South Korea · The Block
South Korea’s Shinhan joins forces with Solana Foundation, Etherfuse, Orca for tokenized fund issuance
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Shinhan Asset Management, one of South Korea's largest financial institutions, announced Friday that it has signed a four-party memorandum of understanding with the Solana Foundation, Etherfuse, and Orca.
Key facts
- Shinhan Asset Management, which is part of a much larger Shinhan Financial Group, reported roughly 133.6 trillion won ($96.6 billion) in assets under management as of August 2026
- According to an RWA.io report cited in the announcement, the market for tokenized real-world assets, excluding stablecoins, stood at approximately $36.27 billion, which is a 2,200% increase from 2020
- Our goal is to proactively secure capabilities that can be activated immediately upon the system's implementation, and to lead the market for managing KRW-based digital financial products," Lee
- Shinhan Asset Management, one of South Korea's largest financial institutions, announced Friday that it has signed a four-party memorandum of understanding with the Solana Foundation, Etherfuse
Summary
The agreement covers a proof-of-concept for the issuance and distribution of a Korean won-denominated tokenized fund, according to the press release. Shinhan said it modeled the initiative after BlackRock's tokenized fund BUIDL. In the POC, the parties will examine know-your-customer and anti-money laundering frameworks consistent with both domestic and international rules, as well as security audits, blockchain operations, regulatory compliance, and onchain liquidity design. "Our goal is to proactively secure capabilities that can be activated immediately upon the system's implementation, and to lead the market for managing KRW-based digital financial products," Lee Seok-won, CEO of Shinhan Asset Management, said in the release.