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first_img The modern card completes the verification of cross-border remittances of stablecoins between Hyundai Motor's overseas entities in just 7 minutes

Hyundai Card announced on the 9th that it has completed a proof of concept (PoC) for cross-border remittances based on stablecoins with Hyundai Motor America (HMA) and Hyundai Motor Mexico (HMM). In the first PoC, the U.S. entity converted $20,000 into USDT and then remitted it to the Mexican entity, which converted it back to dollars. The entire process, including international remittance and verification, averaged only 7 minutes, significantly shorter than the 3 to 4 hours typically required for traditional bank cross-border remittances. Tether and Avalanche participated in this verification.The second phase of the PoC will be launched at the end of this month, targeting Hyundai Motor's European entity, to conduct actual remittances in local currency instead of dollars, verifying the cost-saving effects of currency exchange. Circle and Visa will participate as partners. Hyundai Card emphasized that this verification has comprehensively considered regulatory requirements such as accounting, taxation, legal, and internal controls, going beyond mere technical testing to reach the level of actual business deployment. In the future, there are plans to expand the application of stablecoins to inter-entity settlements and fund transfers within Hyundai Motor Group's global network.

Chan Mo-po: Hong Kong is the "super converter" for mainland enterprises going overseas

According to Xinhua News Agency, the Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, stated in a blog post on the 28th that Hong Kong is not only an important channel for attracting investment but also a "key link" for mainland enterprises and products to go international, as well as a "converter" for standards and regulations between technological innovation and the international market.Paul Chan indicated that under the national "dual circulation" development strategy, Hong Kong's internationalization advantages can effectively assist mainland enterprises in connecting with global markets. The mainland's outstanding scientific and technological innovation capabilities can efficiently interact with Hong Kong's internationalization advantages, helping enterprises convert research and development results into overseas orders.At the same time, Hong Kong can introduce international long-term capital for hard technology enterprises that require "patient capital," achieving "small, early, and long-term investments" to support the growth of promising technology companies and emerging and future industries. In addition, the developing Northern Metropolis of Hong Kong aligns well with the strong entrepreneurial atmosphere in places like Xi'an, creating a positive cycle of mutual empowerment among education, technology, talent, and industry.

South Korea plans to allow exchanges and fintech companies to participate in the overseas remittance system for virtual assets

According to South Korean media SBS Biz, South Korea is considering allowing various parties, including exchanges and fintech companies, to participate in the upcoming virtual asset overseas remittance business system. This system is expected to be implemented in December this year. Relevant individuals revealed that the government has recently begun drafting the implementation details of the partial amendment to the Foreign Exchange Transaction Act and is reviewing the registration requirements for virtual asset transfer businesses.The core content of the amendment is to include cross-border virtual asset transfers within the regulatory framework of the Foreign Exchange Transaction Act, defining it as "virtual asset transfer business." Companies intending to engage in virtual asset transfer business must register with the Office of the Minister of Economy and Finance of South Korea and report relevant information through the foreign exchange computer network of the Bank of Korea when cross-border transfer transactions occur. Previously, cross-border virtual asset transactions had been outside the foreign exchange regulatory framework, raising concerns that these transactions could be used for illegal foreign exchange trading or money laundering activities. This system improvement aims to incorporate virtual asset transfer transactions into the management and regulatory system.
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