One of the largest South Korean financial conglomerates has partenerd up with a major UK-based global bank to deepen cooperation in global finance and crypto assets.
A Transnational Crypto DealIncumbents are keen not to be left behind on the crypto curve, so much so that some of them are now joining forces. That seems to be the case for Hana Financial Group and Standard Chartered Group as on March 15th they announced the signing of a MOU (memorandum of understanding). By teaming up, the two lenders aim to turn stablecoins and other digital assets into a new growth engine alongside their existing international banking business.
The partnership between Hana Financial Group and Standard Chartered Group, leveraging their extensive global networks and diverse financial know-how, will serve as a strong competitive edge in the global financial sector. We will create new growth opportunities by generating synergies in future financial domains, including digital assets.
Winters emphasized on the capital importance that South Korea has in Asian financial markets, regarding the country as a “key hub”.
Shared GoalsThe MOU covers stablecoins, deposit-token experiments, and future tokenized instruments, tying in Hana’s domestic stablecoin plans and pilots.
Standard Chartered already has a growing crypto footprint, from institutional custody services to pilots with tokenized bonds and other blockchain-based assets. The bank has also backed several stablecoin ventures in markets like Hong Kong.
A Crypto RaceThis new deal marks another milestone in the latest wave of efforts by TradFi institutions to keep up with a rapidly evolving digital financial system.
Cover image from Perplexity, BTCUSD chart from Tradingview
