Asia’s Growing Influence in Cryptocurrency Innovation
Significant developments are taking place in the Asian region as it emerges as a hub for cryptocurrency innovation. WorldCoin has established a foothold in Malaysia through strategic partnerships, while Singapore’s DBS Bank is pioneering new solutions in financial management with the pilot launch of Treasury Tokens. These advancements, coupled with actions from other banks in the region, showcase Asia’s increasing impact in the global cryptocurrency space.
DBS Bank Revolutionizes Liquidity Management with Treasury Tokens
On August 13, DBS Bank, Singapore’s largest private bank, introduced DBS Treasury Token, a capital and liquidity management solution developed in collaboration with Ant International. This initiative allows Ant Financial to manage multi-currency treasury operations on a DBS-licensed blockchain, enabling instant settlement across various markets and enhancing liquidity management.
Integrated with Ant International’s Whale platform, DBS Bank’s blockchain streamlines liquidity management within the group, simplifying workflows and boosting visibility. By leveraging blockchain technology, cryptography, and artificial intelligence, the platform optimizes fund flow between bank accounts, reducing payment times from days to seconds.
“We have seen successful use cases of the Whale platform in areas such as instant tax refund services and cross-border payments for small and medium-sized enterprises. We will continue to work with industry partners to utilize blockchain technology to further open the platform, enabling efficient and comprehensive overseas payments,” said Kelvin Lee, head of platform technology at Ant International.
Read more: What is tokenization in blockchain?
The DBS Treasury Token is part of the bank’s broader strategy to leverage blockchain for financial innovation, building on insights from participation in the Monetary Authority of Singapore’s Orchid and Guardian programs.
WorldCoin Expands to Malaysia, Advancing Digital Credentialing
WorldCoin and developer Tools for Humanity (TFH) recently announced a partnership with Malaysian research and development institution MIMOS Berhad and e-government service provider MyEG. The collaboration aims to integrate iris imaging technology into Malaysia’s digital infrastructure, enabling secure personal authentication of individuals. This move simplifies Malaysia’s digital certificate approach.
The partnership also includes plans to integrate Co-Orb Manufacturing and World Chain with Malaysia’s national blockchain infrastructure. TFH will provide technical expertise for Orb and World applications, while MYEG will facilitate technology integration and hardware deployment.
Despite these advancements, WorldCoin has faced scrutiny in various countries for biometric data collection. Additionally, concerns have been raised about WorldCoin’s native token, WLD, particularly regarding price manipulation and token unlocking mechanisms.
Binance Re-Enters India, Achieves Regulatory Milestone
Binance recently re-entered the Indian market after successfully registering with the Financial Intelligence Unit of India (FIU-IND). The exchange will implement anti-money laundering (AML) and counter-terrorism financing (CFT) measures, enhancing security and compliance within the Virtual Digital Asset (VDA) ecosystem.
“The registration of FIU-IND marks an important milestone in Binance’s development history. Recognizing the potential of the Indian VDA market and complying with regulations, we are committed to providing customized services to Indian users,” stated Binance CEO Richard Tung.
Despite these achievements, Binance may face challenges in India, evidenced by a recent show-cause notice from the Indian Revenue Authority demanding payment of approximately $86 million in goods and services tax.
