Hong Kong taxis likely test case for stablecoin payments

RBI Official Encourages Indian Banks to Adopt BlockchainIn a recent conference organized by the Reserve Bank of India (RBI), Deputy Governor Mahesh Kumar Jain highlighted the importance of adopting innovative technologies like artificial intelligence (AI) and blockchain to ensure sustainable growth and stability in the country’s banking sector.Speaking at the RBI-hosted event for directors of Indian banks last week, Jain emphasized the need for effective corporate governance, governance structure, and risk management strategies to tackle future challenges arising from technological disruptions, evolving customer expectations, and cybersecurity threats.Photo by rupixen.com on UnsplashLeveraging AI and blockchainThe recommendation to leverage AI and blockchain technologies aligns with India’s digital transformation goals and the desire to enhance customer experiences while investing in cybersecurity measures. Jain advised Indian banks to prepare for the future by focusing on digital transformation, exploring innovative technologies like AI and blockchain, and seeking collaborative opportunities with other industry players. He also emphasized the importance of upskilling the workforce to meet the demands of the digital era.Inconsistent approachThis proposal comes at a time when the Indian government’s stance on cryptocurrencies remains ambiguous. While India has been exploring the introduction of a central bank digital currency (CBDC), the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which aimed to establish regulations for digital currencies, has not been legislated.According to the RBI’s annual report, which was published on Tuesday, the central bank is progressing with its retail central bank digital currency (CBDC) pilot program, with plans to expand the number of banks involved, the use cases, and the number of locations. It had expanded the scope of the project to involve one million citizens, but it’s looking to broaden that user base also. In contrast, the country’s approach to decentralized cryptocurrency has been contradictory, sometimes banning it and at other times, allowing it.It is noteworthy that India’s neighbor, Pakistan, has also recently announced plans to train one million IT graduates in AI by 2027, with potential applications in weather prediction, agriculture supply chain optimization, and health services transformation.The RBI’s recommendation to adopt AI and blockchain technologies reflects the growing recognition of their potential benefits for the banking sector.Embracing tech innovation in bankingBy embracing these technologies, Indian banks can enhance efficiency, automate processes, and strengthen security measures. The adoption of AI and blockchain has the potential to transform various aspects of banking, including risk management, fraud detection, customer service, and transaction processing.While India continues to navigate the regulatory landscape surrounding cryptocurrencies, the central bank’s focus on AI and blockchain signals its commitment to embracing technological advancements and preparing the banking sector for the future. As India’s financial ecosystem evolves, the adoption of these technologies can empower banks to offer innovative services, streamline operations, and provide secure and efficient financial solutions to customers.The RBI’s emphasis on digital transformation, AI, and blockchain paves the way for Indian banks to explore new avenues for growth and resilience. As the country progresses on its digital journey, the adoption of emerging technologies will play a pivotal role in shaping the future of the banking sector and contributing to India’s overall economic development.

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.

Moomoo adds more cowbell with MAS license approvalMoomoo Financial Singapore has received in-principle approval for a major payment institution license from local regulator and central bank the Monetary Authority of Singapore.Photo by Zhu Hongzhi on UnsplashFirst stepThe milestone marks the firm’s first step on its journey towards full regulatory approval in the city-state. According to a report by The Straits Times, the company announced its licensing achievement on Wednesday, which makes it the first digital broker of its kind in Singapore to attain this initial licensing accreditation.With in-principle approval under its belt, Moomoo will work towards extending its crypto services to both retail and institutional investors within the country. The firm had been working towards licensing approval since May 2021 when it submitted its initial licensing application to the regulator.Currently, over a dozen firms covering various crypto-related trading activities, have obtained full licenses for digital payment token services in Singapore. In Moomoo’s case, the business markets itself as an all-in-one trading platform which includes a financial information app. Trading on the app is offered on a commission-free basis.Part of Moomoo’s strategy involves the promotion of financial inclusion, unlocking it through the use of innovative technologies. It’s with that intention that it is leaning heavily upon the use of artificial intelligence and big data, while incorporating a crypto trading product offering. Moomoo Singapore CEO Gavin Chia spoke to that approach recently, stating:“We will continue leveraging technology to deliver a unique investing experience, empowering investors to build their knowledge and refine their portfolios for a financially secure tomorrow, starting today.”Tencent backingIn light of this latest licensing success, Chia acknowledged the rising interest in digital payment token trading on their platform. Moomoo Singapore, a subsidiary of Nasdaq-listed Futu Holdings, was established in March 2021. Futu Holdings, in turn, is backed by Chinese tech giant Tencent, and it has positioned Moomoo Financial Singapore to play a significant role in the evolving cryptocurrency landscape within the region.Alongside Moomoo, Futu promotes its Futubull trading platform through its Chinese hub in Hong Kong. Last month, it emerged that subsidiary company PantherTrade, a Hong Kong-based entity, is in the process of preparing a license application in the Chinese autonomous territory.Singapore’s crypto potentialMoomoo Financial Singapore’s acquisition of in-principle approval is in anticipation of Singapore becoming a major cryptocurrency hub in Asia. This growth is attributed to the MAS’s efforts in establishing Singapore as a digital asset hub. Singapore’s crypto-friendly environment is demonstrated by a significant surge in cryptocurrency and blockchain investments, reaching $1.2 billion in 2022 compared to $109.75 million in 2020, according to Statista.In a survey conducted by Swiss crypto bank Sygnum involving more than 150 global institutional investors, those in Singapore showcased a tendency to view cryptocurrencies as a long-term investment. Additionally, Moomoo Financial Singapore highlighted a report by PwC Singapore and the Singapore Fintech Association, suggesting that the payments industry seems to be the most developed area within Singapore’s fintech landscape.As Singapore continues to embrace cryptocurrencies and blockchain, Moomoo Financial Singapore’s pending license adds to the expanding ecosystem, signaling a growing recognition of the importance of digital assets in the financial sector.