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South Korea’s Shinhan Bank trials new digital currency platform Business One of South Korea’s leading commercial banks is to pilot a new platform for a digital won, after working on the project in collaboration with LG subsidiary LG CNS. Shinhan Bank is now hoping to collaborate with the country’s central bank with the blockchain-powered platform, in order to assist with the development and rollout of a central bank digital currency in South Korea. The platform allows for the central bank to issue digital currency, while holding up commercial banks like Shinhan as intermediaries in the system. Emphasising the importance of the role banks would need to play as intermediaries, Shinhan said it would be necessary for the commercial banking sector to be involved. ....
South Korean bank completes pilot program for digital currencies March 11, 2021 The bank says it may be used as an intermediary when South Korea eventually launches its CBDC. The digital currencies were circulated to individuals for foreign exchange, remittances, and payments. Korea’s central bank has not decided whether how it will distribute the CBDC when it is rolled out. South Korean Shinhan Bank has announced the completion of a pilot program for central bank digital currencies (CBDC), a project it collaborated with LG CNS. The project was first announced in November last year, and it seems to be independent of the central bank. ....
Major Malaysian Bank Kenanga Acquires 19% Stake in a Crypto Exchange One of Malaysia’s top investment banks has bought a 19% stake in a local crypto exchange via its private equity arm. The Kenanga Investment Bank announced its inception into the crypto business by investing in Tokenize Xchange. Tokenize Xchange Is One of the Three Malaysian Licensed Crypto Exchanges Per the official announcement, the bank made the transaction through Kenanga Private Equity Sdn Bhd via a conditional agreement to purchase 19% equity interest in the trading platform. Hong Qi Yu, chief executive officer of Tokenize Xchange, founded the firm in 2018. Since its launch in Singapore, the exchange has gathered a customer base of over 100,000. On April 1, 2020, the company went live as a licensed crypto firm in the country. ....