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South Korea’s major financial holding companies, KB, Shinhan, Hana, and Woori, are accelerating their push into the digital finance space through partnerships with leading tech firms such as Naver, Kakao, and Samsung Electronics, aiming to gain a competitive edge in the fast-evolving stablecoin market.
According to industry officials, domestic stablecoin transactions have already surpassed 60 trillion won, even though the market remains unregulated. In response, financial authorities are drafting a stablecoin regulation bill, expected to be submitted to the National Assembly by the end of 2025.
The four financial groups are reportedly working with major tech firms to develop infrastructure for issuing and managing won-pegged stablecoins. Banks within these groups are seen as the most likely issuers, potentially forming joint consortiums with technology partners.
“Partnerships with tech giants are crucial,” said one industry official. “Banks would take significant time to build such systems alone, while tech companies already have strong platforms and user bases that can drive real-world adoption.”
KB, Shinhan, and Hana are deepening collaborations with Naver, including potential three-way partnerships involving Dunamu, operator of the country’s largest crypto exchange, Upbit.&nbsp;
Meanwhile, Woori Financial Group is expanding its relationship with Samsung Electronics, leveraging Samsung Wallet and its exclusive role as operator of Samsung Wallet Money and Points.
Each financial group is also enhancing its in-house crypto capabilities. KB Kookmin Bank has filed 17 trademarks combining “KB” with “KRW,” a move signaling plans for a won-backed stablecoin.&nbsp;
Shinhan Financial Group is conducting pilot projects using stablecoins on its own delivery app and exploring overseas expansion through SBJ Bank (Japan) and Shinhan Vietnam Bank.
Hana Financial Group has established a digital asset task force under Chairman Ham Young-joo, while Woori has acquired a 5 percent stake in custody firm BDACS.
Together, these alliances mark <a href="https://hash.media/hashdesk/south-korea-weighs-sanctions-review-after-u-s-targets-dprk/" target="_blank" rel="noopener noreferrer nofollow">South Korea’s</a> most significant step yet toward mainstreaming stablecoins within its financial ecosystem.
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South Korea’s big Banks bet on Stablecoins with tech partners

Todayq News

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