- Ripple’s partner, SBI Group, has entered into a strategic alliance with South Korea’s Kyobo Life Insurance Group.
- The collaboration envisions the growth in digital finance and technology.
- The companies will establish a digital financial ecosystem in Korea, strengthening their cooperation in STO businesses.
Ripple partner SBI Group and South Korea’s Kyobo Life Insurance Group are deepening their collaboration in digital finance. The two companies announced a new strategic alliance aimed at creating a digital financial ecosystem in Korea, with a particular focus on Security Token Offerings (STOs).
According to SBI Holdings’ official announcement, the collaboration seeks to expand the business globally. An excerpt read:
“Alliance will drive global business expansion as both partners work together to curate unique investment opportunities for clients and develop new technology infrastructure.”
Using blockchain technology, SBI Holdings and Kyobo plan to bring innovative experiences to the digital finance system. For instance, they envision introducing a consortium to lead the STO business landscape. They also plan to launch new security tokens, representing tangible assets such as equities and fixed income securities in digital assets.
An STO is a public offering in which tokenized digital securities, or Security Tokens (ST), are offered on security token exchanges. SBI Group’s collaboration with Kyobo extends beyond STO businesses, as per a Kyobo Life official’s statement. They stated:
“This partnership with SBI is significant in that it aims to provide better products and services to customers in a timely manner by building a wider network in the digital finance sphere.”
SBI Group and Kyobo have been collaborating since 2022 in various areas, including venture capital and fintech. Since 2017, SBI has been Ripple’s partner, using the crypto platform’s international money transfer system to facilitate cross-border transactions. Recently, SBI VC Trade announced its validator node launch on XRP Ledger (XRPL), highlighting Japan’s use of XRP as a bridge currency.
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