Introducing the First Bank-Collateralised PHP Stablecoin and Innovative Cross-Border Payment Solutions

SINGAPORE, Nov. 12, 2024 /PRNewswire/ — A consortium of prominent financial institutions, including the following banks, has announced the launch of PHPX, the first bank-collateralised Philippine Peso (PHP) stablecoin:

UnionBank of the Philippines (UBX)Rizal Commercial Banking Corporation (RCBC)Cantilan BankRural Bank of GuinobatanAdditional commercial and rural banks

In collaboration with Web3 fintech company JUST Finance, this initiative marks a significant advancement in digital finance, aiming to enhance cross-border payments and remittances for Filipinos worldwide.

JUST Finance, is a joint venture between FSCO and Ayannah.

Key Features of PHPX and the Multi-Currency Exchange:

Bank-Collateralised Security: PHPX is backed by a consortium of regulated banks and asset managers, ensuring robust financial support and real-time auditing.Regulated Distribution: Distributed exclusively through licensed banks to meet stringent compliance and ethical standards.Financial Efficiency: Reduces costs and processing times for remittances and foreign exchange (FX) swaps.Multi-Currency Conversion: Facilitates seamless swapping of PHPX with major stablecoins, including USDC and EURC, enabling efficient cross-border payments.Tokenized Investment Access: Offers opportunities to invest in higher-yield, risk-mitigated tokenized real-world assets such as PHP, USD, and EUR-denominated bonds and ETFs.

Strategic Importance and Market Impact:

With stablecoin transactions exceeding $US9 trillion in the first half of 2024—double the volume of Visa’s payments—PHPX addresses the growing demand for secure, compliant digital financial solutions. As the first stablecoin exclusively operated through regulated banking networks, PHPX sets a new standard for trust and security in digital finance.

“This initiative empowers Filipinos with secure, high-yield financial tools, fostering a culture of savings and investment,” said David Inderias, CEO of JUST Finance. “It’s a game-changer for financial inclusion and accessibility, enabling Filipinos to hold PHP on-chain and invest in tokenized assets.”

Lito Villanueva, Chairman of the Fintech Alliance Philippines, highlighted, “PHPX’s regulated framework will enhance cross-border remittances and payments, providing Filipinos worldwide with faster, cheaper, and more secure financial solutions.”

Driving Financial Inclusion and Innovation:

The Digital Asset Alliance’s roadmap includes:

Launching PHPX stablecoin for seamless on-chain PHP holding and conversion.Establishing the Multi-Currency Stablecoin Exchange for efficient, cross-border stablecoin transactions.Integrating tokenization platforms to democratize access to secure, high-yield investments.

About the Digital Asset Alliance:

The Digital Asset Alliance is a collective of top banks, asset managers, and fintech companies dedicated to advancing financial inclusion in the Philippines. By leveraging blockchain technology, the Alliance aims to build the country’s most trusted PHP stablecoin and foster a more inclusive, efficient financial ecosystem.

View original content:https://www.prnewswire.com/apac/news-releases/just-finance-unveils-phpx-bank-backed-peso-stablecoin-innovation-302302164.html

SOURCE FSCO

The application comes as Visit Sweden looks to Prevent Travel Mix-Ups Among Tourists

STOCKHOLM, Nov. 12, 2024 /PRNewswire/ — Sweden is making a bold (and slightly cheeky) move to trademark its name, putting an end to travel mix-ups. The home of cinnamon rolls and fika has applied to the European Union Intellectual Property Office (EUIPO) to protect its name from international duplicates that might confuse unsuspecting travellers who want to experience the original Sweden and is calling on people around the world to support its application via an online petition.

To view the Multimedia News Release, please click:
https://www.multivu.com/visitsweden/9302151-en-gb-sweden-first-country-to-apply-for-trademark

Watch how to distinguish the original Sweden here. 

Red and white cottages in the original Sweden. Photo: Markus Holm/Visit Sweden Download

The trademark application addresses a common problem travellers face with name-alike locations – with eight places around the world called “Sweden“, multiple Germanys, dozens of Americas, and 34 Londons globally, it’s not hard to see why a little brand clarity might be in order. Visit Sweden has decided it’s time to step in and help tourists avoid holiday blunders, so no one packs for the Swedish lakes and forests, only to find themselves in a far-off town with the same name but none of the Scandi charm.

A recent survey by Visit Sweden revealed almost half of travellers (45%) encounter duplicate place names when planning trips and a surprising 8% confessed they have even ended up in the wrong spot.

The study also revealed a large share of younger travellers aged 20-32 support the idea of trademarking names to prevent location mix-ups (54% in the US, 45% in the UK and 44% in Sweden).

“It’s flattering that other places want to be called Sweden, but we’d prefer if there was just one. Our Sweden. The one with lakes, islands, forests, and the world’s best flat-pack furniture,” quipped Susanne Anderson, CEO of Visit Sweden. “When people think of Sweden, they should picture our rich landscapes, fika culture, and iconic design, not another city or town that happens to share our name. We want everyone to join us, sign the petition, and help travellers discover the one and only, and original, Sweden.”

If successful, Sweden’s trademark could lead to clearer travel planning and fewer mix-ups in the future. With the online petition now live, Visit Sweden is calling on everyone’s support to help create travel harmony.

To spot the “real” Sweden, Visit Sweden has a few humorous hints: keep an eye out for free wild blueberries, quiet natural luxury (more nature, less bling), and maybe even your own private island. And if you find hotels catering to “eight seasons” instead of the usual four, you’ve definitely arrived in the Original Sweden.

The application reflects recent trends in protecting brand authenticity as people become more alert to “dupes” in fashion, products – and now, destinations. 

Press imagery & Videos: https://contentbank.visitsweden.com/selection/9715a5f1a7a0f2a5480021c4d57c809f

Photo – https://mma.prnewswire.com/media/2549188/Visit_Sweden.jpg
Logo – https://mma.prnewswire.com/media/2549457/Visit_Sweden_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/sweden-becomes-first-country-in-the-world-to-apply-for-trademark-302299038.html

Vision Technology Leader Reacquired by Company’s Original Founders

GALWAY, Ireland, Nov. 12, 2024 /PRNewswire/ — FotoNation® (www.fotonation.com), a leading provider of ultra-low power, high-efficiency computer vision AI solutions, announced that its founders have completed a management buyout of the company’s chip-level hardware, firmware, and imaging business, acquiring the company for the third time.

Petronel Bigioi, its current Chief Executive Officer; Sumat Mehra, its Chief Business Officer; and Eran Steinberg, Chairman of the Board, will once again lead FotoNation; each of these individuals had a key leadership role in the company in the past.

As a globally recognized pioneer of in-device computational imaging solutions, FotoNation has a track record of over 1,000 granted patents and dozens of design wins. Its unique combination of hardware, firmware, and software solutions is embedded in over 3.6 billion devices worldwide. 

Looking to the future, FotoNation is focused on developing the third generation of its image processing core, optimized for edge devices requiring ultra-low power, high bandwidth, and AI-based signal processing. A supporting AI compiler and software stack complete this unique offering, delivering sustainable AI inference capabilities to all sensing devices. “We are targeting surveillance, IP cameras, drones, action cameras, and mobile devices. Any market requiring high-quality low-power imaging, sensing, or signal processing is within our reach.” said Sumat Mehra, CBO of FotoNation, “We are leveraging the long-term relationships with key players and the established market credibility emerging from seeding billions of devices.”

“FotoNation’s technology is based on strong intellectual property, built on sound tried-and-tested solutions. We plan to migrate from IP cores towards Chiplets, commoditizing imaging and sensor fusion for any SoC makers,” said Petronel Bigioi, CEO of FotoNation. “We are fortunate to have such an experienced, innovative, and committed team as the FotoNation family.”

“Our vision is to provide strategic, widely addressable chip-level imaging and sensing solutions addressing the near- and long-term needs of Edge AI,” said Eran Steinberg, FotoNation’s Chair. “It is rare in business that one gets an opportunity to reunite such a dream team for the third time. We expect this Hat-Trick buyout to result in a phenomenal breakthrough vision technology and exponential market growth with significant ROI”.

FotoNation LTD is an Irish corporation headquartered in Galway, Ireland, with a second engineering office in Brasov, Romania, and business development offices in the San Francisco Bay Area and in Japan.

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SOURCE FotoNation