Last week NongHyup Bank announced that three other commercial banks are joining its security token alliance. They are Shinhan Bank, Woori Bank and Industrial Bank of Korea. In terms of balance sheet assets, the banks rank as number three, four and five in Korea respectively, and NongHyup is the sixth largest.
The consortium was created in April with local banks Suhyup and Jeonbuk as well as six fractional investment firms, the Korea Herald reported. Three more firms joined last week alongside the three banks.
Many Korean security token alliances are different from Western initiatives that primarily have an institutional focus. In Korea, several of the collaborations will target retail distribution.
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