The MOU was signed by Winston Quek, CEO, SBI Digital Markets (fourth from left) and Seokki Lee, the President and CEO of Kyobo Securities (fourth from right)

Korea, Singapore, 6 August 2024 – Kyobo Securities Co., Ltd. announced on the 6th of August, 2024 that it signed a memorandum of understanding (MOU) on the strategic partnership with SBI Digital Markets (hereinafter “SBIDM”) to promote the domestic and global digital finance ecosystem and token securities (STO) businesses. To conclude this agreement, Seokki Lee, the President and CEO of Kyobo Securities visited Singapore and attended the agreement signing ceremony with Winston Quek, CEO of SBI Digital Markets.

SBIDM is a Singapore-based subsidiary of the Japanese financial conglomerate SBI Group and is a company leading digital finance innovation globally. SBIDM’s technological capabilities are expected to play an important role in the cooperation with Kyobo Securities.

Kyobo Securities and SBIDM are exploring tokenised Real-World Assets in Asia and European markets, where digital asset legal framework is well established. Through the partnership, Kyobo Securities and SBIDM will also leverage their ecosystems to cement their leadership positions in the Korean and global STO markets.

Kyobo Securities is currently establishing a solid position in the domestic securities industry and providing various financial products and services. It is also continuously making various attempts for digital finance innovation, and this collaboration with SBIDM will drive the efforts.

Heejin Shin, Director and Head of New Business Development at Kyobo Securities, said, “This collaboration is significant in providing clients with better products and services in a timely manner through digital technology,” and “We expect that collaboration with a global leader in the digital field will greatly contribute to enhancing the competitiveness of the domestic digital finance industry.”

CK Ong, Chief Operating Officer at SBI Digital Markets, said, “Our partnership with Kyobo Securities reaffirms the close ties between SBI Group and Kyobo Life Insurance Group. We are looking forward to driving new innovations in digital finance and technology with our partners in Korea and beyond.”

About Kyobo Securities (www.iprovest.com)

Kyobo Securities is a subsidiary of Kyobo Life Insurance Group and is the first securities firm established in Korea in 1949. Leveraging the Group’s financial service businesses, Kyobo Securities provides distinguished financial services in brokerage, investment banking, sales and trading, and wealth management. Guided by the slogan of “Transformation and Innovation,” Kyobo Securities is committed to building a foundation for sustainable growth and driving new businesses including digital assets, climate financing, etc. to become the “Best Investment Partner” for customers.

About SBI Digital Markets (www.sbidm.com)

SBI Digital Markets is a subsidiary of SBI Digital Asset Holdings, the digital asset arm of Japan’s leading conglomerate SBI Group. With the largest securities account customer base and second-largest trading market in Japan, SBI Group has a global network across 25 countries including key markets in Asia and Europe. SBI Digital Markets offers clients a comprehensive digitalisation framework from origination, tokenisation, distribution to custodian services across traditional and Web 3.0 product suites.