coming years.Dtcpay generates revenue through crypto conversion rates on transactions and has already acquired approximately 12 merchants. The company aims to onboard up to 100 merchants by the end of 2023. Since the beginning of this year, the firm has experienced a fourfold increase in transaction volume.Seamless regional paymentsLee acknowledged that most consumers view tokens primarily as investments. Dtcpay’s objective is to unify various payment methods across different countries, including Indonesia, Malaysia, India, Vietnam, and Singapore, providing a seamless experience for both merchants and consumers.As an example, Dtcpay enables users to purchase cars using cryptocurrencies, significantly reducing transaction fees from approximately 4% to just 0.5% compared to cash payments. Notable partnerships in Singapore include Cars and Coffee and DM Autohaus.In June, Dtcpay secured a pre-series A funding round, raising $16.5 million from Kwee Liong Tek. Tek, the chairperson of the Pontiac Land Group, which owns renowned hotels such as the Ritz-Carlton and Conrad Hotels in Singapore, has enabled Dtcpay to target the hospitality sector. At the time Lee said that there are an increasing number of businesses expressing interest in collaborating with regulated entities in the digital assets space and combined with an increase in the adoption of digital payments, that’s turbocharging DTCpay’s business.RebrandThat focus on digital payments led to the company rebranding back in April from Digital Treasures Center to Dtcpay. It appears that Hong Kong was already on the company’s radar back then as Lee stated at the time that “in Asia, particularly the key tier 1 financial capitals such as Singapore, Hong Kong and Tokyo, [they] have experienced a rapid rate of digital adoption primarily due to transparent regulatory frameworks for digital financial inclusion.”Additionally, Dtcpay obtained a major payment institution license from the Monetary Authority of Singapore in August 2022. The company plans to launch a debit card in Q4 2023. That product will allow cardholders to convert their cryptocurrencies into multiple currencies without incurring foreign exchange fees.The company was co-founded in 2019 by Sam Lin, Band Zhao, and Alice Liu, with Lee joining the company earlier this year with a view towards expanding its area of operations beyond Singapore.With its expansion plans into Hong Kong and its focus on innovation, Dtcpay is certainly aiming to establish itself as a leading player in the crypto payment services industry, catering to the evolving needs of merchants and consumers alike.

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.

Korean Game Company to Reward Female Golfers with WEMIX TokensKorean game company Wemade has teamed up with television channel SBS Golf to reward Korean professional female golfers with WEMIX tokens, according to a Wemade press release.Photo by Allan Nygren on UnsplashWEMIX point systemGolfers participating in the regular tours of the Korea Ladies Professional Golf Association (KLPGA) can earn WEMIX points based on their performance and records. At the end of the 2023 season, the top 60 players in the WEMIX point system will share a total of 500,000 WEMIX, with the player in first place earning 90,000 WEMIX.Golfers can earn WEMIX points in three ways: by ranking in the top 10 for each tour, advancing to the final round of each tour and earning points based on the number of strokes for each hole, or consecutively ranking in the top 10 for tours. Meanwhile, golfers who don’t make the cut may face penalties.Sports NFTsThe top 60 players in the WEMIX point system will receive sports NFTs, which can be exchanged for WEMIX tokens any time after a certain date.For the gallery, Wemade’s NFT platform NILE marketplace will feature NFTs corresponding to the top 60 players in the WEMIX point rankings.More intensified competitionAn SBS Golf official expressed excitement about the new point system for KLPGA players. The extra rewards are expected to spark more intensified competition and provide fans with unique experiences, contributing to the promotion and development of the league.Wemade has stated that this initiative is just the beginning, and that the company plans to continue developing innovative ways to provide new experiences to players and fans across various sports in the future.