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Hong Kong launches generative AI Sandbox for finance sector

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Hong Kong is taking a bold step towards fostering innovation in the fintech sector with the launch of its new “GenAI Sandbox.” This initiative aims to create a controlled environment where financial technology companies can develop, test, and deploy cutting-edge solutions, particularly those leveraging generative artificial intelligence (GenAI).

The GenAI Sandbox is designed to accelerate the adoption of AI-driven technologies in finance, offering companies a space to experiment with advanced tools without the usual regulatory constraints. This initiative reflects Hong Kong’s commitment to maintaining its position as a leading global fintech hub by embracing the transformative potential of AI.

Financial Secretary Paul Chan highlighted the importance of the sandbox in promoting technological advancement while ensuring consumer protection and regulatory compliance. By allowing fintech companies to innovate within a monitored environment, Hong Kong aims to strike a balance between encouraging technological progress and maintaining the integrity of its financial system.

The sandbox is expected to attract a wide range of participants, from startups to established financial institutions, all looking to harness the power of AI to enhance their services. As AI continues to revolutionize the financial sector, Hong Kong’s GenAI Sandbox positions the city at the forefront of this technological wave, providing a model for other regions to follow.

This move is part of Hong Kong’s broader strategy to boost its fintech industry, which includes initiatives to support blockchain, digital assets, and regulatory technology (RegTech). By fostering innovation through the GenAI Sandbox, Hong Kong is set to further solidify its status as a leading destination for fintech development.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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