Kyobo Securities-SBI Digital Markets Sign MOU on Digital Finance

Kyobo Securities announced on the 6th that it has signed a Memorandum of Understanding (MOU) for strategic collaboration with SBI Digital Markets (SBIDM) to establish a digital financial ecosystem and operate a new token securities (STO) business.

Lee Seok-gi, CEO of Kyobo Securities (fourth from the right), Winston Quek, CEO of SBI Digital Markets (fourth from the left)

The signing ceremony held on the 1st at SBIDM headquarters in Singapore was attended by Lee Seok-ki, CEO of Kyobo Securities, Shin Hee-jin, Head of New Business at Kyobo Securities, Winston Quek, CEO of SBI Digital Markets, CK Ong, Chief Operating Officer of SBI Digital Markets, and other officials.

Through this agreement, Kyobo Securities plans to leverage SBI Digital Markets’ technology and experience combined with its digital financial capabilities to utilize in the global digital business. The main areas of cooperation include ▲collaboration on digital financial business projects ▲product supply in the global market ▲digital financial technology support.

In particular, the plan is to launch STO products based on tokenized RWA (real-world assets) such as luxury goods and content by utilizing blockchain technology in Asian and European markets where legal frameworks for digital assets are well established.

CK Ong, Chief Operating Officer of SBI Digital Markets, said, “The partnership with Kyobo Securities reaffirms the close relationship between SBI Financial Group and Kyobo Life Insurance Group,” adding, “We look forward to driving new innovations in digital finance and technology together with partners in Korea and beyond.”

Shin Hee-jin, Head of New Business at Kyobo Securities, stated, “Through this partnership, the rich digital finance know-how and expertise of both companies will be combined to firmly establish leadership not only in the domestic market but also in the global STO market,” and added, “We will expand digital financial business based on transformative innovation to strengthen competitiveness in new businesses.”