Hana Financial Group Forms Stablecoin Consortium with BNK, iM Financial, and Others

First Among the Four Major Financial Holding Companies

Hana Financial Group has reportedly become the first among South Korea's four major financial holding companies to form a 'financial consortium' for the issuance of stablecoins.

Ham Youngjoo, Chairman of Hana Financial Group. Photo by Yonhap News Agency

According to the financial sector on January 16, Hana Financial Group recently established a stablecoin consortium with BNK Financial Group, iM Financial Group, Standard Chartered Bank Korea, and OK Savings Bank. The consortium has completed preparations to establish a special purpose company (SPC) through joint investment and to move forward with stablecoin issuance.

Among the four major financial holding companies-KB, Shinhan, Hana, and Woori-Hana Financial Group is the first to launch such a consortium. Hana Financial Group appears to have taken the initiative in forming the consortium in order to quickly enter the business, as discussions on the enactment of the Digital Asset Basic Act are gaining momentum in the National Assembly.

Hana Financial Group is already collaborating in the digital asset sector with Dunamu, the operator of Upbit. Analysts say that if the Hana Financial Group consortium also joins forces with Naver Financial and Dunamu, it could have a significant impact on the stablecoin payment market.

In the market, there are expectations that, since the financial institutions participating in the consortium are based in regions such as Busan (BNK), Daegu and Gyeongbuk (iM), and the Chungcheong region (OK Savings Bank), the consortium will likely begin by replacing local currencies with stablecoins in these areas.