Beijing municipal government unveils two-year metaverse innovation plan

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(Kitco News) – The metaverse appears to be the weakest point in China’s anti-crypto armor, as the Beijing municipal government has announced a two-year metaverse innovation and development plan that will be implemented from 2022 to 2024.

The plan will require all districts to follow guidelines set out in a recently released Web3 Innovation Agenda, as the country seeks to harness what it calls a “new generation of information technology integration and innovation.” which will drive the growth of Web3.

Under this plan, promoting the development of industries related to the metaverse and helping Beijing establish a benchmark city designed for the digital economy will be the main focus as China appears to be a global leader in the metaverse development.

According to the action guidelines, various districts will be required to build city-level technology infrastructure and encourage its use in various sectors, including tourism and education.

A translation of the document states that its purpose is to “promote digital education scenarios, support in-depth cooperation between Metaverse-related technology companies and educational institutions, develop smart and interactive online education models, and develop industry-wide digital education platforms”.

Other goals mentioned in the development program include the integration of technologies such as 3D visualization and GIS (Geographic Information System), which can help build a digital platform of visual urban space and help to advance the development of digital native intelligent infrastructures.

The plan also requires districts and municipalities to provide financial and human support to help make the project a reality.

Ant Group partners with Kenanga

On the development front, Chinese tech powerhouse Ant Group has announced a partnership with Kenanga, Malaysia’s largest independent investment bank, to launch a crypto-enabled wallet and trading app.

The wealth generation and management “SuperApp” will include a suite of financial solutions, including stock trading, digital investment management, currency exchange and crypto trading.

Based on the terms of the Memorandum of Understanding (MoU), Ant’s Digital Technology Unit will provide Kenanga with mPaaS, a mobile development platform from AliPay App, which can be used to launch the SuperApp.

According to Geoff Jiang, President of Ant Group’s Digital Technology Business Group, mPass has been “adopted by many companies to create new applications and optimize the performance of existing applications”, and is “well positioned to help Kenanga integrate a wide range of products and services to its SuperApp.

Having experimented with digital financial services for over five years, Kenanga is excited about the possibilities of this collaboration with Ant Group, as noted by Kenanga Group Managing Director, Datuk Chay Wai Leong, who said, “We are looking forward to not only unifying a broad spectrum of financial offerings under one roof, but more importantly, making wealth creation more accessible by democratizing financial services for the millions of Malaysians. Kenanga reportedly plans to launch the app in early 2023.

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Melissa C. Keyes