Korean Blockchain Firm Proposes Fintech Collaboration in Cambodia

Hong Kong and Israel Collaborate to Expand CBDC Access Beyond BanksIn a collaborative effort, the Hong Kong Monetary Authority (HKMA), the Bank of Israel (BoI), and the Bank of International Settlements (BIS) Innovation Hub have jointly released a comprehensive report on Project Sela, a central bank digital currency (CBDC) initiative.Photo by POURIA 🦋 on UnsplashBroadening the role of intermediariesThe report was published to the BIS website on Tuesday. In keeping with the trend of many CBDC projects, Project Sela is characterized by a robust public-private partnership. However, its particular focus lies in broadening the spectrum of intermediaries, aiming to offer retail CBDC services through a more diverse array of service providers, thereby reducing dependency on traditional banks and major payment providers.Andrew Abir, Deputy Governor of the Bank of Israel, emphasized the importance of fostering a dynamic and open ecosystem with a wide variety of service providers. He stated:“Competition and innovation require a flourishing and open ecosystem with many different types of service providers. This was our initial goal in Project Sela as a proof-of-concept, and the project proved the feasibility of the model we had in mind.”Involving retail banksIn a previous model explored through Hong Kong’s Project Aurum, retail banks were entrusted with customer-facing tasks while maintaining the central bank’s operation of the wholesale ledger for the eHKD. In contrast, Project Sela introduces a novel approach where the central bank operates the retail ledger — a model akin to Israel’s digital shekel.The primary actors in Project Sela, known as Access Enablers (AEs), notably do not have control over CBDC balances, distinguishing them from conventional payment providers. Moreover, AEs are not required to maintain liquidity to support CBDC services. Their role encompasses facilitating user onboarding and CBDC access, fulfilling know-your-customer (KYC) and compliance obligations, and routing payments. The role of banks and other “funding institutions” primarily revolves around enabling the conversion of cash and deposits into CBDC.The rationale behind this approach is rooted in the emergence of technological advancements in open banking and DeFi, which have demonstrated the potential to disentangle financial services by granting users greater access to their financial data and control over their own funds.Enabling participation among the unbankedProject Sela envisions the unbanked population utilizing ATMs to convert cash into CBDC. A similar approach has recently been taken by the Chinese authorities. In the resort city of Sanya, authorities have introduced e-CNY ATMs in order to enable e-CNY access for foreign tourists.However, it is noteworthy that in many countries, the primary function of ATMs is to dispense cash rather than accept it. Consequently, the inclusion of AEs could pose challenges to traditional banking institutions, as CBDC adoption could potentially impact bank deposits.Privacy and cybersecurity considerations are implicated within Project Sela. As the central bank operates the retail ledger, ensuring the confidentiality of personal information becomes imperative. To safeguard privacy, AEs employ a hashing mechanism to obfuscate personal identifiers, although the report does not delve into the subject in detail.While Bank of Israel Governor Amir Yaron admitted that a CBDC can never be anonymous, he claimed that “if we choose to issue a digital cash shekel, it will provide at least as much privacy as other digital means of payment.”

BU Technology to provide digital asset issuance platform to Ret GamesSouth Korean blockchain firm BU Technology has partnered with digital asset management service provider Byffin to supply a digital asset issuance platform built on its distributed ledger core optimization solution, All-in-one DLT Core (ADC), to Seoul-based Web3 gaming studio Ret Games, according to local news platform Financial Review on Thursday.Photo by GuerrillaBuzz on UnsplashElevating gaming dynamicsAccording to the article, the digital asset issuance platform will be on-boarded to Ret Games’ Play-to-Earn (P2E) gaming platform Pomerium, which houses flagship games like Pome Run and Pome Rumble.“This contract can be seen as proof that ADC is the most competitive blockchain solution in the gaming field,” BU Technology said. “The number of companies submitting inquiries about adopting ADC has increased drastically compared to the previous quarter, especially considering the advantages of ADC like blockchain data processing speeds of over 10,000 transactions per second (TPS).”With ADC and the digital asset issuance platform, Ret Games will be equipped with a high-speed blockchain system that can be utilized in games. The gaming company will also be able to receive a portion of the fees that are paid when issuing digital assets such as game items, thereby yielding increased sales and profits.Safeguarding gaming integrityNotably, Ret Games has generated some KRW 18 billion (approximately $14 million) in revenue through the game data verification system developed by Pomerium called “Guardians”, which validates forged and irregular data in the Pomerium ecosystem and distributes token rewards in return.“Ret Games will be able to detect and verify abnormal transactions of off-chain and on-chain game data for users with the Guardians system installed on their PC,” BU Technology explained. “Web3-based business can also be facilitated since users who participate in the validation of game data are rewarded with PMG tokens.” PMG is the governance token for Pomerium.

Wemade Releases Sustainability Report to Demonstrate Commitment to TransparencyWemade, a leading South Korean blockchain gaming company, has published its 2022 sustainability report, demonstrating its commitment to transparency and effective communication with shareholders and investors.Photo by Ash from Modern Afflatus on UnsplashThree ESG objectivesIn the report, Wemade CEO Henry Chang outlined three key objectives focused on environmental, social, and governance (ESG) principles. These objectives are strengthening the company’s eco-friendly practices, nurturing future minds in the blockchain industry, and establishing a transparent governance framework.Wemade’s WEMIX 3.0 ecosystem is built on three main pillars: the global blockchain gaming platform WEMIX PLAY, the DAO-based NFT platform NILE, and the decentralized finance service WEMIX.Fi. These platforms are supported by the WEMIX token and WEMIX Dollar (WEMIX$), which are key currencies within the ecosystem. WEMIX$ is fully backed by USD Coin (USDC).The WEMIX token is listed on more than 17 cryptocurrency exchanges, including KuCoin, Gate.io, and Bybit, according to CoinMarketCap. Meanwhile, WEMIX$ can be traded on WEMIX.Fi and centralized exchange BitMart.Transparency initiativesThe report highlights various transparency initiatives undertaken by the company. Wemade has partnered with crypto data platform Xangle, intending to enable users to monitor the real-time circulation of the WEMIX token. The company has also established a protocol investment committee of five members to review and approve diverse projects. Furthermore, the report mentions that all of the undistributed WEMIX tokens are held by institutional custodian Ceffu (formerly known as Binance Custody) to ensure WEMIX’s stability.According to the report, Wemade is committed to effective communication with stakeholders worldwide, including shareholders, token investors, and gamers. CEO Chang’s quarterly conferences play a significant role in unveiling the platform’s policies and answering stakeholders’ questions. Additionally, the company ensures the dissemination of information in multiple languages (Korean, English, Chinese, Spanish, and Indonesian), catering to global WEMIX token holders.CEO Chang underlined the company’s dedication to enhancing corporate transparency and fulfilling its social responsibilities. These measures are aimed at facilitating the sustainable growth of the blockchain company.