Intella X Partners With Aptos Foundation to Accelerate Growth of Web3 Gaming

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.

Korean Blockchain Firm Proposes Fintech Collaboration in CambodiaSouth Korean fintech and blockchain company KONDOR recently made an announcement through a press release regarding the establishment of a blockchain fintech advisory board in Cambodia. The firm has proposed a business agreement to the Securities and Exchange Regulator of Cambodia (SERC) with the aim of ensuring sustainable growth in the financial sector and capital markets.Photo by allPhoto Bangkok on PexelsFintech advisory boardThe advisory board comprises experts from various fields, including finance, economics, law, blockchain technology, fintech, and artificial intelligence. They will function independently, offering counsel on policy decisions.Sou Soucheat, Director General of SERC, highlighted that Cambodia is currently in the process of rebuilding and has a youth-driven economy and financial markets. He sees the collaboration with KONDOR as a valuable opportunity to develop a future-oriented financial system.The advisory board will see participation from KONDOR and other notable members, namely VEXK, a global digital asset exchange in Vietnam; Blue Contents, a Honolulu-based digital economy research center; and the Paññāsāstra University of Cambodia, a key player in the country’s educational field.KONDOR and VEXK have put forth a proposal for the joint establishment of a trust company and the pursuit of a custody license in alignment with Cambodia’s revised trust law of 2019.Procuring licensesFollowing the proposal’s approval, VEXK plans to procure a license as a digital asset exchange, as well as a license to establish a trust company. This would enable VEXK to effectively oversee clients’ digital and physical assets through accounts within the established trust company. The safety of these assets will be ensured through insurance coverage provided by reputable global insurers. Furthermore, VEXK will acquire the ability to facilitate USD trading and will retain the digital asset exchange license for five years.The license application will gain support from the SDG Impact Fund, a US-based organization managing $11 billion worth of assets, and the Estates & Infrastructure Exchange (EIX), a project bond exchange based in London.EIX CEO Mark Worrall said that active support from a securities regulator in the dynamic and expanding Web3 era would certainly contribute to Cambodia’s economic growth.

Hong Kong regulator, the Securities and Futures Commission (SFC), has established guidelines for crypto staking service providers. That’s according to a statement published by the SFC to its website on April 7. The guidance is aimed at licensed virtual asset trading platforms (VATPs) and SFC-authorized funds with exposure to digital assets.Photo by Markus Winkler on UnsplashExpanding service offeringThe regulator points out that the guidance on staking falls in line with its recently announced “ASPIRe” roadmap, which is geared towards ensuring that the Chinese autonomous territory remains relevant in its efforts to maintain its status as a global hub for crypto businesses. Expanding product and service offerings within the crypto sector was one of the five pillars of that plan. Smoothing the way for the offering of staking works towards fulfilling that aspect of the ASPIRe plan. Written approvalIn this guidance, the SFC sets out that licensed service providers must obtain written approval from the regulator before any such product can be offered to investors in Hong Kong. That stipulation applies to both VATPs and authorized funds with digital asset exposure. Additionally, VATPs must retain control over staked assets, with no delegation in the custody of such assets to third parties permitted. In the case of authorized funds that include crypto assets, they must stake virtual asset holdings through licensed VATPs and other authorized institutions. Required disclosuresThe regulator has also stipulated that certain disclosures must be made by licensed exchanges to potential customers in respect of staking products. These include the disclosure of all associated risks, full transparency with regard to fees, minimum lock-up periods and custodial arrangements. Commenting on the provision of this guidance, SFC CEO Julia Leung said that the provision of a greater range of regulated services and products is crucial in order to sustain continued growth of Hong Kong’s virtual asset ecosystem. However, she added that any broadening of the range of services offered “must be done in a regulated environment where the safety of client virtual assets continues to be front and centre of the compliance framework for offering such service.”   The SFC outlined that it recognizes “the potential benefits of staking in enhancing the security of blockchain networks and allowing investors to earn yields on virtual assets within a regulated market environment.” The authorities in Hong Kong are not the only ones who recognize the benefits that the incorporation of staking within crypto investment products can bring. Last month, Robert Mitchnick, head of digital assets at the world’s largest asset manager, BlackRock, told the Digital Assets Summit in New York that Ether ETFs would benefit from the addition of staking.  Mitchnick suggested that the current inability to earn a staking yield within such products is a key limitation. He outlined that such a change is dependent upon relevant regulatory changes being implemented in the U.S. A more crypto-friendly climate in the U.S. since U.S. President Donald Trump took office has resulted in various lawsuits being dropped against companies like Coinbase related to the staking services that had been offered. A number of U.S. Ether ETF issuers, including Franklin Templeton, Grayscale and Bitwise, have put forward proposals to the Securities and Exchange Commission (SEC) to have staking included in these products.