Fintech PR
Mitsubishi UFJ Trust and Banking Corporation and Binance Japan Commence Joint Study to Explore New Stablecoin Issuance Using Progmat Platform to Accelerate Web3 Adoption
TOKYO, Sept. 26, 2023 /PRNewswire/ — Mitsubishi UFJ Trust and Banking Corporation (MUTB) and Binance Japan Inc (Binance Japan) have commenced a joint study for the issuance of a new stablecoin pegged to fiat currencies, including the Japanese Yen and other foreign currencies, utilizing the “Progmat Coin” platform, a stablecoin issuance and management platform compliant with Japanese law. Through this joint study, both companies aim to issue new stablecoins to help accelerate the mass adoption of Web3 in Japan.
MUTB is leading the development of the “Progmat Coin” platform as an infrastructure for issuing stablecoins in accordance with the revised Payments Services Act enforced in June 2023. MUTB has also announced various technology partnerships*1 with the aim of smooth mutual transfer and exchange of stablecoin issuance on various blockchains, including public blockchains such as Ethereum. Various brands of stablecoins based on the “Progmat Coin” platform will be available for issuance and circulation as soon as the intermediaries handling them have completed their license registration with the relevant authorities.
Binance Japan started offering 34 tokens at the launch of its services for the Japanese market in August 2023, which is the largest number of tokens offered on any digital exchange in the country. Globally, Binance is the leading blockchain ecosystem and cryptocurrency exchange by trading volume with over 150 million users and more than 350 tokens. Upon completion of additional license registration required by domestic regulations, Binance Japan strives to enrich its services to gradually close the gap between Japan and global offerings in a compliant way.
Under this partnership between MUTB and Binance, the joint study aims to drive mass adoption of Web3 and foster a thriving Web3 ecosystem in Japan by issuing new stablecoin utilizing Progmat Coin platform compliant with the domestic regulations.
Overview of the Issuance Structure
Under the revised Payments Services Act enforced in June 2023, there are three options to issue stablecoins (legally termed as “Electronic Settlement Method”): “Bank Deposit-backed Digital Money*2“, stablecoins issued by licensed Fund transfer service providers (“Fund-transfer type”), and Trust banks (“Trust-type”). Based on the characteristics summarized below, the joint study will be based on “Trust-type” stablecoins which both parties believe have the advantage in terms of flexibility in issuance and usability.
The issuance structure is as follows:
Type of Electronic Settlement Method:
- Item 3 (Beneficial interest in specific trusts)
Issuance Applicant (Entruster):
- Binance Japan Inc
Issuer (Trustee):
- Mitsubishi UFJ Trust and Banking Corporation,
Placement of underlying assets (Deposits):
- Any financial institution
Currency of underlying assets:
- JPY and foreign currencies
Intermediary:
- Binance Japan Inc
Connected Blockchain:
- Potential expansion to multiple chains such as BNB Chain, etc., in addition to Ethereum
In order to be able to handle stablecoins (Electronic Settlement Methods) as a business in Japan, it is compulsory to obtain the newly established “Electronic Settlement Methods Transaction Business Provider” license under the revised Payments Services Act. Both companies intend on commencing stablecoin operations by the end of 2024 upon completion and approval of applicable regulatory approvals by Binance Japan.
Tatsuya Saito, Founder and CEO of Progmat Inc, Vice President of Product of MUTB, said: “We believe that the new stablecoin from this collaboration will be a step forward in advancing the Web 3.0. Progmat is a neutral infrastructure that enables the issuance of various brands of stablecoins with the greatest flexibility of use and the least risk of de-pegging, it does not compete with players issuing their own stablecoins. We have already announced the other stablecoin project with several Japanese financial institutions as joint issuance applicants, and we are working with several other partners equally on deals in addition to this announced initiative. Among them, Binance has a strong position in the existing crypto assets trading world, and the impact of having the most secure stablecoin functioning within this ecosystem is immeasurable. Stay tuned for further announcements.”
Takeshi Chino, General Manager of Binance Japan, said: “We are honored to partner with MUTB to explore issuing new stablecoins in Japan through the Progmat platform. Stablecoins have important use cases across the broader financial ecosystem – from a lower-cost and instantaneous cross border trade settlement for business clients, to the facilitation of trading other cryptocurrencies seamlessly for retail investors – stablecoins fill an important financial services need and are crucial for the success of Web 3.0 adoption.”
*1 Announced on September 29, 2022: “Publication of Interim Report by “Payments Services WG” and Start of Cross-Chain Technology Verification of “Progmat Coin”” (Mitsubishi UFJ Trust and Banking Corporation)
March 28, 2023 Announcement: “Technical Alliance for Smooth Mutual Transfer and Exchange of a Wide Variety of
stablecoins to be Issued in Japan” (Datachain, inc., Mitsubishi UFJ Trust and Banking Corporation, and soramitsu)
Announced April 27, 2023: “Successful Technical Verification of Cross-Chain Settlement of Digital Securities with
stablecoins” (Mitsubishi UFJ Trust and Banking Corporation, Datachain, inc.)
Announced May 25, 2023: “Progmat Coin” x “Datachain” x “TOKI” technology alliance to enable transactions using stablecoin between public blockchains” (Mitsubishi UFJ Trust and Banking Corporation, Datachain, inc., TOKI FZCO)
*2 Based on the FSA’s view on Public Comments, we understand the FSA does not contemplate the issuance of electronic payment methods by banks, except for trust-type stablecoins, at this time.
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A strategic partnership between two of the largest Qatari companies to add value to the local and regional market, enhancing food security and innovation in several key sectors.
DOHA, Qatar, Nov. 16, 2024 /PRNewswire/ — Senyar Trading & Distribution Company and Al Baladi Holding have announced the launch of their strategic partnership under the name of ‘Al Faisal Al Baladi Holding’. The launch ceremony was attended by Sheikh Faisal bin Qassim Al Thani, Chairman of Al Faisal Holding, and Mr. Mohammed Abdullah Al Attiyah, Chairman of Al Baladi Holding. This partnership aims to provide added value to the Qatari and regional markets, and to enhance the role of Qatari companies in supporting and developing the local economy in line with Qatar National Vision 2030.
Within this partnership, a strong economic icon was established under the name ‘Al Faisal Al Baladi Holding Group’, capable of implementing huge projects across the MENA region in a number of different vital sectors, especially livestock and agricultural production projects, which contributes to supporting food security and enhancing livestock in a sustainable manner. In addition, the retail sector constitutes a significant part of the Company’s activities.
Al Faisal Al Baladi Holding Group Holding includes Al Faisal Al Baladi Holding LLC, based in Qatar, Al Faisal Al Baladi Group for Malls Management and Operations, based in Egypt, and Al Faisal Al Baladi Holding, based in the Sultanate of Oman. As well as livestock and agricultural production, these companies will operate in several diverse sectors including distribution and wholesale, manufacturing, hospitality and hotels, restaurants, food and beverages, with the retail sector also constituting a significant area of focus. Through these activities, they will seek to meet the growing demand for innovative products and solutions, while supporting sustainable economic development in Qatar and the region.
Commenting on this announcement, Sheikh Faisal Bin Qassim Al Thani, Chairman of Al Faisal Holding, stated: “I am pleased to witness the formation of this strategic partnership that represents the development of the private sector in Qatar and enhances its ability to compete through cooperations built on solid foundations. This partnership is a realization of Qatar Vision 2030 of empowering the private sector and enhancing its contribution to the local economy. I wish both parties success in this promising partnership.”
Mr Mohammed Abdullah Al Attiyah, Chairman of Al Baladi Holding and Chairman of Al Faisal Al Baladi, said: “We are delighted with this cooperation which opens new horizons for growth and expansion. Al Baladi Holding has achieved remarkable successes in recent years, and this partnership comes to underpin our position in the market and expand the scope of our activities. We hope that Al Faisal Al Baladi Holding will contribute to the development of successful and innovative projects that will be a source of pride for everyone.”
Sheikh Mohammed bin Faisal Al Thani, Vice Chairman of Al Faisal Al Baladi Holding, added: “We share common goals, integrated resources, and expertise with Al Baladi Holding. Through this partnership, we will achieve integration and synergy in diverse businesses to maximize value for all parties, including consumers and investors, which will benefit all stakeholders and contribute to achieving a positive impact across every level.”
Mr. Abdullah Mohammed Al Attiyah, Vice Chairman of Al Baladi Holding, said: “Undoubtedly, the stability of the Qatari economy, the diversity of investment opportunities, and the positive business environment, have all contributed to Al Baladi Holding’s market leading position. We look forward to this partnership with confidence in its promise to help build a bright future”
Mr. Tarek Mahmoud Al Sayed, Board Member of Al Faisal Al Baladi Holding, added: “Food security projects hold special importance, especially in their comprehensive and sustainable concept, which constitute an essential part of our future strategy. We seek to play a pivotal role in the region through livestock and agricultural production projects, as we currently own a number of livestock and agricultural production companies in Qatar and Oman, and we plan to expand and launch new projects in a number of countries in the region and North Africa. This will support Al Faisal Al Baladi in becoming a leading company in achieving food security at the regional level.”
Mr Hany Al Sayyadi, CEO and Board Member of Al Faisal Al Baladi Holding, concluded by saying: “This partnership strengthens our diversified investment portfolio and facilitates the expansions of our presence in regional and global markets. Our vision is to achieve a strong presence in the Middle East region, by focusing on innovation and quality in all our sectors. This partnership is a natural extension of the vision of both companies to enhance economic integration and contribute to driving development in Qatar and the region.”
Al Faisal Al Baladi plans to expand its business activities in regional and global markets, by utilizing the diverse investment opportunities represented by the manufacturing, hospitality and retail sectors. The Group’s current portfolio includes more than 30 leading companies in their fields, including Al Baladi and Al Baladi Express Markets, Al Wajba Dairy and Juice Factory, City Limousine Company, in addition to a number of restaurants and companies in the food sector, and many others.
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Fintech PR
Sustainable Infrastructure Holding Company (“SISCO”) Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million
- Revenue grew by 23.8% compared to previous year
- Gross profit of SAR 179.8 million, a 21.7% increase compared to Q3FY23
- Adjusted EBITDA rose 29.5% to SAR 210.2 million
JEDDAH, Saudi Arabia, Nov. 16, 2024 /PRNewswire/ — Sustainable Infrastructure Holding Company (“SISCO”, “TADAWUL: 2190”), Saudi Arabia’s leading strategic investor in Ports & Logistics and Water Solutions has announced its financial results for the quarter ended 30 September 2024.
Revenues for the third quarter of 2024, excluding accounting construction revenue, grew by 23.8% compared to Q3FY23 to reach SAR 341.8 million. On a quarter-to-quarter basis, revenues grew by 13.0% compared to Q2FY24.
The third-quarter gross profit of SAR 179.8 million represents 14.7% quarter-on-quarter growth and 21.7% growth compared to Q3FY23. The gross profit margin for Q3FY24 was down 0.9% year-on-year, due to increased depreciation and direct costs, but was up 0.8% quarter-on-quarter, in line with expectations. Year-to-date saw gross profits increase by 13.8% to SAR 469.5 million.
Adjusted EBITDA growth rose 29.5% to SAR 210.2 million compared to Q3FY23, aligning SISCO with strategic goals. Quarter-on-quarter growth was 20.8%, with a year-to-date increase of 17.7% to SAR 543.8 million.
SISCO reports a strong recovery in the Red Sea Gateway Terminal from subdued Q3FY23 Port segment results due to the Red Sea situation. Port volume reached 828,868 TEUs in Q3FY24, returning to levels similar to Q4FY23.
Commenting on the results: Eng. Khalid Suleimani, Group CEO, SISCO said:
“I am pleased to report that SISCO has continued to demonstrate strong growth and operational performance in Q3FY24, with revenues improving by 23.8% compared to Q3FY23. Our Ports segment, which remains a key growth driver, saw a significant increase, leading to robust results despite the Red Sea challenges.
Net income remains strong, despite the one-off payment of SAR 25 million to Zakat. Another highlight of the quarter is the impressive recovery in the Red Sea Gateway Terminal, highlighting it’s resilience.
We are also excited to announce the Multi-Purpose Terminals (MPT) concession, which will allow us to expand operations across all non-containerised port facilities in the Red Sea Gateway Terminal. This strategic initiative positions SISCO to capture further growth opportunities domestically and internationally.
Looking ahead, we remain committed to executing our five-year strategy to double revenues by 2026 and continue delivering long-term value to our shareholders.”
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DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, opens up the November arena for the Bybit Crypto Titans trading competition. Available for users in select regions, a prize pool of 55,000 USDT will be available for a limited time only.
From now to Nov. 30, eligible traders can level up their trading strategies and amplify their winning chances by inviting friends to share two prize pools in two simple steps: register for the event at the Grand Arena, and invite friends and trade.
Battlefields: Once in the Arena, users can pick their battlefields. Up to 30,000 USDT are up for grabs in the Team Battlefield ranked by total trading volume, while another 15,000 USDT is reserved for traders in the Solo Battlefield competing by PnL(%).
More perks: Additionally, top traders and leaders will receive extra perks. Participants will receive a bonus 5 USDT for every new qualified referee, and the first 50 Team Leaders whose team exceeds a threshold amount in trading volume will be entitled to a 100 USDT bonus.
“As trading volumes overall are climbing, we are seeing so many talented traders in our community with a knack for navigating fast-moving markets. This event gives some of them an incentive to share their passion with their friends, and there is room for rewards for the solo trading pros to shine as well,” said Joan Han, Sales and Marketing Director of Bybit.
Market sentiment and activities have been trending up in recent weeks globally, and the enthusiasm is shared among users in niche markets. While traders rush to capture opportunities in a heated market, the Crypto Titans competition encourages users to bring out the best trading game and hone their trading skills for healthier returns.
Find out more about Bybit’s Crypto Titans: November Showdown, terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
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Sustainable Infrastructure Holding Company (“SISCO”) Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million