Connect with us

Technology

A Report shows that stablecoins will be crucial for advancing Hong Kong’s position as a leading Web3 hub. Regulations are the key to mass adoption.

Published

on

HONG KONG, Nov. 27, 2024 /PRNewswire/ — Quinlan & Associates and IDA Finance Hong Kong Limited (“IDA”) have co-published a thought leadership report that explores the potential for regulated stablecoins to evolve into trusted legal tender, gaining widespread acceptance for real-world applications, especially local and cross-border payments.

Report link: https://www.quinlanandassociates.com/from-digital-currency-to-legal-tender/ 

The report, titled, From Digital Currency to Legal Tender: The Role of Regulated Stablecoins in Driving Real-world Payments, examines the current stablecoin landscape, where usage remains largely within the Web3 ecosystem. The report also presents a forward-looking vision for a model stablecoin to be widely adopted in everyday real-world applications. A regulated and non-captive stablecoin is expected to offer robust user protection and foster trust, moving beyond the confines of the Web3 space into mainstream financial systems.

In today’s digital asset environment, stablecoins have gained immense popularity for their ability to maintain a stable representation of fiat currency values. “Paired with blockchain-enabled favourable features such as programmability, stablecoins can offer cost efficiency, enhanced transparency, 24/7 availability, and faster processing that traditional financial systems simply can’t match,” said Lawrence Chu, Co-Founder and CEO of IDA. “Due to these features, we see tremendous potential for stablecoins to play a pivotal role in the real-world financial economy.”

To capitalise on this potential, an increasing number of non-Web3 companies have begun issuing their own stablecoins. PayPal, a leading global online payment provider, has launched PYUSD, while Sony Bank is preparing to release a yen-backed stablecoin on the Polygon blockchain. Despite the growing supply, widespread adoption among merchants and consumers in the real economy remains limited.

“Although paying for goods online with digital currencies can be cheaper than using typical payment methods like e-wallets or credit cards, many users hesitate,” explained Benjamin Quinlan, CEO and Managing Partner of Quinlan & Associates. “This reluctance is largely driven by regulatory uncertainty, with 81% of merchants citing it as the primary barrier to accepting digital assets like stablecoin as a mainstream payment option.”

As a result, real-world applications of stablecoins exhibit limited utility.

“While prominent consumer brands such as Tag Heuer and Adidas have begun accepting crypto payments, they typically convert these transactions into fiat currency through third-party processors. This practice diminishes the potential advantages of using stablecoins, as merchants ultimately receive fiat rather than realising the benefits of digital assets,” continued Mr. Quinlan. “On top of this, the stablecoins issued by many financial institutions tend to remain confined within their own ecosystems, otherwise referred to as ‘walled gardens’.”

The report states the case for a trusted regulated, non-captive stablecoin to unlock wider real-world applications, starting from payments. The introduction of stablecoins has the potential to revolutionise Hong Kong’s domestic payment landscape, which currently faces high fees, inflexible options for users, and slow settlement times for merchants.

“Aligned with Hong Kong’s digital economy agenda, as outlined in the policy address, and push for regulated stablecoins, we believe their adoption can accelerate progress in this area,” stated Sean Lee, Co-Founder and Chief Strategy Officer of IDA, “We are planning to launch an HKD-based stablecoin product and are actively working to widen our partnership network to integrate stablecoins into existing financial infrastructure, ultimately striving to reinforce Hong Kong’s leadership in the global digital asset landscape.”

“We see a significant opportunity for a non-USD pegged stablecoin, as 83% of countries worldwide do not use the USD as their official or secondary currency for transactions. This means residents and visiting tourists primarily transact in their local currencies,” Mr. Lee added, “An HKD-based stablecoin could provide practical utility for a wide array of applications across various sectors, including retail and commercial payments, and contribute to an increasingly interconnected global economy.”

About Quinlan & Associates

Quinlan & Associates is one of Asia’s leading independent strategy consultancies. We are the first firm to offer end-to-end strategy consulting services. From strategy formulation to execution to ongoing reporting, communications, and training, we translate cutting-edge advice into commercially executable solutions. With our team of top-tier financial service and strategy consulting professionals and our global network of alliance partners, we give our clients the most up-to-date industry insights from around the world, putting them an essential step ahead of their competitors.

For more information, please visit www.quinlanandassociates.com.

About IDA

IDA is the premier digital asset technology company to spearhead the widespread adoption of blockchain finance and to empower businesses to seamlessly integrate between Web2 and Web3.

IDA will launch a stablecoin product which is designed to drive enhanced connectivity of digital currency for seamless commerce and payments between Hong Kong and global markets, 24/7/365. To maintain the highest level of security and stability, all circulating stablecoins will always be fully backed by at least 100% reserve assets in regulated Hong Kong based authorized institutions.

To maximize the network effect of the stablecoin project for domestic and cross-border usage, IDA is partnering with key industry players to facilitate the minting, redemption and widespread acceptance of stablecoins as a payment and settlement digital currency.

For more information, please visit www.idafi.xyz.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/a-report-shows-that-stablecoins-will-be-crucial-for-advancing-hong-kongs-position-as-a-leading-web3-hub-regulations-are-the-key-to-mass-adoption-302317168.html

SOURCE IDA

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

State Grid Kizilsu Kirghiz Autonomous Prefecture Electric Power Supply Company escorts the migratory birds along their lifeline

Published

on

By

KIZILSU, China, Nov. 27, 2024 /PRNewswire/ — Recently, the State Grid Kizilsu Kirghiz Autonomous Prefecture Electric Power Supply Company visited the Buyamat Primary School in Artush City, Kizilsu, Xinjiang, and carried out a special activity with the theme of “Hand in Hand with Children to Escort the Lifeline of Migratory Birds”, aiming to enhance the understanding of primary school students about birds and environmental protection.

During the event, the staff of the State Grid Kizilsu Kirghiz Autonomous Prefecture Electric Power Supply Company vividly told the students about the touching story of how they found and protected the black stork. The students were not only moved by the spirit of bird protection in the story, but also deeply realized the importance of protecting birds and the ecological environment.

In recent years, State Grid Kizilsu Kirghiz Autonomous Prefecture Electric Power Supply Company has always integrated the concept of green development into all aspects of power grid construction and operation, and is committed to promoting biodiversity conservation and building an environment-friendly power grid. Combined with public welfare brand projects such as “Migratory Bird Lifeline”, “Life Bird’s Nest” and “Green Power Ark”, the company systematically promotes the “bird-line” dual protection work, forming a new situation of harmonious coexistence of “bird-line”.

In the next step, State Grid Kizilsu Kirghiz Autonomous Prefecture Electric Power Supply Company will continue to expand the form and content of science popularization and education, continue to enhance the popularization of ecological civilization knowledge through the combination of humanities and nature education, further raise minors’ awareness of caring for nature and protecting wild animals, and build a beautiful home of harmonious coexistence between man and nature with practical actions.

 

View original content:https://www.prnewswire.com/apac/news-releases/state-grid-kizilsu-kirghiz-autonomous-prefecture-electric-power-supply-company-escorts-the-migratory-birds-along-their-lifeline-302317258.html

SOURCE State Grid Kizilsu Kirghiz Autonomous Prefecture Electric Power Supply Company

Continue Reading

Technology

Vietnam Fintech Summit 2024: Official Event of Techfest Vietnam

Published

on

By

HAIPHONG, Vietnam, Nov. 27, 2024 /PRNewswire/ — Vietnam Fintech Summit 2024 (VFS) officially opens today at Pullman Hotel, Haiphong. Co-hosted by VINASA and the Fintech Community – Techfest Vietnam, the event serves as a key gathering for leaders, entrepreneurs, and financial technology experts globally, fostering innovation and sustainable development in the fintech sector.

Fintech Potential in Vietnam

Vietnam stands out as one of the fastest-growing fintech markets in the region, with over $19 billion in electronic transaction value, making it the second-largest fintech market in ASEAN. The market has grown from $0.7 billion in 2016 to $4.5 billion in 2022, now serving over 29 million users. To capitalize on this growth, the Vietnamese fintech community needs a conducive environment, knowledge-sharing platforms, and access to global expertise. VFS provides an ideal opportunity for startups to deepen their understanding of Vietnam’s financial landscape and connect with world-leading fintech experts.

Event Details

Date: November 26, 2024Time: 8:00 AM12:00 PMVenue: Pullman Hotel, 12 Tran Phu, Ngo Quyen District, Haiphong City

Conference Highlights

The event features deep-dive discussions and panel talks covering key fintech topics such as Open Banking trends, Open API collaborations, cashless payment technologies, expanding access to financial services through technology, and AI applications in finance. Speakers will share practical insights and global experiences to drive sustainable growth and foster collaborations in Vietnam’s fintech ecosystem.

Esteemed Partners and Experts

Vietnam Fintech Summit 2024 is proud to collaborate with esteemed financial and tech organizations, including APAC DAO and Tech Vietnam Advocates. Community partners include the African Fintech Network, Digital Finance Associations, Fintech Associations from Indonesia, Cambodia, and the Philippines, Cyberport Hong Kong, Digital Pilipinas, the Global Fintech Institute, and more.

With strong media support from PRNewsWire, TechSauce, VnEconomy, and others, VFS brings together top experts and thought leaders to share their vision, expertise, and collaborations, contributing to a robust financial technology ecosystem in Vietnam and the APAC region.

Introducing the Organizers and Collaborators of Vietnam Fintech Summit 2024

Co-Organizers

Vietnam Software and IT Services Association (VINASA):

VINASA is a non-governmental, non-profit organization representing over 600 companies in Vietnam’s software and IT services sector. Its members, including prominent names like VNPT, Mobifone, Viettel, FPT, and TMA Solutions, contribute to 70% of the country’s IT workforce and software output. VINASA organizes flagship IT events such as the Vietnam Digital Transformation Summit and Smart City Summit. It is a key player in fostering Vietnam’s digital economy and a member of leading international IT organizations like ASOCIO, APICTA, and WITSA.

Fintech Community – Techfest Vietnam:

The Fintech Community serves as a platform connecting innovative startups in financial technology. It focuses on expanding access to global knowledge and resources while fostering innovation-driven solutions for sustainable economic growth in Vietnam. The community draws talent and expertise from local and overseas Vietnamese professionals.

Supporting Partners

APAC DAO:

A leading B2B tech community in the Asia-Pacific region, APAC DAO boasts over 3,000 members and 800+ projects across 15 countries. Its extensive network reaches more than 4 million tech enthusiasts, contributing significantly to the region’s technology ecosystem.

Tech Vietnam Advocates:

As part of the Global Tech Advocates network with over 40,000 members across 40 countries, Tech Vietnam Advocates fosters global collaboration in tech innovation. With roots in initiatives like London Tech Week, it supports knowledge-sharing and technological advancements worldwide.

Vietnam Fintech Summit 2024 aims to connect domestic and international experts while fostering growth and collaboration in Vietnam’s fintech ecosystem. The event takes place on November 26, 2024, in Haiphong and features expert-led panels and in-depth discussions on industry trends.

Agenda

Time

Sessions

Speakers

Position

8h30 – 8h40

Opening Doors

8h40 – 8h50

Introduction of Distinguished Guests and Opening Remarks

Introducing guests

8h50 – 8h55

Opening Remark

Mr. Nguyen Dinh Thang

President of Vina Fintech Club – VINASA

Head of Advisory committee to Fintech Community, Techfest Vietnam 2024

8h50 – 9h00

Welcome Speech

Dr. Pham Hong Quat

Head of General Department, National Agency for Technology Entrepreneurship and Commercialization Development, Ministry of Science and Technology

9h00 – 9h20

Keynote: Fintech adoption landscape in Vietnam

Mr. Truong Gia Bao

President of DTS Group

Steering Committee of Fintech Community, Techfest Vietnam 2024

9h20 – 10h00

Panel: Growth drivers of Fintech in the region and the role of Open Finance

Aries Setiadi

Executive Director, Indonesia Fintech Association (AFTECH)

Mr. Nguyen Dinh Thang

President of Vina Fintech Club – VINASA

Head of Advisory committee to Fintech Community, Techfest Vietnam 2024

Mr. Hoang Van Quang

Hai Phong branch director, Military Commercial Jointstock Company (MBBank)

Andrew Lee

CEO, Credos Partners Ltd.

Nicole Nguyen (moderator)

Co-founder, APAC DAO

Organizing Committee of Vietnam Fintech Summit

10h00-10h10

Fintech Startup Awarding Ceremony

Asso.Prof. Dr. Pham Thi Tuyet

Head of Fintech Community, TechFest Vietnam 2024

Hana Ngo

Founder & CEO, HanaGold

10h10 – 10h45

Panel 2: Roadmap for Financial Technology to reach mass adoption in Vietnam and the region

Hana Ngo

Founder & CEO, HanaGold

Vincent Le

Chief Risk Office, EzyRemit

Nhan Huynh

CEO, AthenaFS

Dang Thanh Phong

Director, OnePay

Chinh Nguyen (moderator)

Partner, PENTAIP Founder Fund

10h45 – 11h00

Keynote 3: Fintech x AI: The Future of Insurance

Ian JianLiang Low

AI Lab Program Head, Prudential

11h00 – 11h40

Panel 3:Fintech x AI – What’s next after GenAI and Conversational AI?

Sean Wolfman

General Director, Beryl8

Cuong Bui

Head of Fintech Center, TMA Solutions

Ian JianLiang Low

AI Lab Program Head, Prudential

Nguyen The Duy

CEO, ADT Global

Abynprima Rizky (moderator)

Director of Marketing Communication & Community Development, AFTech

11h40 – 11h45

Closing Remark

Asso.Prof. Dr. Pham Thi Tuyet

Head of Fintech Community, TechFest Vietnam 2024

For further details, please contact:

Ms. Nicole Nguyen, Representative of the Organizing Committee

Phone: +84 943 378 452Email: vnfintechfestival@gmail.comEvent Registration: Register Here

PR Newswire is the Official Press Release Distribution – Partner of Vietnam Fintech Summit

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/vietnam-fintech-summit-2024-official-event-of-techfest-vietnam-302317261.html

SOURCE Vietnam Fintech Summit & APAC DAO

Continue Reading

Technology

Global initiative launched to train scientists to safely test cosmetics, chemicals without painful and archaic animal experiments

Published

on

By

BRUSSELS, Nov. 27, 2024 /PRNewswire/ — A new online Master Class course to train scientists in testing cosmetics and chemicals without using animals is being hailed as a game-changer for cruelty-free testing worldwide. Featuring real-world case studies to walk scientists through animal-free testing step by step, the curriculum launched by the Animal-Free Safety Assessment Collaboration (AFSA) has attracted over 1,200 participants from nearly 70 countries since its debut in 2023, highlighting a global interest in innovative, ethical testing methods. Its final module is now open for registration, completing the ten-module course.

Created with input from industry, method developers, regulatory and animal protection experts, the course guides users through every stage of “next-generation risk assessment” culminating in advanced techniques like data integration to ensure robust consumer safety conclusions. These cutting-edge methodologies not only eliminate the need for painful animal-based testing but also provide more valid and reliable results concerning the safety of chemicals and products.

A result of wide-ranging contributions from global experts in animal-free safety science, the AFSA Master Class aims to provide the educational building blocks for lasting change, encouraging kinder scientific practices that will also better ensure human safety. Regulators, product developers, contract research organizations, and academic professionals from across the globe are all active in development of the course, illustrating the truly collaborative nature of animal-free safety science worldwide.

Dr. Catherine Willett, senior director of science and regulatory affairs at Humane Society International and principal coordinator of the AFSA Master Class, said, “Consumers and companies alike want to move away from painful and outdated animal tests, but learning more about the cutting-edge tools available in the animal-free toolbox, and how to use them to make safety decisions, can be challenging. The AFSA Master Class demystifies animal-free safety assessment, making it easier for companies to replace rats, rabbits and guinea pigs with advanced non-animal models and computer simulations.”

Course participant Mark Broussard, managing partner of Desert in Bloom Cosmetics Lab, said, “The AFSA Master Class really helped me understand the entire process of determining the safety of a novel cosmetic ingredient using non-animal methods, since I am working with a novel plant extract that has not before been safety tested or used in cosmetic/therapeutic products for human use. I think the new approach methodologies will yield more valid, more reliable results on the safety of cosmetic ingredients without subjecting animals to the painful animal-based testing procedures.”

“The safety of the cosmetics and personal care products that consumers use and trust every day is of the utmost importance,” said Dr. Julia H Fentem, EVP safety, environmental & regulatory science at Unilever. “Our unique AFSA Master Class program is focused on the safety assessment of cosmetic products and ingredients without generating new animal data and covers all aspects of using non-animal tools and data for internal company decisions-making as well as regulatory safety assessments.”

The AFSA Master Class will help equip key stakeholders with the right tools and knowledge to better explore animal-free methods of safety testing and contribute to the wider shift towards the cruelty-free future of cosmetic and chemical safety science.

The full AFSA Master Class is freely available online at AFSAcollaboration.org/masterclass.

Notes to editor:

The AFSA Master Class is a product of in-kind contributions from the following member organizations: Avon Products Inc., Crème, Delphic HSE, DSM-Firmenich, Givaudan, Humane Society International, Institute for In Vitro Sciences, International Flavors & Fragrances, Inc., Lhasa Ltd., L’Oréal, Lush Fresh Handmade Cosmetics, Procter & Gamble, Symrise, Unilever.

Photo – https://mma.prnewswire.com/media/2568080/Humane_Society_International_AFSA_Master_Class.jpg
Logo – https://mma.prnewswire.com/media/2568079/AFSA_collab_purple_PNG_Logo.jpg 

View original content:https://www.prnewswire.co.uk/news-releases/global-initiative-launched-to-train-scientists-to-safely-test-cosmetics-chemicals-without-painful-and-archaic-animal-experiments-302317184.html

Continue Reading

Trending