Shinhan Asset Management partners with Plume on tokenized fund pilot

Shinhan Asset Management has teamed up with Plume to pilot a tokenized fund, according to a memorandum of understanding (MOU) signed between the two parties. The pilot project will focus on a Korean won-denominated ultra-short-term bond fund, using it as the underlying asset for the tokenized fund. BlackRock's BUIDL tokenized fund will serve as a benchmark to evaluate the issuance and distribution process.

The collaboration aims to test compliance requirements for tokenized investment products, such as whitelist-based transfer restrictions, on-chain operations, Know-Your-Customer checks, and Anti-Money Laundering controls. The pilot is designed to explore the overseas use of won-denominated financial products in on-chain markets, which have primarily centered around dollar-denominated assets.

In April, Shinhan Financial Group's Shinhan Card signed an MOU with the Solana Foundation to test stablecoin payment technology and examine the potential of non-custodial wallets. Additionally, Shinhan Bank completed a stablecoin remittance pilot in July 2023.