Ripple Pursues International Growth Via Dubai Expansion

KOTEC and Busan Techno Park Join Hands to Boost Technological Growth of Busan EnterprisesThe Korea Technology Finance Corporation (KOTEC) announced that it signed a cooperative agreement with Busan Techno Park on Monday at Busan Techno Park’s headquarters to support the growth of enterprises and offer financing for technological development. Under the agreement, KOTEC and Busan Techno Park have established a mutually beneficial system to jointly nurture and support tech companies based in Busan that are striving to commercialize data and blockchain technologies.Photo by Christopher Lee on UnsplashFostering tech innovation in BusanKOTEC is a non-profit government-affiliated institution aimed at financing innovative small and medium-sized enterprises (SMEs) for technology development. It offers services like credit guarantees, technology appraisal, equity investments, and technology transfers. Busan Techno Park is a regional industrial innovation institution for the southern port city of Busan, which operates a cooperative system among industrial, academic, and governmental agencies for the technological advancement of local companies.The two entities have committed to sharing information about companies that require financing for technological advancement — such as technological challenges that they may face — and promote joint projects related to technology investment and financing. They also aim to gather data resources for technology transfer, evaluation, and commercialization.KOTEC has marked Busan as a regulation-free special zone for companies that reside there. The demarcation of regulation-free special zones aims to foster the innovative and strategic development of a certain region. It is also operating a system under a regulatory sandbox preferential guarantee, which aims to facilitate accelerated market entry for businesses specializing in blockchain technology, maritime mobility, ammonia energy, and more.Empowering financing for technological advancementThe regulatory sandbox is a system run by the Korean government that exempts or suspends existing regulations for a designated amount of time for companies releasing new products and services and regulates them post-mortem if there is a problem. Under the sandbox policy, preferential guarantees refer to a technology guarantee fund that provides guarantees up to KRW 2 billion (approximately $1.5 million) for loans of facility funds to companies subjected to temporary approval and decreases the guarantee rate by up to 0.5%.In March, KOTEC was designated as a data appraisal agency by the Ministry of Science and ICT. Since then, the corporation has been implementing the data value plus guarantee — a product that determines the economic value of data and provides guarantees accordingly.“We will actively contribute to the government’s national tasks, including providing prioritized support for the cutting-edge future strategy industry. We will make even greater efforts to contribute to job creation and regional economic development,” said Kim Se-hyun, Head of KOTEC’s Busan-Gyeongnam Regional Office.

UAE Accelerates Cross-Border Payments with JPMorgan’s OnyxFirst Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates (UAE), has ventured into the world of blockchain technology through a partnership with JPMorgan and its Onyx blockchain.Photo by Kamil Rogalinski on UnsplashFast tracking cross-border transactionsInternational financial transactions have long been afflicted by intricate procedures and snail-paced response times. These challenges have been particularly acute when it comes to cross-border payments. In response, FAB will utilize JPMorgan’s Coin Systems in order to expedite and streamline such cross-border payments.Powered by blockchain technology, JPMorgan’s Coin Systems advocates for swift transfers and settlements through a secure, distributed ledger. This collaboration between FAB and JPMorgan’s Onyx division was announced via a press release published on Tuesday (local time).The initiative represents FAB’s efforts towards leveraging cutting-edge technology, while improving and redefining the customer experience. While the initial testing phase was a success, it’s merely a prologue to FAB’s broader plans to utilize the technology for global transactional banking.With assets totaling AED 1.1 trillion ($312 billion) as of mid-2023 and laudable ratings from Moody’s, S&P, and Fitch, FAB maintains a significant presence in banking in the Middle East region.Onyx blockchainJPMorgan launched its Onyx blockchain in 2020 as a permissioned blockchain network. It is understood that the network processes daily transactions to the value of between $1 billion and $2 billion through partnerships established with banks in the Middle East, Europe, and India. Among the services offered by Onyx Digital Assets are tokenized US treasury bonds and mortgage-backed securities alongside its JPM Coin.JPMorgan is not alone in terms of top-tier banks and financial services firms who are delving into the world of blockchain. Rivals such as Citi announced its Citi Token Services product offering in September. It’s a blockchain-based service that utilizes tokenized deposits for the purpose of trading and providing liquidity.Meanwhile, payments firm Mastercard announced that it was performing testing on its Multi Token Network in June. For its part, JPMorgan has also been a participant in Singapore’s Project Guardian, a collaborative initiative led by the Monetary Authority of Singapore in conjunction with the financial services sector, centered on asset tokenization.Bahrani partnershipThis latest collaboration follows hot on the heels of JPMorgan’s partnership with another Middle Eastern bank last month. Bank ABC, which is headquartered in Bahrain, became the first Middle Eastern bank to utilize JPMorgan’s Onyx Coin Systems for faster cross-border payments.That initiative also had the support of Bahrain’s central bank. At the time of the launch of the collaboration, Central Bank of Bahrain Governor Rasheed Al Maraj stated:”After working closely with JP Morgan and Bank ABC over the past two years to experiment with cross-border commercial transactions between Bahrain and the US, leveraging the JP Morgan Coin System, we are pleased to witness the soft launch of this innovative banking solution by a Bahraini-based bank.”

Laser Digital Expands Global Presence with New Tokyo OfficeLaser Digital Asset Management, the digital asset subsidiary of Japanese financial giant Nomura, is taking significant steps in its global expansion strategy by opening a new office in Tokyo, Japan. That’s according to a statement published by the firm on Monday.Photo by Jaison Lin on UnsplashNomura executive appointmentTo lead this strategic move, Hideaki Kudo, a seasoned professional with a distinguished career at Nomura, has been appointed as the Representative Director and Head of Laser Digital’s Japanese operations.Kudo’s impressive journey within the Nomura Group began in 2007 when he joined Nomura Asset Management, where he later held the position of Senior Portfolio Manager. Over the years, he played a pivotal role in contributing to the group’s success. His expertise caught the attention of Nomura’s Digital Company, where he served as an Executive Director, responsible for shaping the group’s digital asset strategy. Kudo’s track record includes spearheading essential projects such as the development of security tokens and orchestrating Japan’s first-ever real estate security token offering.Commenting on his new role at Laser Digital, Kudo expressed his excitement, stating:“It’s exciting to join Laser as they expand operations to Japan. Since 2019, I have been managing Nomura’s advancements into the digital asset space, and I am delighted to now join the Laser team on their journey.”Earlier this year the firm strengthened its venture capital arm through the appointment of industry veteran Florent Jouanneau as a new partner.Zurich-headquartered Laser Digital, launched by Nomura last autumn, is led by Co-Founders Steven Ashley and Jez Mohideen. Ashley, a former leader of Nomura’s wholesale division, emphasized the importance of having 24/7 operational management to optimize support for their trading business.Setting their sights on Japan for expansion into the Far East, Kudo’s extensive experience at the Digital Company is expected to be invaluable for Laser Digital’s development and growth. Laser Digital uniquely combines the discipline and capabilities of global investment banking with the expertise of a crypto-native team.Broader expansion strategyLaser Digital’s expansion into Japan aligns with a broader trend of crypto companies seeking growth opportunities in Asia, as noted by Laser Digital CEO Jez Mohideen. In a recent interview, Mohideen expressed optimism about the crypto ecosystems in Japan and Hong Kong, highlighting the potential for significant growth in the region.He also emphasized the importance of regulatory clarity in Asia and the Middle East, suggesting that these factors would play a pivotal role in driving crypto adoption. In August, Laser Digital secured a crypto license from Dubai’s virtual asset regulatory authority, enabling the provision of virtual asset broker-dealer and investment services from its Dubai entity. Last month the company received in-principle approval from the Abu Dhabi Global Market (ADGM), further solidifying its presence in the Middle East.As Laser Digital continues to expand its global footprint, the appointment of Hideaki Kudo and the establishment of a new office in Tokyo mark significant milestones in the company’s journey to provide comprehensive digital asset solutions to clients worldwide. With Kudo’s leadership and Nomura’s backing, Laser Digital is attempting to position itself for further success in the burgeoning crypto industry.