South Korea’s major financial holding companies, including KB, Shinhan, Hana, and Woori, are actively intensifying their efforts in the digital finance sector. They are forging strategic partnerships with leading technology firms such as Naver, Kakao, and Samsung Electronics. This collaborative approach is designed to secure a competitive advantage within the rapidly evolving stablecoin market.
Market Growth and Regulatory Response
Industry officials report that domestic stablecoin transactions have already exceeded 60 trillion won, despite the market currently operating without specific regulations. In response to this growth and the lack of oversight, financial authorities are in the process of drafting a stablecoin regulation bill. This bill is anticipated to be presented to the National Assembly by the close of 2025.
Strategic Alliances for Stablecoin Infrastructure
The four prominent financial groups are reportedly collaborating with major technology companies to develop the necessary infrastructure for issuing and managing won-pegged stablecoins. Banks affiliated with these financial groups are considered the most likely entities to undertake the role of stablecoin issuers. It is also anticipated that these banks may form joint consortiums with their technology partners.
“Partnerships with tech giants are crucial,” stated one industry official. “Banks would take significant time to build such systems alone, while tech companies already have strong platforms and user bases that can drive real-world adoption.”
Specific Partnership Engagements
KB, Shinhan, and Hana are deepening their existing collaborations with Naver. These partnerships may potentially evolve into three-way collaborations that include Dunamu, the operator of Upbit, which is South Korea’s largest cryptocurrency exchange.
Concurrently, Woori Financial Group is expanding its existing relationship with Samsung Electronics. This expansion involves leveraging Samsung Wallet and its exclusive operational role for Samsung Wallet Money and Points.
In-House Crypto Development and Initiatives
Each financial group is also focused on enhancing its internal cryptocurrency capabilities. KB Kookmin Bank has taken a notable step by filing 17 trademarks that combine the identifier “KB” with “KRW,” a clear indication of its intentions to launch a won-backed stablecoin.
Shinhan Financial Group is actively conducting pilot projects that utilize stablecoins within its proprietary delivery application. Furthermore, the group is exploring opportunities for overseas expansion through its subsidiary banks, SBJ Bank in Japan and Shinhan Vietnam Bank.
Hana Financial Group has established a dedicated digital asset task force under the leadership of its Chairman, Ham Young-joo. In parallel, Woori Financial Group has invested by acquiring a 5 percent stake in the custody firm BDACS.
Significance for Mainstreaming Stablecoins
Collectively, these alliances represent a significant advancement for South Korea in its pursuit of mainstreaming stablecoins within its financial ecosystem.