Woori Asset Trust Accelerates Development of Digital Real Estate Indirect Investment Service
[Asia Economy Reporter Kim Hyo-jin] Woori Asset Trust announced on the 22nd that it signed a memorandum of understanding (MOU) with the startup 'FundBlockGlobal' on the 21st to establish a digital real estate indirect investment service.
FundBlockGlobal is a company that owns a platform that securitizes commercial real estate online based on its expertise in the alternative investment sector, and it was selected for the 'Dino Lab (Digital Innovation Lab)' program fostered by Woori Financial Group.
Woori Asset Trust plans to issue publicly offered digital securities on FundBlockGlobal’s blockchain technology-based platform by securitizing beneficiary certificates based on real estate trust contracts, enabling general investors to easily trade without restrictions on time, place, or amount, thereby establishing an innovative financial service.
In particular, Woori Asset Trust will act as the trustee and operator of the real estate, which is the underlying asset of the digital securities, supply high-quality real estate investment properties, support financial structuring, and jointly participate in the blockchain platform that securely records digital securities trading details on a distributed ledger.
Lee Chang-jae, CEO of Woori Asset Trust, said, "Through this project, we will provide equal real estate investment opportunities to general financial consumers and ensure that idle funds in the market are absorbed in ways that generate significant economic effects. Additionally, we will use this as a cornerstone for Woori Asset Trust’s digital transformation (DT) and become a leading real estate trust company in the digital new deal."
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Woori Financial Group selected 15 startups with non-face-to-face and innovative technologies in preparation for the 'post-COVID' era in June and housed them in the Dino Lab integrated center, creating synergy through collaboration with subsidiaries such as Woori Bank and the group’s in-house venture teams.
On the 21st, Woori Asset Trust signed a business agreement with FundBlock Global to operate a digital real estate platform at the headquarters' main conference room in Gangnam-gu, Seoul. Lee Chang-jae, CEO of Woori Asset Trust (left), and Jo Chan-sik, CEO of FundBlock Global, are posing for a commemorative photo.
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