Hana, Mirae sign partnership on securities tokens

Hana Financial Group and Mirae Asset Securities signed a partnership to build securities token infrastructure, both companies said on Thursday.

Under the partnership, Hana became a member of the Next Finance Initiative (NFI) — a consortium co-founded by the Mirae Asset affiliate and SK Telecom in March. The NFI is aimed at driving financial innovation here amid the dawn of Web 3.0. The consortium’s first target is the emerging securities token industry.

Mirae Asset Securities will partner with Hana Bank and Hana Securities on not just issuing securities tokens, but developing general infrastructure for the industry.

Securities tokens are blockchain-backed digital tokens used for trading asset fractions.

Both sides also shared their vision of expanding business internationally not only through issuing securities tokens but through building a much safer system for investors.

“We believe Mirae Asset has gotten a step closer to its long-held vision of financial innovation through the latest partnership with Hana Financial Group,” Mirae Asset Securities Chairman Choi Hyun-man said. “Starting from the securities token business, both companies will focus on launching more innovative financial services.”

Hana Financial Group Chairman Ham Young-joo also spoke highly of the recent agreement with the nation’s largest securities firm by market capitalization.

“Hana will continue making efforts to connect digital finance of the status quo and the future,” Ham said. “The solid partnership with Mirae Asset will help us provide innovative products and services to customers in the emerging securities token market.”

Securities tokens are the talks of the financial town, with a number of securities and banking players identifying the area as a fresh revenue stream amid toughening rivalry in the conventional financial business.

According to Hana Financial Group, local investors can gain investment opportunities for promising overseas assets by using securities tokens. Local token issuers can also raise funds from overseas investors with the new investment tool. Hana expected securities tokens to play a pivotal role in establishing what it called a “borderless financial investment ecosystem.”

Mirae Asset Securities also considers building more partnerships with overseas major financial companies in countries — such as the United States, Japan and Singapore — to preemptively expand its presence in the industry and build an international cooperative system.