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SKT collaborates with Aptos Labs, Brevan Howard and Microsoft to bring global institutional finance on-chain with Aptos Ascend

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SK Telecom (SKT) collaborates with Aptos Labs, Brevan Howard, and Microsoft to launch Aptos Ascend, a suite of institutional solutions for the global financial market. The partnership aims to bring decentralized finance to traditional financial institutions, offering compliant, secure, and scalable services supported by blockchain technology and AI. The collaboration will leverage SKT's Wallet-as-a-Service, Brevan Howard's expertise, and Microsoft's cloud services to drive innovation in the financial industry.
SK Telecom (SKT) collabora con Aptos Labs, Brevan Howard e Microsoft per lanciare Aptos Ascend, una suite di soluzioni istituzionali per il mercato finanziario globale. La partnership ha l'obiettivo di introdurre la finanza decentralizzata nelle istituzioni finanziarie tradizionali, offrendo servizi conformi, sicuri e scalabili supportati dalla tecnologia blockchain e dall'IA. La collaborazione sfrutterà il Wallet-as-a-Service di SKT, l'esperienza di Brevan Howard e i servizi cloud di Microsoft per stimolare l'innovazione nel settore finanziario.
SK Telecom (SKT) colabora con Aptos Labs, Brevan Howard y Microsoft para lanzar Aptos Ascend, un conjunto de soluciones institucionales para el mercado financiero global. La asociación tiene como objetivo llevar las finanzas descentralizadas a las instituciones financieras tradicionales, ofreciendo servicios seguros, escalables y en conformidad soportados por la tecnología blockchain y la IA. La colaboración aprovechará el servicio de Wallet-as-a-Service de SKT, la experiencia de Brevan Howard y los servicios en la nube de Microsoft para impulsar la innovación en la industria financiera.
SK텔레콤(SKT)은 아포스 랩스(Aptos Labs), 브레번 하워드(Brevan Howard), 마이크로소프트와 협력하여 '앱토스 어센드(Aptos Ascend)'라는 글로벌 금융 시장을 위한 기관 솔루션을 출시합니다. 이 파트너십은 전통적인 금융 기관에 탈중앙화된 금융을 제공하고자 하며, 블록체인 기술과 AI를 지원하는 준수, 안전하고 확장 가능한 서비스를 제공합니다. 협력을 통해 SKT의 Wallet-as-a-Service, 브레번 하워드의 전문 지식, 마이크로소프트의 클라우드 서비스를 활용하여 금융 산업에 혁신을 촉진할 것입니다.
SK Telecom (SKT) collabore avec Aptos Labs, Brevan Howard et Microsoft pour lancer Aptos Ascend, un ensemble de solutions institutionnelles pour le marché financier mondial. Le partenariat vise à apporter la finance décentralisée aux institutions financières traditionnelles, en offrant des services conformes, sécurisés et évolutifs soutenus par la technologie blockchain et l'IA. La collaboration exploitera le Wallet-as-a-Service de SKT, l'expertise de Brevan Howard et les services cloud de Microsoft pour stimuler l'innovation dans l'industrie financière.
SK Telecom (SKT) arbeitet mit Aptos Labs, Brevan Howard und Microsoft zusammen, um Aptos Ascend zu starten, eine Suite von institutionellen Lösungen für den globalen Finanzmarkt. Die Partnerschaft zielt darauf ab, dezentralisierte Finanzen in traditionelle Finanzinstitutionen zu bringen und konforme, sichere und skalierbare Dienstleistungen anzubieten, die durch Blockchain-Technologie und KI unterstützt werden. Die Zusammenarbeit wird den Wallet-as-a-Service von SKT, die Expertise von Brevan Howard und die Cloud-Services von Microsoft nutzen, um Innovationen in der Finanzbranche voranzutreiben.
Positive
  • Collaboration with industry leaders in finance and technology to launch Aptos Ascend for global financial markets.
  • Integration of SKT's Wallet-as-a-Service and Aptos blockchain for secure digital asset management.
  • Partnership with BCG for consulting services in decentralized finance and digital assets implementation.
  • Focus on compliance, security, and innovation to meet the needs of global institutions and financial markets.
  • Utilization of Move smart contract language and Digital Asset Controls for asset security and verification.
  • Leveraging Microsoft's cloud services and Brevan Howard's investment expertise for financial solutions.
  • Aptos Ascend aims to unlock transaction efficiency with sub-second latency and high transaction throughput.
  • Expansion of decentralized finance to institutional capital and uncollateralized lending markets.
  • Customizable configurations for regulatory compliance, including access controls and privacy features.
  • Support for KYC, AML checks, and other regulatory requirements for global institutions.
Negative
  • None.

Insights

Assessing the partnership between SK Telecom, Aptos Labs, Brevan Howard and Microsoft introduces a significant stride in integrating blockchain technology with institutional finance. The Aptos Ascend project emphasizes transaction efficiency, capable of handling over 30,000 transactions per second, which dwarfs the average throughput of most traditional financial systems and even some existing blockchains. This could potentially reduce operational costs for financial institutions by streamlining the settlement process and significantly reducing transaction times.

Investors should pay attention to the novel use of Microsoft Azure and Azure OpenAI Service, indicating a robust infrastructure coupled with advanced AI capabilities. This technical foundation may offer a competitive edge in trade finance offerings, potentially increasing SK Telecom's market share in the blockchain-as-a-service space and therefore could affect the stock positively in the long term.

It is also noteworthy that by incorporating BCG's strategic consulting experience, the Aptos Ascend project is poised to integrate seamlessly into existing institutional workflows, which can be a major hurdle for new technology adoption. This could accelerate market penetration and be a growth catalyst for the companies involved.

The move to leverage Aptos, known for its scalable blockchain infrastructure which is important for the high demand of institutional finance, signals a technological leap forward. Aptos' use of the Move smart contract language offers enhanced security features, including formal verification, which mitigates the risk of smart contract vulnerabilities that have plagued other blockchain platforms.

Digital Asset Controls and embedded features for KYC and AML are pivotal for regulatory compliance and are likely to build trust with institutions wary of the historically unregulated nature of cryptocurrencies. These tools could set a new standard for institutional-grade digital asset management and could be highly influential in future regulatory frameworks surrounding digital assets.

The collaboration aligns with the growing trend of tokenization and the shift towards decentralized finance in the traditional financial sector. Given Brevan Howard's background in investment expertise, their involvement suggests a deepening of institutional interest in digital currency and asset management at scale. This interest from a major investment firm reflects a broader industry trend that could drive adoption and growth in related financial technology sectors.

Furthermore, the ability for traditional financial giants to unlock the liquidity of tokenized assets and explore the uncollateralized lending market could transform the landscape of institutional capital flow. Retail investors should observe the evolving digital assets space, as these developments may alter the dynamics of asset management and investment strategies.

SEOUL, South Korea, April 18, 2024 /PRNewswire/ -- SK Telecom (NYSE:SKM, "SKT") today announced a collaboration with Aptos Labs, Brevan Howard, and Microsoft to deliver to the global financial market Aptos Ascend, a suite of end-to-end institutional solutions including a permissioned network and Digital Asset Controls powered by SKT's Wallet-as-a-Service product and the scalable, secure Aptos blockchain. Aptos Ascend will also tap Brevan Howard's industry leadership and expertise to develop a seamless path for any major bank or financial institution to begin offering digital currency and asset management to their clients responsibly and at scale.

Boston Consulting Group (BCG) will be Aptos Labs' preferred consulting partner, leveraging its global expertise in decentralized finance, digital assets, and AI to work with companies to implement the solutions. As one of the world's leading management consulting firms, BCG has a strong track record in delivering and implementing large-scale digital transformations for major financial institutions.

"With a growing trend of tokenization in traditional finance, we expect the partnership to create a strong model for innovation in the future financial market," said Oh Se-hyeon, Vice President and Head of Web3 CO at SKT. "Built upon SKT's trusted KYC/authentication business experience, T wallet (Wallet as a Service) aims to provide a stable platform for various crypto services to be provided with high reliability and security."

"Global institutions require superior levels of compliance, security, trust, and innovation to service customers, operate across borders, and adhere to regulations at every level," said Mo Shaikh, Co-Founder & CEO of Aptos Labs. "In collaboration with SKT, Brevan Howard and Microsoft, Aptos Ascend will provide the world's financial institutions, banks, and tech-forward money markets with a performant, compliant, secure, and scalable gateway to decentralized finance on Aptos that will evolve for years to come."

"We see a tremendous opportunity at the intersection of AI and distributed ledger technologies and are pleased to support Aptos and the Ascend Project as they apply these technologies in financial services," says Adrian Crockett, GM & Head of Product, Microsoft Cloud for Financial Services.

"We continue to have high conviction in the positive impact that the application of Web3 and blockchain technology will have on the financial services industry," said Gautam Sharma, CEO & CIO of Brevan Howard Digital. "It is still early days, and we are pleased to support initiatives like Ascend that may help propel the industry forward."

In addition to bringing traditional finance giants, innovative fintech partners, money market platforms, and global investment firms into the Web3 fold, Aptos Ascend will enable organizations to:

  • Unlock unparalleled transaction efficiency with the Aptos blockchain thanks to an industry-leading sub-second latency—built for scale to achieve more than 30,000 transactions per second (TPS).
  • Use the Move smart contract language and Digital Asset Controls, which provide secure asset management, privacy options, and formal verification of smart contracts, greatly reducing the risk of hacks.
  • Collaborate with like-minded partners to build an extended ecosystem from the start to deliver scale from day one to encourage adoption.
  • Further explore financial services solutions with dedicated support from the Aptos Labs' engineering team to develop additional functions and features as required.

The institution-ready, end-to-end financial suite will use Microsoft Azure and Azure OpenAI Service, along with Brevan Howard's international and market-specific investment expertise, and SKT's regulatory-compliant Web3 technology, to pair innovative trade finance offerings with a decentralized, scalable, data-rich, and accessible network. Adding BCG's strategic consulting expertise will enable Aptos Labs clients to implement the technology solutions seamlessly within their institutions. While the Aptos Ascend solutions will continue to evolve, immediate value at a global scale will take the form of:

  • Expanding decentralized finance to institutional capital.
  • Unlocking the uncollateralized lending market for Web3.
  • Releasing the liquidity of tokenized assets on a global scale.

Aptos Ascend is designed to help regulated institutions around the world meet their obligations to customers, regulators, and other stakeholders. Further, Aptos Ascend includes unparalleled customizable configurations to meet specific business and regulatory requirements, including:

  • Access controls to help institutions meet regulatory requirements.
  • Controls over the types of transactions allowed and which entities can control transaction types.
  • Tools to maintain account and transaction privacy.
  • Embedded features for Know Your Customer (KYC) and anti-money laundering (AML) checks and other regulatory considerations.

About SK Telecom

SK Telecom has been leading the growth of the mobile industry since 1984. Now, it is taking customer experience to new heights by extending beyond connectivity. By placing AI at the core of its business, SK Telecom is rapidly transforming into an AI company with a strong global presence. It is focusing on driving innovations in areas of AI Infrastructure, AI Transformation (AIX) and AI Service to deliver greater value for industry, society, and life.

For more information, please contact skt_press@sk.com or visit our LinkedIn page www.linkedin.com/company/sk-telecom.

Aptos Network

Aptos is a next-generation Layer 1 blockchain. Aptos' breakthrough technology and programming language, Move, are designed to evolve, improve performance and strengthen user safeguards. Please visit https://www.aptosfoundation.org for more information on the Aptos blockchain.

About Aptos Labs

Aptos Labs, co-founded by Mo Shaikh and Avery Ching, is dedicated to creating better network tooling and seamless usability to bring the benefits of decentralization to the masses. Having now raised over $400M, Aptos Labs is backed by top-flight investors, including a16z, Jump Crypto, Binance Labs, Dragonfly, PayPal Ventures, Andreessen Horowitz and Franklin Templeton Investments.

Cision View original content:https://www.prnewswire.com/news-releases/skt-collaborates-with-aptos-labs-brevan-howard-and-microsoft-to-bring-global-institutional-finance-on-chain-with-aptos-ascend-302121735.html

SOURCE SK Telecom

FAQ

What is the collaboration announcement between SK Telecom (SKT) and Aptos Labs, Brevan Howard, and Microsoft about?

The collaboration aims to launch Aptos Ascend, a suite of institutional solutions for the global financial market.

What are the key features of Aptos Ascend?

Aptos Ascend offers transaction efficiency, asset security with Digital Asset Controls, compliance with regulatory requirements, and customizable configurations for institutions.

How will Aptos Ascend benefit global financial institutions?

Aptos Ascend will provide compliant, secure, and scalable services for financial institutions, enabling them to offer digital currency and asset management to clients.

Which companies are involved in the collaboration for Aptos Ascend?

SK Telecom (SKT), Aptos Labs, Brevan Howard, and Microsoft are collaborating to launch Aptos Ascend.

What technology will be used to support Aptos Ascend?

Aptos Ascend will leverage blockchain technology, SKT's Wallet-as-a-Service, Microsoft's cloud services, and Brevan Howard's investment expertise.

What is the main focus of Aptos Ascend?

Aptos Ascend focuses on compliance, security, and innovation to meet the needs of global financial institutions and markets.

How will Aptos Ascend impact the financial services industry?

Aptos Ascend aims to bring decentralized finance to traditional financial institutions, offering secure and scalable services.

What are the benefits of using Move smart contract language in Aptos Ascend?

Move smart contract language provides secure asset management, privacy options, and formal verification of smart contracts in Aptos Ascend.

What role does BCG play in the collaboration for Aptos Ascend?

BCG is Aptos Labs' preferred consulting partner, providing expertise in decentralized finance, digital assets, and AI implementation.

How does Aptos Ascend support regulatory compliance for institutions?

Aptos Ascend includes customizable configurations for access controls, transaction types, KYC, AML checks, and other regulatory requirements.

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