HK game firm to buy $100M crypto for treasury, China/UAE CBDC deal: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Hong Kong gaming firm to invest $100M in crypto
Boyaa Interactive International, a publicly-traded Hong Kong holding company specializing in online card and board games, wants to secure the approval of its shareholders to invest $100 million in crypto.
According to this week’s announcement, Boyaa Interactive directors want to allocate $45 million of corporate funds to Bitcoin (BTC), $45 million to Ethereum (ETH), and $10 million to stablecoins such as Tether (USDT) and USD Coin (USDC). As for rationales for the investment, directors wrote:
“The Internet gaming business mainly operated by the Group has a high degree of logical fit with Web3 technology. It attaches great importance to communities and users, covers virtual asset attributes and other characteristics, making Web3 technology easier and more widely used in the Internet gaming industry.”
The company’s brand of 75 online games, such as its Texas Hold’em casino, has around 1.18 million daily active players. In Q3 2023, Boyaa Interactive generated $14 million in revenue and $4.2 million in earnings, respectively.
China signs $400M CBDC deal with United Arab Emirates
The People’s Bank of China — the country’s central bank — has signed a $400 million cooperation memorandum on central bank digital currencies with the United Arab Emirates.
The China Council For The Promotion of International Trade said the memorandum was signed in Hong Kong and will last for five years, allowing for the interchange of each other’s CBDC during bilateral trade.
“The renewal of the currency swap agreement reflects the depth of relations between the UAE and China and demonstrates the UAE Central Bank’s commitment to strengthening its partnership with China in the fields of finance, trade, and investment. China is the UAE’s largest global trading partner, with non-oil trade between the two countries exceeding Dh264.2 billion in 2022.”
Government officials say that the treaty “will facilitate the provision of liquidity to financial markets in local currencies to settle cross-border financial and trade transactions in a “more effective and efficient manner.”
Since its inception in 2020, digital yuan (e-CNY) transactions have surpassed 1.8 trillion yuan ($253.6 billion), while the number of wallets has surged to 120 million. Recently, four foreign banks, including Standard Chartered, HSBC, Hang Seng Bank, and Fubon Bank have joined China’s e-CNY pilot tests.
Hong Kong director Stephen Chow teases NFT drop
Award-winning Hong Kong director Stephen Chow, known for his magnum opus 2004 film Kung Fu Hustle, will soon launch his own nonfungible tokens (NFT) collection.
In a December 6 Instagram post, Chow stated that the NFT project, dubbed “Nobody,” will be designed in collaboration with Chinese-American rapped Jin Au-Yeung, who also goes by his stage name MC Jin.
“We often look up to great people simply because they never underestimate themselves. Ordinary individuals, on the other hand, often bring the greatest surprises to the world,” wrote Chow in describing the theme of the Nobody NFT collection.
The NFTs will be released on the Moonbox platform, a Hong Kong-based AI and Web3 startup that aims to launch AI-powered NFTs focusing on the arts and film industry. Chow will serve as the first content creator on the platform. In August, Moonbox closed a $2.5 million funding round at a $50 million valuation led by OKX Ventures.
Singapore joins China’s e-CNY pilot program
Singapore will soon accept the e-CNY as a means of payment by Chinese visitors to the country.
The Monetary Authority of Singapore (MAS), in collaboration with the People’s Bank of China and the Digital Currency Institute, will embark on a pilot enabling travelers from both countries to use e-CNY for tourism spending in Singapore and China. “This will enhance convenience for travelers when making purchases during their overseas travel,” government officials wrote.
In 2020, the two countries signed a memorandum of understanding for cooperation related to digital finance. At the Singapore Fintech Festival last month, the MAS revealed that it will draft a blueprint for the development of a digital Singaporean dollar.
Read also
Victory Securities approved for new Bitcoin fund in Hong Kong
Victory Securities, the first broker to receive a virtual asset provider license (VASP) in Hong Kong, has received regulatory approval from the country’s Securities & Futures Commission (SFC) for a new Bitcoin fund in partnership with EMC Labs.
The Victory EMC BTC Cycle Fund will allow investor subscriptions in U.S. dollars as well as stablecoins such as USDT and USDC.
On November 27, Victory Securities received a VASP license along with Interactive Brokers. The license allows firms to offer crypto services to retail investors, but only for trading of Bitcoin, Ethereum, and certain stablecoins. In addition, its new Bitcoin fund will only be available to accredited investors meeting a $1 million portfolio requirement for the time being.
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Current laws in the United States do not explicitly protect open source software developers and create the risk of retroactive prosecution.
Jeremy Kranz, founder of Sentinel Global, a venture capital firm, said investors should be “discerning” and read the fine print on any stablecoin.
Politics
Labour deputy leadership candidate accuses opponent’s team of ‘throwing mud’ and briefing against her
Lucy Powell has accused Bridget Phillipson’s team of “throwing mud” and briefing against her in the Labour deputy leadership race in a special episode of Sky’s Electoral Dysfunction podcast.
With just days to go until the race is decided, Sky News’ political editor Beth Rigby spoke to the two leadership rivals about allegations of leaks, questions of party unity and their political vision.
Ms Powell told Electoral Dysfunction that through the course of the contest, she had “never leaked or briefed”.
But she said of negative stories about her in the media: “I think some of these things have also come from my opponent’s team as well. And I think they need calling out.
“We are two strong women standing in this contest. We’ve both got different things to bring to the job. I’m not going to get into the business of smearing and briefing against Bridget.
“Having us airing our dirty washing, throwing mud – both in this campaign or indeed after this if I get elected as deputy leader – that is not the game that I’m in.”
Ms Powell was responding to a “Labour source” who told the New Statesman last week: “Lucy was sacked from cabinet because she couldn’t be trusted not to brief or leak.”
Ms Powell said she had spoken directly to Ms Phillipson about allegations of briefings “a little bit”.
Bridget Phillipson (l) and Lucy Powell (r) spoke to Sky News’ Beth Rigby in a special Electoral Dysfunction double-header. Pics: Reuters
Phillipson denies leaks
But asked separately if her team had briefed against Ms Powell, Ms Phillipson told Rigby: “Not to my knowledge.”
And Ms Phillipson said she had not spoken “directly” to her opponent about the claims of negative briefings, despite Ms Powell saying the pair had talked about it.
“I don’t know if there’s been any discussion between the teams,” she added.
On the race itself, the education secretary said it would be “destabilising” if Ms Powell is elected, as she is no longer in the cabinet.
“I think there is a risk that comes of airing too much disagreement in public at a time when we need to focus on taking the fight to our opponents.
“I know Lucy would reject that, but I think that is for me a key choice that members are facing.”
She added: “It’s about the principle of having that rule outside of government that risks being the problem. I think I’ll be able to get more done in government.”
👉 Click here to listen to Electoral Dysfunction on your podcast app 👈
Insider vs outsider
But Ms Powell, who was recently sacked by Sir Keir Starmer as leader of the Commons, said she could “provide a stronger, more independent voice”.
“The party is withering on the vine at the same time, and people have got big jobs in government to do.
“Politics is moving really, really fast. Government is very, very slow. And I think having a full-time political deputy leader right now is the political injection we need.”
The result of the contest will be announced on Saturday 25 October.
The deputy leader has the potential to be a powerful and influential figure as the link between members and the parliamentary Labour Party, and will have a key role in election campaigns. They can’t be sacked by Sir Keir as they have their own mandate.
The contest was triggered by the resignation of Angela Rayner following a row over her tax affairs. She was also the deputy prime minister but this position was filled by David Lammy in a wider cabinet reshuffle.
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