Nexon Korea Intensifies its Blockchain Focus with Nexon Universe

Blockchain technology and digital assets feature strongly in a fintech ecosystem report carried out by InvestHK, an agency within Hong Kong’s government responsible for foreign direct investment.Photo by Shubham Dhage on UnsplashGrowing fintech sectorThe recently published report, identified that as of July 2024, there were 175 blockchain application/software firms located in Hong Kong. In the area of cryptocurrency and digital assets, it identified the presence of 111 firms, while there were 122 payment and remittance firms. All in all, the report found that in excess of 1,100 fintech firms had been established in Hong Kong as of mid-2024. It highlights the fact that the sector has seen robust growth in Hong Kong in recent years, while making the point that this has come about in part due to “substantial resources” having been committed by the Hong Kong government to enable such growth within the local fintech sector. The report cites data from a study carried out by DataCube Research, which projects that the fintech market within the Chinese autonomous territory will reach $606 billion by 2032. This forecast incorporates an expectation of an annual growth rate of 28.5% over the course of the next eight years. As well as forecasting further growth for the fintech sector in general in Hong Kong, the InvestHK report also foresees artificial intelligence, blockchain and distributed ledger technology (DLT) and digital assets contributing to that growth. 250% blockchain startup growthThe research identifies that since 2022, there has been a 250% increase in the total number of blockchain-related startups that are located within the Hong Kong Special Administrative Region (SAR). The number of crypto and digital asset firms based in Hong Kong has grown by 30% during the same period.  Finding talentIn formulating this report, InvestHK surveyed 130 local fintech firms. One challenge that was identified through that process is the need for the appropriate talent to be in place in order to secure projected growth rates over the coming years. Hong Kong is having to compete on a global basis for appropriate fintech talent, with almost 60% of the companies surveyed by InvestHK suggesting that this is a major challenge. Taking cryptocurrencies as a key component for future growth, last year’s Bitcoin price surge led to a crypto hiring boom with some of the large global fintech companies actively hiring crypto talent.  Other centers such as Singapore are taking measures to attract that talent. Access to capital was another area of concern, with 44% of respondents indicating it as an area of difficulty. In an interview with English-language newspaper China Daily recently, Brian Ah-Chuen, managing director of ABC Banking Corp., said that InvestHK has been aggressive in its approach to certain initiatives. He said that the agency has been successful in drawing capital and talent from around the world to Hong Kong.

DBS Introduces Metaverse Game to Tackle Global Food WasteDBS, Singapore’s largest bank, has unveiled an innovative concept within the metaverse for its DBS BetterWorld initiative, focusing on the critical issue of global food waste.In a press release which it published on Thursday, the bank revealed that this “gamified adventure” is designed to showcase the strategies that Businesses for Impact are employing to tackle the ever-pressing global food waste challenge. Businesses for Impact are an initiative driven by the DBS Foundation that champions for-profit enterprises that promote innovative solutions to effect positive environmental or social change.Photo by Joshua Hoehne on UnsplashTackling a global issueData from the United Nations suggests that a staggering 1.3 billion tons of food, equivalent to one-third of the world’s total food production, goes to waste each year. Within this conceptual metaverse, players are tasked with a series of engaging activities inspired by five businesses supported by the DBS Foundation. These entities offer unique approaches to curbing food waste.Project collaborationSingapore-headquartered brewery business Brewerkz is focused on up-cycling brewers’ spent grains as part of the project. Breer, a Hong Kong startup transforming surplus bread into craft beer is also participating. The project also sees participation from another Hong Kong-based business, GreenPrice, which specializes in selling food close to or just past their best-before dates.Edible Garden City, a start-up that aims to make urban farming and edible gardening more accessible in cities, and Rooftop Republic, which converts underutilized spaces into urban farms, complete the list of five “Businesses for Impact” relative to this particular project.Metaverse ESG potentialKaren Ngui, Head of Group Strategic Marketing and Communications at DBS and a board member of DBS Foundation, emphasized the metaverse’s potential to enhance awareness and address crucial Environmental, Social, and Governance (ESG) concerns.Ngui remarked: “With DBS BetterWorld, we have chosen to delve into the challenges of food waste and food resilience, issues that DBS and the DBS Foundation have been championing, in a unique and engaging way.” She added that as metaverse technologies mature, they aspire to bridge virtual initiatives with tangible real-world impacts.Players based in Singapore will be rewarded with exclusive incentives that can be redeemed through special QR codes accessible via DBS PayLah!. This integration of real-world rewards into the metaverse experience adds a new layer of interaction and excitement for participants.Embracing the metaverseThis is not DBS’ first foray into the metaverse. It has collaborated with The Sandbox metaverse platform previously, participating in its Lion City initiative, a virtual metaverse neighborhood modeled on Singapore. Work on BetterWorld has been ongoing in conjunction with The Sandbox development team since last year.DBS’ creative endeavor within the metaverse not only sheds light on the urgent issue of global food waste but also demonstrates how technology and gaming can be harnessed to educate, raise awareness, and drive positive real-world change.As the metaverse continues to evolve, DBS’ initiative will likely serve to inspire other institutions to leverage the metaverse for various initiatives with the objective of achieving real-world impact.

UAE researchers introduce carbon trading platform on blockchainAmid escalating climate concerns, the Technology Innovation Institute (TII) in Abu Dhabi has unveiled a blockchain designed to monitor carbon emissions and facilitate trading.Announcement during COP28The institute’s Cryptography Research Center (CRC) recently announced the launch of its proprietary blockchain-powered carbon trading platform, showcasing the United Arab Emirates’ (UAE) commitment to spearheading global climate initiatives. TII CEO Ray Johnson stated:“We are proud to announce this digitized tracking and trading platform at COP28, representing the UAE’s drive to become a technology and innovation powerhouse and its commitment to leading the world’s climate action agenda.”The revelation coincides with the United Nations Climate Change Conference (COP 28), which runs until Dec. 12 and is taking place in Dubai. The conference involves nations making commitments to reduce emissions and transition various sectors toward sustainable energy sources.Photo by Matthias Heyde on UnsplashEnabling carbon trading internationallyThe newly introduced blockchain platform is poised to enable the international trade of carbon tokens, monitor greenhouse projects and incentivize participation in emission reduction initiatives. By leveraging the principles of carbon trading and tracking, organizations will gain valuable insights into their environmental impact. The platform’s deployment on the blockchain ensures transparency and encourages broader participation, compelling major players to fulfill their environmental promises.The lightweight blockchain has been developed with minimal environmental impact in mind, aligning with the broader goals of the government’s climate action initiatives. This blockchain network allows organizations to record their emissions openly, prompting users to generate tokens that quantify carbon removed from company operations through capture or trading.Moreover, the network incorporates auditors to ensure the entire process is secure, transparent, accurate and safe. This approach aims to provide the industry with accurate data on their activities without relying on cumbersome third-party expert monitoring.Harnessing blockchain’s transparencyThe move to utilize blockchain technology for addressing climate change aligns with the long-standing belief of the United Nations and various international organizations. Blockchain’s transparency and openness empower industries to have accurate data on their activities, eliminating the need for complex third-party monitoring that often comes at a higher cost.In response to growing criticism of the energy consumption associated with blockchain technology, certain firms have taken steps to adopt greener practices. Notably, in 2021, the Ethereum blockchain transitioned to a Proof-of-Stake model, reducing its carbon footprint by over 99% by eliminating miners and introducing validators. Ethereum also launched the Ethereum Climate Platform (ECP), attracting participation from industry giants like Microsoft.Furthermore, cryptocurrency companies have allocated funds for solar-powered digital asset projects, encouraging developers to embrace eco-friendly practices. This shift towards sustainable initiatives underscores the industry’s commitment to addressing environmental concerns.In a related development, in August, it was reported that the UAE Ministry of Climate Change and Environment (MOCCAE) had entered into a collaboration with the Industrial Innovation Group and the Venom Foundation to work towards a blockchain-based carbon credit system.The introduction of the UAE’s blockchain-powered carbon trading platform marks a significant step towards fostering global climate initiatives. The innovative technology not only enhances transparency and accountability in carbon trading but also aligns with the broader global shift towards sustainable and eco-friendly practices within the blockchain industry.