Shinhan Asset Management in South Korea has signed a four-party memorandum of understanding with the Solana Foundation, Etherfuse and Orca to advance a proof of concept for a won-denominated tokenized fund. The proposed structure is modeled on BlackRock’s BUIDL fund. Under the plan, overseas institutional investors would buy a KRW ultra-short-term bond fund managed by Shinhan Asset Management, with those holdings issued in tokenized form.
The proof of concept is set to cover the KYC/AML framework, security audits, blockchain operations, compliance and the design of on-chain liquidity. Shinhan Asset Management CEO Lee Seok-won said the goal is to have the required capabilities in place as soon as the system is implemented and to lead the market for KRW-based digital financial products. The move comes after South Korea’s National Assembly passed an amendment to the legal framework for security token offerings in January this year. That amendment is scheduled to take effect in February 2027.
Shinhan Asset Management of South Korea has signed a four-party memorandum of understanding with the Solana Foundation, Etherfuse and Orca to move forward with a proof of concept for a KRW-denominated tokenized fund.
The fund structure is modeled on BlackRock’s BUIDL fund. Under the proposed setup, overseas institutional investors would purchase a KRW ultra-short-term bond fund managed by Shinhan Asset Management, and those holdings would be issued in tokenized form.
Scope of the proof of concept
The proof of concept will cover the KYC/AML framework, security audits, blockchain operations, compliance and on-chain liquidity design.
Shinhan Asset Management CEO Lee Seok-won said the goal is to have the necessary capabilities ready the moment the system goes live, and to lead the market for KRW digital financial products.
South Korea’s National Assembly passed an amendment to the legal framework for security token offerings in January this year. The amendment is set to take effect in February 2027.
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