Ant Group Restructuring With Implications for Blockchain

Singapore’s Whampoa Digital collaborates on establishment of $100M Web3 fundWhampoa Digital, the Web3 subsidiary of privately-held Singaporean investment firm Whampoa Group, has entered into a collaboration with an Asian gaming company to establish a $100 million Web3 fund.Photo by Towfiqu barbhuiya on UnsplashFocus on Web3 in the Middle EastThe WEMIX Foundation, a subsidiary of South Korean blockchain gaming firm Wemade, announced details of the new fund via a press release published to its website on Friday.Wemade is renowned for its massively multiplayer online role-playing game (MMORPG) series Legend of Mir. This strategic collaboration aims to catalyze the expansion of the digital asset industry, with a specific focus on the rapidly growing Web3 sector in the Middle East.Reciprocal deal and project referralsThe Web3 fund initiated by Wemade is set to play a pivotal role in supporting developers at the Wemix Play Center situated in Dubai. Both Wemade and Whampoa Digital plan to engage in reciprocal deal and project referrals, particularly within the Web3 industry, and explore potential co-investment opportunities in promising projects.Aureole Foong, senior partner of Whampoa Group, expressed optimism about the partnership’s potential impact. Foong highlighted the significance of this collaboration in expanding the digital asset industry beyond established sectors and fostering innovation in the Middle East, recognized as one of the world’s fastest-growing regions in the Web3 space.Web3 gaming experienceWemade has extensive experience in the gaming sector, dating back to its establishment in 2000 and its notable creation of the Legend of Mir series, positioning it as a key player in the gaming industry. The company has diversified its portfolio by venturing into the blockchain space, launching Wemix, a tech ecosystem offering Web3 services.Wemade’s blockchain gaming platform, Wemix Play, boasts a player base of over 250,000 users. Last week the Wemix Foundation announced the launch of its una Wallet, associated with the company’s omnichain network and interoperable Web3 gaming platform.In addition to co-investing in gaming studios and blockchain projects in the Middle East and North Africa (MENA) region, Wemade is planning to establish a global Web3 gaming hub at the Dubai International Financial Centre (DIFC). The company will also set up an office for the newly formed Web3 fund at this location. The DIFC’s Innovation Hub, coupled with Wemade’s hub, will provide essential facilities and mentorship for the fund’s portfolio firms.Whampoa Digital, the investment arm of Whampoa Group, is well-versed in supporting global tech firms, including notable names like TikTok’s parent company ByteDance and crypto major Binance. In May Whampoa announced that it had plans to establish a crypto-friendly bank in Bahrain.2023 has presented challenges for Web3 investors seeking new funds. According to a report by the research arm of crypto investment firm Galaxy Digital, the average new Web3 fund size for the first nine months was $238.4 million, with a median of $50 million — both figures significantly lower than the same period last year.

Triple-A Secures Series A Funding to Advance Crypto PaymentsTriple-A, the Singaporean digital currency payments firm founded by Eric Barbier, has announced the successful closure of its $10 million Series A funding round.Photo by Towfiqu barbhuiya on Unsplash$10 million raiseIn a statement on its website on Wednesday, the firm outlined that the raise had been led by Peak XV Partners (formerly known as Sequoia India & South East Asia), who had previously invested in the company. In addition, the round received support from Abu Dhabi-based venture firm Shorooq Partners, alongside other undisclosed repeat backers.The company offers white-label solutions for businesses, facilitating the seamless integration of cryptocurrency payments with quick conversion to fiat money in their bank accounts within just one day. Triple-A currently supports various cryptocurrencies, including Bitcoin, Ether, Tether, and USD Coin.According to Barbier, stablecoins are a game-changer in payments, as they enable real-time settlements, in contrast to traditional payment methods like SWIFT transfers, which may take several days to clear. He stated: “With stablecoins, individuals and businesses worldwide, even in emerging countries, can now easily own and use a USD-denominated currency.”Barbier is known for his earlier success in founding the cross-border payments platform Thunes. The idea for Triple-A was born while Barbier was working at Thunes and recognized the potential of cryptocurrencies in resolving chargeback fraud issues.Barbier saw cryptocurrencies as a more efficient payment method for businesses engaged in cross-border transactions. He explained:“Cryptocurrency payments not only shield businesses from chargeback fraud risks but also help to streamline B2B cross-border payments. With instant settlements and no middlemen required, I realized we could solve many pressing issues in the payments industry today.”Expanding operations globallyThis funding round follows Triple-A’s $4 million seed round, bringing the total funds raised to date to $14 million. The new capital injection will be directed towards expanding Triple-A’s operations in key regions, including the Middle East, North America, and South America.Moreover, the company plans to enhance its cryptocurrency solutions and offerings in its crypto payments and payout products. Currently headquartered in Singapore, Triple-A boasts a global presence with offices in Miami, Hong Kong, Paris, and Barcelona, supported by a team of over 70 professionals.Regulatory compliant pathTriple-A is trying to differentiate itself through adherence to regulation. The company holds licenses that permit it to operate globally, including one from the Monetary Authority of Singapore (MAS) as a payments institution and a payments institution license from the central bank of France, allowing it to execute payment transactions across all EU member states.The company is registered with the United States Financial Crimes Enforcement Network (FinCEN) and is actively looking to expand its regulatory footprint. In line with the regulatory path the business is treading, Triple-A’s target clientele primarily consists of enterprises that value compliance, regulation, and licensing and seek to engage in cryptocurrency payments without the associated risks and complexities.Triple-A has already gained traction, serving more than 20,000 businesses, including prominent names such as iStudio, Farfetch, Charles and Keith, Singapore Red Cross, Razer, and Reap, along with other large enterprises. In July, it partnered with universal payments platform Optty to enable crypto payments. The onboarding process is swift, with Triple-A completing the Know Your Customer (KYC) procedure and onboarding within one to two business days. The integration methods offered include API and no-code integration.

Sygnum Bank Achieves In-Principle MPI Licence Approval in SingaporeIn a significant milestone for its expansion efforts in Singapore and Southeast Asia, Sygnum Singapore has announced that it has received in-principle approval for its Major Payment Institution Licence (MPIL) application from the Monetary Authority of Singapore (MAS).Photo by Dids on PexelsOngoing global expansionThe Swiss-Singapore firm, headquartered in Zurich with an operational base in Singapore, disclosed this news via a press release published on Monday, marking a major stride forward for the company in its regulated crypto brokerage services.The world’s first digital asset bank also has offices in Abu Dhabi, the United Arab Emirates (UAE) capital, and Luxembourg. The digital assets innovation is progressing on a truly global basis. It’s also developing according to differing timelines on a regional basis relative to the regulatory approach being taken within individual jurisdictions. On that basis, we are seeing a move from many leading digital assets firms to expand internationally to benefit from jurisdictional regulatory arbitrage and in an effort to grow such businesses quickly, with a global reach.MPIL licensing significanceThe MPIL license will empower Sygnum Singapore to introduce a regulated crypto brokerage service that offers a fiat-digital asset gateway and facilitates trade execution for various cryptocurrencies. The platform aims to differentiate itself by providing competitive spreads, high liquidity, and swift trade settlements, in an effort to offer investors a seamless and efficient trading experience.This approval follows the extension of the Capital Markets Licence (CMSL) granted to Sygnum Singapore in 2022. With the CMSL extension, the company was able to launch an array of services encompassing corporate finance advisory, capital market products, and asset and security token custodial services.Wave of regulatory approvalThe approval of Sygnum Singapore’s MPIL application comes at a time when Singapore is witnessing a wave of regulatory acceptance for digital asset companies. Crypto.com and Circle are among the firms that have recently been granted full licenses, signifying a positive trend in the recognition and regulation of the digital asset industry in Singapore.Gerald Goh, Co-Founder and CEO of Sygnum Singapore, expressed his enthusiasm about the in-principle approval, highlighting its importance in the company’s growth plans: “This in-principle approval of our Major Payment Institution Licence by the MAS is a milestone in our strategic growth plans for Sygnum Singapore and South-East Asia.”He emphasized that Singapore’s regulatory framework provides the necessary clarity and confidence for investors to participate in the digital asset market: “Like Switzerland, Singapore has a progressive, robust regulatory framework that provides investors the clarity and confidence to invest in digital assets — and Future Finance — with complete trust.”The approval of the MPIL application is expected to bolster Sygnum Singapore’s position as a leading regulated digital asset service provider in the region. By obtaining this license, Sygnum strengthens its global position within the digital assets space while complementing Singapore’s efforts to develop as a regional crypto hub.