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Thailand has initiated a pilot programme enabling foreign tourists to make purchases using cryptocurrencies in Phuket, marking a significant step in integrating digital assets into the nation’s tourism sector. The initiative, announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira, allows visitors to register their Bitcoin through Thai exchanges and verify their identities before transacting. A designated clearinghouse will convert these digital payments into Thai baht, ensuring that local merchants receive funds in the national currency and are insulated from cryptocurrency price volatility.

This pilot operates within Thailand’s existing legal frameworks, requiring no amendments to current laws. The government aims to enhance convenience for tourists and expand business opportunities in the tourism sector, a critical driver of the nation’s economy. Phuket, attracting up to 14 million tourists annually, serves as an ideal location for this trial.

The programme builds upon Thailand’s growing acceptance of cryptocurrency. In Kalasin’s Huay Phueng district, dubbed “Bitcoin Town,” over 80 businesses, including noodle vendors and tuk-tuk services, accept Bitcoin payments. This grassroots adoption demonstrates the potential for broader cryptocurrency integration across the country.

Former Prime Minister Thaksin Shinawatra has advocated for using Phuket as a “Bitcoin sandbox” for tourism, suggesting that Thailand is well-prepared to advance cryptocurrency initiatives compared to other Southeast Asian nations. He also proposed the issuance of a government-guaranteed stablecoin to increase economic liquidity and potentially boost GDP growth.

Despite these advancements, challenges remain. The Bank of Thailand has previously expressed concerns about the use of cryptocurrencies for payments, citing potential threats to financial stability. However, proponents argue that a carefully controlled pilot could attract new capital inflows and liquidity into Thailand’s economy.

Companies handling sensitive customer data are increasingly adopting SOC 2 audit readiness as a strategic imperative, not merely a compliance checkbox. This proactive approach is becoming essential for businesses aiming to secure partnerships, streamline operations, and fortify their reputations in a competitive digital landscape.

SOC 2, developed by the American Institute of Certified Public Accountants , evaluates an organisation’s controls related to security, availability, processing integrity, confidentiality, and privacy. Achieving SOC 2 compliance demonstrates a company’s commitment to data protection and operational excellence.

A SOC 2 readiness assessment serves as a preliminary evaluation to identify and address potential gaps in an organisation’s control environment before undergoing the formal audit. This process involves a thorough review of policies, procedures, and systems to ensure they align with the Trust Services Criteria. By conducting this assessment, companies can proactively mitigate risks and enhance their security posture.

The benefits of SOC 2 readiness extend beyond compliance. Organisations that complete the assessment often experience increased efficiency in their audit processes, reduced time and resources spent on remediation, and improved confidence among stakeholders. Furthermore, a successful SOC 2 audit can serve as a competitive differentiator, signalling to clients and partners that the company prioritises data security and integrity.

In sectors where data breaches can have significant financial and reputational consequences, SOC 2 readiness is particularly valuable. It enables companies to identify vulnerabilities, implement robust controls, and establish a culture of continuous improvement in their security practices. This proactive stance not only safeguards sensitive information but also positions organisations as trustworthy and reliable partners.

Saudi Arabia’s premier travel company, Almosafer, has been appointed the first global travel agency partner of Hotel Management Company Adeera, a firm backed by the Public Investment Fund . The partnership is designed to bolster the Kingdom’s hospitality sector by integrating Adeera’s hotel brands into Almosafer’s expansive travel platforms, targeting both domestic and international travellers.

This collaboration aligns with Saudi Arabia’s Vision 2030, aiming to diversify the economy and enhance the tourism industry. By leveraging Almosafer’s digital reach and Adeera’s commitment to authentic Saudi hospitality, the alliance seeks to offer seamless booking experiences and promote the Kingdom’s cultural heritage to a global audience.

Muzzammil Ahussain, CEO of Almosafer, emphasized the significance of the partnership, stating, “Our expansive digital reach and integrated platforms make us the perfect partner to showcase PIF company Adeera’s authentic Saudi hospitality brand and services to the world.” He highlighted the goal of connecting travellers to the unique culture and heritage of Saudi Arabia through this initiative.

Stefan Leser, CEO of Adeera, echoed this sentiment, noting, “Saudi Arabia’s unique hospitality culture is an essential part of its identity and integral to the Kingdom’s ambitious tourism goals.” He expressed confidence that the partnership with Almosafer would further connect tourists to authentic Saudi hospitality that reflects the Kingdom’s unique culture.

Adeera, established by the PIF, aims to develop and manage hotel brands that embody Saudi Arabia’s rich hospitality traditions while adhering to global standards. The company focuses on creating homegrown hospitality brands and enhancing the capacity of the local sector through training and skills development programs in collaboration with international hospitality specialists.

Almosafer, a part of Seera Group, operates a comprehensive travel platform catering to various sectors, including consumer, corporate, and government travel. The company’s portfolio includes services for leisure and religious travel, offering a range of travel solutions from flight bookings to hotel reservations and local activities.

The partnership between Almosafer and Adeera is expected to play a pivotal role in promoting Saudi Arabia as a premier travel destination. By integrating Adeera’s hospitality offerings into Almosafer’s platforms, the collaboration aims to provide travellers with access to top-tier Saudi Arabian hospitality experiences.

Five leading financial industry groups, including the American Bankers Association and the Securities Industry and Financial Markets Association , have formally urged the U.S. Securities and Exchange Commission to revoke its rule mandating public companies to disclose material cybersecurity incidents within four business days. The coalition contends that the regulation compromises ongoing investigations, exposes sensitive information, and may inadvertently aid cybercriminals.

The SEC’s rule, adopted in July 2023, requires companies to report significant cyber incidents promptly, unless disclosure poses a substantial risk to national security or public safety. The financial groups argue that this timeline is insufficient for thorough internal assessments and coordination with law enforcement, potentially leading to premature disclosures that could hinder response efforts and mislead investors.

A recent cyberattack on Coinbase, a major cryptocurrency exchange, underscores the concerns raised by these financial entities. Hackers infiltrated Coinbase’s systems by bribing third-party customer service agents, obtaining personal data of approximately 97,000 users. The attackers demanded a $20 million ransom, which Coinbase refused to pay, opting instead to offer a $20 million reward for information leading to their arrest. The breach is expected to cost Coinbase between $180 million and $400 million in remediation and customer reimbursements.

The financial groups emphasize that mandatory rapid disclosure could alert other malicious actors to vulnerabilities before companies have secured their systems. They advocate for a more flexible approach that allows organizations to manage incidents effectively without the pressure of an inflexible reporting deadline.

The SEC maintains that timely disclosure of cyber incidents is crucial for investor protection and market integrity. However, the financial industry coalition insists that the current rule may do more harm than good, potentially exacerbating the very risks it aims to mitigate.

Florida has introduced a legislative proposal to eliminate state-level capital gains tax on Bitcoin, XRP, and stocks, positioning itself as a trailblazer in cryptocurrency-friendly policy within the United States. If enacted, this measure would make Florida the first state to offer such tax exemptions, potentially attracting investors and businesses seeking a more favourable tax environment.

The bill, backed by Republican leadership under Governor Ron DeSantis, aims to exempt profits from the sale of digital assets and traditional equities from state taxation. Proponents argue that this move could bolster Florida’s appeal as a hub for financial innovation and investment. However, it’s important to note that federal capital gains taxes would still apply, as changes at the federal level require congressional action.

Market reactions to the proposal have been notable. Bitcoin experienced a 2.4% increase, trading around $109,835, while XRP saw a 2.2% rise to approximately $2.34. Analysts suggest that such policy shifts could contribute to Bitcoin reaching $135,000 in the coming months, reflecting growing investor confidence in the cryptocurrency market.

This initiative aligns with a broader national trend towards embracing digital assets. President Donald Trump’s administration has signalled support for cryptocurrency and blockchain technologies, with several Republican-led states considering similar tax reforms. Florida’s proposal could serve as a catalyst for other states to reevaluate their tax policies concerning digital assets.

Critics, however, caution that the elimination of state capital gains tax may lead to disparities with federal regulations and complicate tax compliance for investors. They also raise concerns about the potential impact on state revenue and the need for careful consideration of the long-term economic implications.

Air Arabia, the largest low-cost carrier in the Middle East and North Africa region, has entered a strategic partnership with Al Maryah Community Bank , the UAE’s pioneering fully integrated digital bank, to transform payment solutions for air travel bookings. The collaboration aims to streamline and enhance customer experience by integrating a dedicated payment platform using AE Coin, a digital currency developed within the UAE’s evolving fintech ecosystem.

The agreement represents a notable development in the aviation and financial technology sectors, aligning with broader efforts across the Gulf to digitize and modernize consumer transactions. Air Arabia’s expansive footprint across over 170 destinations and its growing digital adoption underscore the potential scale and impact of this partnership, while Mbank’s innovative banking infrastructure provides the technological backbone necessary for secure and efficient digital payments.

AE Coin, a digital asset issued under regulatory frameworks established by the UAE Central Bank, is designed to support seamless transactions, offering users a faster, more secure alternative to conventional payment methods. By incorporating AE Coin into the travel booking process, Air Arabia customers can now enjoy reduced transaction costs and enhanced payment speed, particularly beneficial for frequent flyers and cross-border travellers navigating currency exchange complexities.

This joint initiative aligns with the UAE’s vision of becoming a global hub for digital innovation, especially in fintech and blockchain technology applications. Authorities have actively promoted digital currencies as a means to foster economic diversification and financial inclusion, setting regulatory standards to encourage institutional adoption without compromising security or compliance. Air Arabia and Mbank’s collaboration is a direct manifestation of this vision, potentially setting a precedent for other airlines and banks in the region.

Beyond operational efficiency, the deal aims to provide a competitive edge to Air Arabia in the increasingly crowded low-cost airline market. The digital payment facility is expected to attract a broader demographic, including tech-savvy millennials and Gen Z customers who favour quick and convenient digital financial services. Mbank’s platform offers an intuitive user interface backed by advanced cybersecurity measures, ensuring transaction integrity and user privacy—a crucial factor in digital payment adoption.

Industry experts observe that this partnership could stimulate further innovation in travel-related financial products, such as loyalty programmes integrated with blockchain technology or smart contracts automating travel insurance claims and refunds. Given Air Arabia’s status as a trailblazer in the LCC market within the region, the integration of digital currency payments may drive more airlines to explore similar fintech collaborations to boost customer engagement and operational resilience.

The UAE’s fintech landscape has been expanding rapidly, supported by government initiatives like the Dubai Blockchain Strategy and Abu Dhabi’s financial free zones encouraging fintech startups and established institutions to experiment with digital currencies and payment systems. Al Maryah Community Bank has been at the forefront of this evolution, leveraging its digital-first banking model to offer innovative solutions that address gaps in traditional banking services, especially for younger, digitally native consumers.

The banking sector’s shift toward digital currencies is also influenced by the growing emphasis on cross-border remittances and e-commerce in the Gulf Cooperation Council economies. With millions of expatriates living and working in the UAE, seamless and cost-effective international payments are essential. AE Coin’s integration into travel payments potentially simplifies the complex landscape of foreign exchange and international fees, offering transparent, instant settlement.

Air Arabia’s move complements broader aviation industry trends where airlines increasingly seek to diversify revenue streams through ancillary services, including payment facilitation. Providing customers with alternative payment methods can enhance booking flexibility and reduce abandoned transactions, particularly in regions where credit card penetration remains variable.

Mbank’s leadership has highlighted the collaboration as a step toward building a future-ready banking environment that embraces emerging technologies and anticipates customer needs. Their approach includes ongoing investments in blockchain research and partnerships aimed at expanding the utility of digital currencies beyond conventional use cases.

Sceptics caution, however, that widespread adoption of digital currencies in mainstream commercial sectors faces hurdles such as regulatory uncertainty in some jurisdictions, fluctuating asset valuations, and the need for consumer education. Nevertheless, the tightly regulated environment of the UAE and its proactive approach to digital asset regulation mitigate some of these concerns, positioning this partnership as a test case for successful integration.

Air Arabia’s CEO emphasised that the move reflects a commitment to innovation and customer-centricity, stating that digital payment solutions are integral to the airline’s future growth strategy. The ability to offer fast, secure, and cost-effective payment options will enhance the overall travel experience and contribute to operational efficiencies.

Analysts note that this partnership signals a broader shift in the travel and banking sectors towards embracing digital ecosystems that reduce friction and enhance service delivery. The potential for scaling such solutions beyond air travel, into areas such as hotel bookings, car rentals, and travel insurance, could redefine consumer expectations in the region’s travel market.

NesmaKent Energy Company , the joint venture between Saudi Arabia’s Nesma & Partners and the international engineering firm Kent, has secured a significant project management consultancy contract with Saudi Aramco. This contract marks a milestone for NKJV, positioning the partnership as a crucial player in the kingdom’s energy infrastructure development amid expanding ambitions in the energy sector.

The PMC contract involves comprehensive project oversight and management services for one of Saudi Aramco’s large-scale energy initiatives. NKJV’s responsibilities will span across planning, execution monitoring, quality control, cost management, and ensuring adherence to safety and environmental standards. This contract is part of Aramco’s broader strategy to engage specialised joint ventures that combine local expertise with international engineering standards, reinforcing Saudi Arabia’s Vision 2030 objectives to diversify and modernise its energy sector.

Nesma & Partners, well-established for its construction and engineering projects within the kingdom and region, has brought extensive local market knowledge and regulatory experience to the partnership. Kent, recognised for its global engineering and project consultancy portfolio, contributes advanced technical capabilities and international project management best practices. Together, the joint venture is expected to deliver high-quality consultancy services that meet Aramco’s stringent operational and environmental benchmarks.

The contract signals the growing trend among Saudi energy entities to engage collaborative partnerships that marry domestic strengths with foreign technological expertise. This aligns with the kingdom’s policy to increase localisation and private sector participation in mega projects. NKJV’s role as a PMC will extend beyond traditional supervisory functions, encompassing risk mitigation, technical advisory, and integration of innovative engineering solutions aimed at optimising project delivery and operational efficiency.

Saudi Aramco’s selection of NKJV follows a competitive tender process where multiple firms vied for the contract. The award underscores Aramco’s confidence in NKJV’s combined capabilities and track record. The project itself forms part of a wider portfolio of energy infrastructure investments by Aramco, which include enhancements in oil production facilities, downstream expansions, and renewable energy projects as the company transitions towards sustainable energy sources.

NesmaKent Energy’s contract exemplifies the shifting dynamics within the Saudi energy sector, where engineering consultancy and project management are gaining prominence as critical factors in successful project execution. The emphasis on specialised joint ventures highlights the kingdom’s commitment to leveraging cross-border partnerships to accelerate technological transfer and capacity building.

Industry experts note that the contract reinforces the strategic positioning of Nesma & Partners and Kent in the Middle East’s energy market. Nesma’s long-standing presence in Saudi Arabia has enabled it to navigate complex regulatory environments and develop robust relationships with government entities and private sector clients. Kent’s engineering pedigree, with a portfolio spanning oil and gas, petrochemicals, and infrastructure, complements Nesma’s regional experience with global standards.

The joint venture’s involvement in this Aramco project is expected to generate significant employment opportunities and skill development programmes in line with Saudi Arabia’s localisation agenda, known as Saudisation. NKJV plans to incorporate training modules and knowledge transfer frameworks to build local competencies in project management and engineering consultancy.

The energy project under NKJV’s management consultancy contract is critical to Aramco’s operational goals, encompassing upgrades to production capacity and the integration of advanced monitoring and control technologies. These developments are part of Aramco’s efforts to maintain its position as the world’s leading energy producer while adapting to evolving global energy demands and environmental regulations.

The scope of NKJV’s mandate also includes coordinating with multiple contractors, subcontractors, and regulatory bodies to ensure seamless execution. This requires a high level of technical expertise, project coordination skills, and compliance with international safety and quality certifications. NKJV’s approach reportedly emphasises sustainability and innovation, incorporating digital tools such as Building Information Modelling and real-time project analytics to enhance transparency and decision-making.

As Saudi Arabia intensifies its focus on energy diversification, including the expansion of renewable energy projects alongside traditional hydrocarbon investments, the expertise of joint ventures like NKJV will be crucial. Their ability to deliver complex projects efficiently and within budget will be pivotal in meeting the kingdom’s long-term strategic targets.

NesmaKent Energy’s success in securing this contract may open doors for further collaborations between Saudi and international firms in the energy consultancy sector. This contract reflects a broader trend of joint ventures becoming key conduits for technology transfer and knowledge exchange in the Gulf’s infrastructure and energy projects.

OpenAI has announced the establishment of a legal entity in South Korea and plans to inaugurate an office in Seoul, marking its third operational base in Asia following Tokyo and Singapore. This strategic move underscores the company’s commitment to expanding its footprint in regions exhibiting significant growth in artificial intelligence adoption.

South Korea ranks second globally, after the United States, in the number of paying subscribers to ChatGPT. The nation’s robust technological infrastructure and a populace highly receptive to AI innovations have positioned it as a pivotal market for OpenAI’s expansion efforts.

Jason Kwon, OpenAI’s Chief Strategy Officer, emphasised South Korea’s comprehensive AI ecosystem, highlighting its strengths in hardware, software, and a diverse user demographic spanning various age groups. He noted that the country’s integrated approach to AI development makes it an ideal environment for meaningful AI impact.

In alignment with its expansion strategy, OpenAI has initiated recruitment processes to build a local team in Seoul. The company aims to foster collaborations with South Korean enterprises and governmental bodies to tailor AI solutions that resonate with local needs and regulatory frameworks.

Earlier this year, OpenAI entered into a partnership with Kakao, a leading South Korean internet company, to develop AI products customised for the Korean market. This collaboration is indicative of OpenAI’s approach to localising its offerings and integrating them seamlessly into existing digital ecosystems.

The establishment of a Seoul office also aligns with OpenAI’s broader initiative to implement data residency solutions across key Asian markets, including South Korea. By enabling local data storage, OpenAI addresses regional data sovereignty concerns and ensures compliance with local data protection regulations, thereby enhancing trust among enterprise clients and users.

OpenAI’s expansion into South Korea is part of a concerted effort to strengthen its presence in Asia. The company’s Tokyo office, opened in April 2024, serves as a hub for developing Japanese-language AI models and collaborating with local businesses and government entities. Similarly, the Singapore office, announced in October 2024, functions as the Asia-Pacific headquarters, focusing on regional partnerships and AI research initiatives.

Saudi Aramco is exploring asset sales to bolster its balance sheet as it navigates declining oil revenues and intensifies its international expansion efforts. The state-owned oil giant has engaged investment banks to propose strategies for monetising its assets, according to individuals familiar with the matter. While specific assets and banks involved remain undisclosed, the move underscores Aramco’s proactive approach to financial management amid market challenges.

The company’s net income fell by 12% to $106.2 billion in 2024, down from $121.3 billion the previous year, primarily due to lower oil prices and reduced production volumes. Consequently, Aramco plans to cut its total dividend payout by nearly a third in 2025, distributing $85.4 billion compared to $124 billion in 2024. This reduction is expected to impact Saudi Arabia’s budget, which heavily relies on Aramco’s dividends to fund its Vision 2030 economic diversification initiative.

In response to these financial pressures, Aramco is actively seeking investors for infrastructure assets in its $100 billion Jafurah gas project, aiming to become a major global natural gas player. The company intends to maintain majority ownership and operational control while attracting external investments to support development. This strategy follows previous deals, including nearly $28 billion raised in 2021 through selling 49% stakes in its oil and gas pipeline subsidiaries.

Aramco’s international expansion includes signing preliminary agreements with U.S. companies valued at up to $90 billion, encompassing sectors such as liquefied natural gas, artificial intelligence, and technology. Key deals involve a 20-year LNG purchase agreement with NextDecade’s Rio Grande LNG export project in Texas and collaborations with ExxonMobil to upgrade the Samref refinery in Saudi Arabia. Additionally, Aramco is in discussions to invest in two new refineries in India, seeking stable markets for its crude amidst increased competition from cheaper sources like Russia.

Despite the dividend cut, Aramco plans capital investments between $52 billion and $58 billion in 2025, focusing on expanding its gas capabilities and integrating its upstream and downstream businesses. The company expects potential operating cash flows of $9 billion to $10 billion from growth in its upstream gas business and $8 billion to $10 billion from its downstream business by 2030.

Aramco’s financial adjustments come amid a broader context of declining oil prices, with Brent crude trading around $70 a barrel, down from approximately $100 three years ago. The company’s performance-linked dividend has seen a significant reduction, reflecting broader struggles in the oil industry. Analysts suggest that Aramco may need to tap into debt markets to finance its dividend and capital expenditure commitments if oil prices remain subdued.

The UAE’s real estate sector recorded transactions exceeding AED239 billion in the first quarter of 2025, driven by investor confidence, regulatory reforms, and a robust pipeline of developments. A total of 94,719 sales, purchase, and mortgage deals were registered across Abu Dhabi, Dubai, Sharjah, Ajman, and Ras Al Khaimah, signalling a strong start to the year for the property market.

Dubai led the surge with 45,474 transactions valued at AED142.7 billion, marking a 22% increase in volume and a 30% rise in value compared to the same period in 2024. The ready property segment achieved its highest quarterly performance in over a decade, with 20,034 transactions worth AED87.5 billion. Off-plan sales also remained robust, accounting for 25,440 transactions valued at AED55.2 billion. This growth reflects sustained demand from both end-users and investors, supported by a shift from renting to owning amid rising rental prices.

Abu Dhabi’s real estate market also demonstrated significant growth, with transaction values increasing by 34.5% to AED25.3 billion across 6,896 deals. Saadiyat Island emerged as the leading area for real estate transactions, recording deals amounting to AED5.6 billion, followed by Yas Island with AED3.6 billion and Mohammed Bin Zayed City with AED2.1 billion. The emirate’s focus on high-value existing homes indicates a maturing and strategic market movement.

Sharjah reported a 31.9% increase in real estate transactions, totaling AED13.2 billion across 24,597 deals. Muwailih Commercial led the sales with 1,787 transactions worth AED1.9 billion. The growth is attributed to legislative changes allowing foreign ownership in specific areas, enhancing the emirate’s position on the global real estate investment map.

Ajman recorded 15,125 real estate transactions in 2024, with a value totaling AED20.5 billion, marking a 21% growth compared to 2023. The numbers indicate the emirate’s upward trajectory in real estate, supported by modern infrastructure and a wide array of investment opportunities.

Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties, noted that the UAE’s real estate boom is fuelled by the country’s broader economic and cultural progress, making it one of the world’s most attractive destinations for living, working, and investing. He highlighted that 40% of property buyers are international, reflecting the growing interest in the region.