Significant developments are taking place in the region as Asia becomes 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 through the pilot launch of Treasury Tokens.
These developments, along with those of other banks in the region, illustrate Asia’s growing influence in the global cryptocurrency space.
DBS Bank revolutionizes liquidity management with treasury tokens
On August 13, DBS Bank, Singapore’s largest private bank, launched DBS Treasury Token, a capital and liquidity management solution developed in partnership with Ant International. The arrangement enables instant settlement across multiple markets and improves liquidity management through a DBS-licensed blockchain.
Integrated with Ant International’s Whale platform, the blockchain uses technology and artificial intelligence to optimize fund flow, reducing payment times from days to seconds. Kelvin Lee, head of platform technology at Ant International, mentioned, “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.”
WorldCoin expands to Malaysia for digital credentialing
On August 16, WorldCoin partnered with Malaysian research and development institution MIMOS Berhad and e-government service provider MyEG to integrate iris imaging technology into Malaysia’s digital infrastructure. This partnership aims to simplify Malaysia’s digital certificate approach for secure personal authentication.
Additionally, plans are in place to integrate Co-Orb Manufacturing and World Chain with Malaysia’s national blockchain infrastructure. However, Worldcoin has faced scrutiny in various countries for collecting biometric data, raising concerns about its native token, WLD, in terms of price manipulation and token unlocking mechanisms.
Binance re-enters India, achieving a regulatory milestone
Binance successfully registered with the Financial Intelligence Unit of India on August 15, marking its official re-entry into the Indian market. The platform will implement anti-money laundering measures and enhance security within the Virtual Digital Asset ecosystem. Despite these achievements, Binance may face challenges following a show-cause notice from the Indian Revenue Authority regarding tax payments.
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