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Highlights
- Japan's SBI Holdings and South Korea's Kyobo Life Insurance Group entered a strategic business partnership agreement.
- The companies will work on securities token offering (STO) business and digital finance.
- Ripple-partner SBI will also work for distribution of ST and conduct joint research with Kyobo.
Ripple-partner SBI Holdings has entered a strategic agreement with South Korea’s Kyobo Life Insurance Group to expand their cooperation into the securities token offering (STO) business and digital finance. The companies will work to unlock new business opportunities in the digital space.
SBI Holdings and Kyobo Life Insurance Explore New Opportunities
Japan’s SBI Group and South Korea’s Kyobo Life Insurance Group announced a strategic business partnership agreement on July 4. The companies are extending their collaboration after success in venture capital and fintech sectors, including a venture capital fund in Southeast Asia.
SBI and Kyobo will explore establishing a digital financial ecosystem in Korea and working with others on the Security Token Offering (STO) business. An STO is a type of public offering in which tokenized digital securities, known as security tokens (STs) are issued based on specific assets. It uses blockchain technology to improve transparency and accessibility to traditional investment products.
In addition, they will jointly identify opportunities in the issuance and distribution of ST and conduct joint research. Kyobo’s STO business Kyobo Securities will help both companies in the STO business.
“This partnership with SBI is significant in that it aims to provide better products and services to customers in a timely manner by building a wider network in the digital finance sphere,” said a Kyobo Life official.
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SBI Expands Into Different Areas
Ripple and SBI have a number of collaborations in areas including supply chain, new remittance corridors, and mobile payment applications. CoinGape recently reported that SBI has started minting the World Expo 2025 NFTs on the XRP Ledger, bringing XRP and NFTs in the spotlight to 28.2 million people at the upcoming World Expo in Japan.
SBI has partnered with other companies such as USDC-issuer Circle Internet Financial, Chiliz, Standard Chartered, and more to create business opportunities in various fields.
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