The financial district of Yeouido in Seoul. (Yonhap)
SEOUL, Feb. 7 (Korea Bizwire) — After the government announced that it would allow security token offerings, South Korean brokerages are doubling down on efforts to launch related services.
Shinhan Securities Co., for instance, announced on Monday that it will set up a security token offering (STO) alliance.
An STO alliance is an organization that features the tokenization of safe assets and the collaboration of various companies to promote the growth and development of the security token industry.
The member companies can reduce security token offering expenses, and raise funds by improving processes and receiving support for security token distribution solutions.
Daishin Securities Co. is pushing to acquire digital property investment platform operator Kasa Korea Co.
The fintech startup launched a digital securities exchange for commercial real estate in September 2020, allowing people to trade digital asset-based securities based on commercial properties.
Other securities firms such as KB Securities Co. and Kiwoom Securities Co. are also on track to release STO platforms this year.
Kevin Lee (kevinlee@koreabizwire.com)
