In the neighbouring Japan, a government-backed study group laid out basic guidelines for adoption of ICOs, including rules for identifying investors and preventing money laundering

South Korean cryptocurrency executives detained over alleged embezzlement [Reuters]

Four executives from two South Korean cryptocurrency exchanges were detained on Thursday and are being questioned in connection with the alleged embezzlement of billions of won, prosecutors said.

One of the detained executives was Kim Ik-hwan, CEO of Coinnest, South Korea’s fifth largest cryptocurrency exchange. The other suspects were not identified.

“They are being questioned about the embezzlement of billions of won from their clients’ accounts and transferring it to their own,” an official from the prosecutors’ office told Reuters.

Japan unveils guidelines for allowing ICO [Bloomberg]

Japan is moving toward legalising initial coin offerings, even as countries such as China and the US restrict the fundraising technique because of their risks for investors.

A government-backed study group laid out basic guidelines for further adoption of ICOs, including rules for identifying investors, preventing money laundering, tracking progress of projects and protecting existing equity and debt holders, according to a report published on Thursday. The proposals will be deliberated by Japan’s Financial Services Agency later this month, and could eventually become law in a few years.

TrueMoney wins payment services license in Vietnam [press release]

TrueMoney Vietnam, part of Southeast Asian fintech company Ascend Money, has obtained the Intermediary Payment Services License from the State Bank of Vietnam to operate digital financial services in e-money, e-payment, wireless transfers, and payment gateways.

TrueMoney claims it is processing over one million transactions per month, with 500,000 customers a month transacting with TrueMoney agents and TrueMoney Wallet.

Consumers can now use TrueMoney Wallet to make online purchases, pay bills and top up their pre-paid mobile and gaming cards, as well as to transfer money from their bank accounts to the digital wallet and from their wallet to other wallets. Offline and online merchants can use TrueMoney’s system as a payment gateway. Companies will soon be able to disburse payroll to their employees via TrueMoney Wallet.

Tanyapong Thamavaranukupt, President of Ascend Money, said, “TrueMoney is now able to deploy a broad range of safe, affordable and convenient digital money solutions to Vietnam’s population of 90 million. In particular, we hope to provide equal access to financial services for the unbanked.”

MakeMyTrip, Flipkart announce strategic partnership [press release]

India’s largest online travel company MakeMyTrip and leading e-commerce marketplace Flipkart have announced a strategic partnership in the travel services segment.

MakeMyTrip’s multiple brands, including MakeMyTrip, Goibibo and redBus, will leverage the large customer base of Flipkart platform to drive online bookings in travel services.

The new partnership will start with a roll-out of domestic flight bookings in the next few weeks, followed by Hotels, Bus and Holidays bookings.

Kalyan Krishnamurthy, CEO, Flipkart, said: “Flipkart and MakeMyTrip have played a defining role in shaping the consumer internet ecosystem in India and bringing millions of people online. This strategic partnership helps us make travel booking a seamless experience for customers, even those in the farthest regions, while also furthering our goal of being a one-stop destination for all digital transactions online.”

PropertyGuru added AI capabilities, revamps site and apps [press release]

Online property group PropertyGuru today unveiled a brand refresh, with an invitation to property seekers to ‘Look Forward To Home’. It includes revamped websites and mobile apps and a new brand identity.

The new websites and mobile apps leverage Artificial Intelligence (AI) to make every property search a personalised and intuitive experience.

Underpinning this are machine learning algorithms, which have been trained to recognise behavioural cues to determine the kind of properties a user is looking for and the content they are likely to be interested in.

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