Cryptocurrencies

Ripple partner SBI Group partners with Kyobo Life for digital finance


Ripple’s SBI Group and South Korea’s Kyobo Life Insurance Group have further expanded their collaboration in the digital finance space. The two companies announced a new strategic alliance aimed at creating a digital financial ecosystem in South Korea, with a particular focus on security token offerings (STOs).

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Global expansion and innovation

According to the official announcement from SBI Holdings aims to expand the company globally. Both partners will work together to develop unique investment opportunities for clients and create new technological infrastructure. Using blockchain technology, SBI Holdings and Kyobo aim to provide innovative experiences within the digital financial system.

Introduction of STOs

One of the plans is to introduce a consortium that will lead the STO business landscape. STOs are public offerings where digitalized securities, or Security Tokens (ST), are offered on special exchanges. SBI Group and Kyobo want to launch new security tokens that represent tangible assets, such as stocks and fixed income in digital assets.

Source: https://www.sbigroup.co.jp/english/news/pdf/2024/0704_a_en.pdf

Broader cooperation

The collaboration between SBI Group and Kyobo extends beyond STOs. According to a statement from a Kyobo Life official, the partnership aims to provide customers with better products and services in a timely manner by building a broader network in the digital financial sphere. Since 2022, SBI and Kyobo have already been working together in various areas, including venture capital and fintech.

“Both Kyobo Life Insurance Group and SBI Group plan to leverage the partnership agreement to jointly identify opportunities in the issuance and distribution of ST and conduct joint research. STOs are issued based on specific assets and utilize blockchain technology to improve transparency and unlock accessibility to traditional investment products.”

Ripple and XRP Ledger

SBI Group has been a partner of Ripple since 2017, leveraging the crypto platform’s international transfer system to facilitate cross-border transactions. Recently, SBI VC Trade announced the launch of a validator node on the XRP Ledger (XRPL), highlighting XRP’s use as a “bridge token” in Japan.

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