Recently, governments have started to follow Blockchain technologies closely. At this point, after financial regulators gave the green light in South Korea, big banks started working for the security token. South Korea’s security token industry has seen significant activity recently, with three commercial banks recently added to a token association led by NongHyup Bank.
According to a report published by South Korea-based The Korea Herald, among the banks participating in the consortium are Korea Industrial Bank, Woori Bank and Shinhan Bank. In terms of capitalization, the banks are all part of South Korea’s top five banks, making it poised to become one of the largest security token alliances in the country.
However, security tokens are digital versions of financial instruments that represent ownership interest in an asset with numerous uses, including representation of bonds, debt, publicly traded stock, and even intellectual property. Most recently, the alliance began in April, with six fractional investment firms and financial institutions, along with Jeonbuk and Suhyup joining the coalition. The project gained significant momentum after the interest of the fintech company Trackchaing, and Artpion joined the consortium, increasing the number of participants to 18.