Korea's Woori Bank and NongHyup Bank are respectively promoting tokenization platforms

ChainCatcher news, over the past year, South Korean banks and securities companies have begun to establish token issuance platforms and collaborate to form a tokenization alliance. Despite the legislative support for securities token issuance being delayed, these institutions continue to move forward. This week, Woori Bank signed a distribution agreement with a secondary market operator and applied to participate in a regulatory sandbox. Additionally, it has been reported that NongHyup Bank received 1 billion KRW (732,000 USD) in funding from the Korea Internet & Security Agency (KISA) for the development of its token issuance platform. The platform is expected to be ready by November this year. In August last year, Woori Bank, along with Samsung Securities (the second-largest brokerage in Korea) and SK Securities, established a "Mutual Cooperation Committee." The Financial 3.0 Partners (F3P) decided to collaborate to explore business models, "validate infrastructure," and establish investment protection measures. It now appears that the infrastructure aspect means they are building a joint token issuance solution.