Korea Investment & Securities - Open Asset Sign MOU for Token Securities System Development

Korea Investment & Securities, a subsidiary of Korea Financial Group, announced on the 19th that it signed a Memorandum of Understanding (MOU) on the 16th with blockchain development specialist Open Asset to build a distributed ledger system for 'Korea Investment ST Friends.'

Korea Investment ST Friends is a token securities (STO) consortium launched in March by Korea Investment & Securities in partnership with KakaoBank, Toss Bank, and others. It is the first token securities consortium formed primarily by financial institutions. The consortium is accelerating its business preparations with the top priority of establishing an issuance infrastructure capable of supplying products suitable for token securities.

Open Asset, a company with strengths in distributed ledger technology, will be responsible for developing the issuance distributed ledger system for Korea Investment ST Friends. The company's key personnel, including CEO Kim, previously led the Bank of Korea's central bank digital currency (CBDC) development project. They have demonstrated outstanding capabilities by developing the blockchain platform 'Klaytn' and the digital wallet 'Klip,' leading the industry.

The issuance distributed ledger system, expected to gain momentum with Open Asset's participation, plans to enhance synergy by linking with Korea Investment & Securities' existing securities trading system. In the mid to long term, options to connect with other participating systems such as KakaoBank and Toss Bank are also under consideration.

Choi Seoryong, Head of the Platform Division at Korea Investment & Securities, said, "Together with Open Asset, which has diverse development experience, we will build an innovative and efficient system," adding, "Our goal is to set the standard in the token securities market, which holds various possibilities."

Korea Investment ST Friends has been praised for assembling an 'unprecedented' lineup, with KakaoBank and Toss Bank leading fintech in the banking industry as blockchain pilot operation partners, and Kakao Enterprise participating as a technology partner. Recently, the cultural content investment platform 'Funderful' joined to supply investment products, further strengthening the consortium with a variety of competitive partners positioned across its business areas, raising expectations.

This content was produced with the assistance of AI translation services.