South Korea's Securities Industry Unites in Race for Tokenized Investment Domination

As South Korea accelerates regulatory efforts to institutionalize the tokenized investment market, the nation’s securities firms are forming strategic consortiums at an unprecedented pace. With financial authorities set to approve up to two tokenized investment platforms by early next year, industry leaders recognize that collaboration—not competition—is key to gaining a competitive edge. Regulators have made clear their preference for consortium-based platforms to mitigate monopolization risks and foster a balanced market ecosystem. As the race intensifies, major players and mid-sized firms alike are doubling down on their blockchain efforts, building alliances to position themselves as leaders in this transformative financial sector.

Hanwha Investment & Securities: Driving Tokenized Innovation

Hanwha Investment & Securities has emerged as a frontrunner in the tokenized securities field, making decisive moves to cement its presence in this burgeoning market. On October 19, the firm awarded a critical contract for its tokenized securities platform development to digital asset specialist INF Consulting. This development follows Hanwha’s creation of a dedicated task force that has forged partnerships with key players such as Lambda256.

In addition to its platform development initiatives, Hanwha has unveiled plans for an “on-chain trading system” powered by blockchain technology. By building its proprietary mainnet, Hanwha aims to achieve the scalability and transaction speed required for high-volume trading while fostering a collaborative ecosystem among industry stakeholders. These steps underscore Hanwha’s commitment to creating a future-proof infrastructure for tokenized securities.

Shinhan Investment & Securities: Advancing with Consortium Alliances Through "PULSE"

Shinhan Investment & Securities is forging ahead with its ambitious “PULSE” project, designed to establish a standard platform for the tokenized securities market. Since launching a dedicated blockchain division in July 2022, Shinhan has been steadily intensifying its efforts. Recently, it cemented its position by forming a consortium with SK Securities, Blockchain Global, LS Securities, and law firm Kwangjang.

This consortium goes beyond development; it is actively exploring regulatory approval to operate a tokenized investment platform. Shinhan’s strategic partnerships reflect its deep commitment to leveraging blockchain technology to accelerate innovation, ensuring its infrastructure is among the most advanced in the industry.

Eugene Investment & Securities: Leading Mid-Sized Firms in Blockchain Development

Among mid-sized securities firms, Eugene Investment & Securities stands out for its proactive approach to tokenized investment opportunities. In March 2022, Eugene entered into a landmark agreement with Daverse to develop a tokenized securities platform focused on fractionalized investments. Initially targeting receivables-backed tokens, the firm aims to carve out a niche as a leading provider of innovative tokenized investment solutions.

Korea Securities Depository (KSD) and Koscom: Exploring Robust Partnerships for Digital Transformation

Korea Securities Depository (KSD) has also joined the movement, with its subsidiary Koscom spearheading the development of strategic alliances. Koscom, an IT solutions provider specializing in finance, is actively engaging several securities firms to form a Koscom-KRX (Korea Exchange) consortium. These alliances include agreements with seven firms, such as Kiwoom Securities, Daishin Securities, Yuanta Securities, DB Securities, BNK Securities, IBK Investment & Securities, and iM Securities. Together, Koscom and KRX are planning to seek approval for their joint “FUNBLE” platform, aimed at delivering advanced tokenized securities solutions.

With these partnerships under review, Koscom represents a critical nexus for mid-sized firms seeking entry into the emerging tokenized investment market. While still awaiting regulatory approval, FUNBLE could be a key player in scaling consortium-based tokenized platforms.

The Regulatory Framework and Competitive Dynamics

South Korea’s financial regulators have opened applications for tokenized investment platform approvals, with plans to select up to two operators by early next year. October marks the final window for submissions, and competition among firms is fierce. Regulators are keenly aware of tokenized securities’ potential to revolutionize the nation’s financial landscape. Industry stakeholders emphasize that success in this space is contingent on coordination, stating, “This market is not merely about technological innovation—it’s a coalition game.”

Ultimately, the outcome of this regulatory process will determine which firms can build the most strategically aligned and operationally resilient consortiums. By bridging partnerships across securities firms, IT providers, and platform developers, South Korea aims to establish a diverse and competitive ecosystem while advancing tokenization as a cornerstone of its future financial infrastructure.

Conclusion: A New Era in Digital Finance

The race to develop tokenized investment platforms marks a pivotal moment for South Korea’s financial sector. Leading securities firms such as Hanwha and Shinhan are harnessing blockchain technology and strategic alliances to create scalable, integrated ecosystems. Meanwhile, mid-sized players like Eugene Investment & Securities and institutional entities like Koscom are leveraging consortium structures to secure their foothold in this emergent market.

As regulatory approvals approach, the coalition-driven nature of the tokenized investment landscape becomes increasingly evident. Firms that succeed in building collaborative, strategically aligned networks will not only reshape the industry but also establish South Korea as a global leader in blockchain-powered finance.