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Finance
Korean commercial banks join BIS \'Project Agora\' to verify deposit token payment system
South Korea\'s five major banks - KB Kookmin, Shinhan, Hana, Woori and NH NongHyup Bank - have checked the potential to improve inter-institution payment transactions globally. The banks joined Project Agora, a joint initiative by the Bank for International Settlements and the Institute of International Finance. Participants tested whether blockchain technology and smart contracts can cut costs and time for large cross-border payments while maintaining the legal nature of reserves and deposits.
Crypto
Deloitte Canada partners with Stablecorp to build stablecoin infrastructure for Canadian financial sector
Deloitte Canada is partnering with Stablecorp to build stablecoin infrastructure for Canadian financial institutions, Cointelegraph reported on March 23. The project focuses on integrating Stablecorp’s Canadian dollar-pegged stablecoin, QCAD, into payment and settlement systems. Deloitte Canada partner Sumit Chatterjee said the aim is to help banks and financial institutions adopt stablecoins once a regulatory framework is in place.
AI & Enterprise
Tech firms cut jobs on AI productivity; Oracle signals major restructuring
Oracle is preparing to carry out job cuts over the coming months, Bloomberg News and the Financial Times reported on March 12. AI is boosting workplace efficiency, while firms are also seeking funds for high-cost data-centre investments. Oracle disclosed it added $500 million to restructuring costs, taking its fiscal-year total to $2.1 billion. RBC analyst Rishi Jaluria said the increase suggests planned workforce reductions. Oracle also pointed to AI coding tools as enabling fewer developers.
