Mirae Asset, SK Telecom join on security token business

The Korea Times

The Korea Times

Finance

Tue, September 26, 2023 | 04:20

Companies

Mirae Asset, SK Telecom team up for security token business

Posted : 2023-03-31 15:13

Updated : 2023-04-01 23:30

Mirae Asset Securities headquarters in central Seoul / Courtesy of Mirae Asset Securities

By Yi Whan-woo

Mirae Asset Securities has teamed up with SK Telecom to work together on security tokens. A form of cryptocurrency, security tokens can represent fractions of real-world assets such as real estate or equity.

The nation's No. 1 securities firm said it signed a memorandum of understanding (MOU) with SK Telecom, the nation's largest wireless carrier, in late March to form a consortium called the Next Finance Initiative.

The joint project aims to create a business ecosystem on security tokens by capitalizing on Mirae Asset Securities' expertise in financial investment and SK Telecom's mobile technology. It will also draw on SK Telecom's expertise in Web3, a new kind of internet service based on concepts such as decentralization, blockchain technology and token-based economics.

The MOU will allow the two sides to work together on selecting real-world assets that can be traded using security coins and also on developing relevant financial services.

"We expect to create excellent results in terms of cryptocurrency-related IT, and at the same time lay the groundwork to expand business based on Web3," said Ahn In-seong, head of Mirae Asset Securities' digital division.

He added that the joint initiative will help the brokerage house to "build a presence as a leading global platform in the security token industry."

Oh Se-hyun, head of SK Telecom's Web3 sector, said the initiative is anticipated to help create "a foundation for a wide range of innovative projects based on Web3 within the regulatory framework."

The two companies aim to pioneer the global market and encourage the participation of firms interested in security tokens.

They also plan to create an ecosystem for safeguarding the cyber assets of investors.

"We want to offer prospective investors a chance to benefit from a cycle of advanced technology on security tokens and market growth," Mirae Asset Securities said.

yistory@koreatimes.co.kr