The partnership aims to test compliance frameworks for tokenized investment products while exploring the potential of South Korean won-denominated assets in global onchain markets.
Shinhan Asset Management has entered into a memorandum of understanding with blockchain network Plume to develop a proof of concept for a tokenized fund. The initiative will utilise a Shinhan ultra-short-term bond fund, denominated in Korean won, as its underlying asset.
BlackRock’s BUIDL tokenized fund will serve as a benchmark for evaluating issuance and distribution processes during the pilot. The project seeks to navigate regulatory challenges, including Know-Your-Customer checks, Anti-Money Laundering controls, and onchain operational compliance.
The pilot also aims to assess the feasibility of using won-denominated financial instruments in overseas onchain markets, reflecting broader efforts to integrate South Korean assets into global blockchain ecosystems.
This follows Shinhan Card’s earlier collaboration with the Solana Foundation in April (year unspecified) to test stablecoin payment technology, as well as Shinhan Bank’s successful stablecoin remittance pilot in July 2023.
Written by Oliver Grant
Markets Desk
