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In focus
- SBI Holdings’ digital asset ambitions in Southeast Asia
- Fresh AI job openings in Singapore
- GCash makes its Philippine stock market debut
Hello reader,
A decade ago, as cryptocurrencies gained popularity, one question kept coming up at industry conferences: Would blockchain make banks obsolete?
Crypto enthusiasts were convinced it would. Blockchain, they argued, could move money almost instantly and at a fraction of the cost that banks and other financial institutions would charge.
Ten years later, banks are still standing. But instead of fighting blockchain, some of the biggest financial institutions are embracing it, thanks in large part to stablecoins.
These cryptocurrencies, typically pegged to traditional currencies such as the US dollar, are gaining traction among banks and payment platforms. Governments across Asia, from Singapore to Japan, are also introducing rules to govern their use.
SBI Holdings is taking this a step further. The Japanese financial giant has invested hundreds of millions of dollars in fintech platforms across Southeast Asia, building a network that could eventually support its newly launched yen-pegged stablecoin, JPYSC.
For now, JPYSC is limited to Japan. But SBI’s investments suggest a much bigger goal: changing how money and capital move across Southeast Asia.
Our top story today examines SBI’s regional strategy and the challenges standing between its stablecoin ambitions and mainstream adoption.
SBI isn’t the only one making noise in Southeast Asia’s fintech scene. GCash parent Mynt began trading on the Philippine Stock Exchange yesterday, marking a major milestone for one of the region’s most well-known digital wallets. More in trending news.
Elyssa Lopez, journalist
Top Stories
1️⃣ Behind SBI’s bid to build a digital asset empire in SEA
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