Kakao Group is expanding cooperation with domestic and overseas platform, financial and digital asset companies as it moves to build a won stablecoin ecosystem. It plans to seek business opportunities across areas ranging from issuance and distribution to payments, remittances and financial services.

Kakao Group said on the 23rd that Kakao, KakaoBank and KakaoPay signed MOUs for digital asset business cooperation with major companies at home and abroad, including Grab, SCBX, Kyobo Life Insurance and Bonanza Factory.

Kakao Group is preparing a cooperation framework across financial services, including the issuance, distribution, payments and remittances of a won stablecoin, in anticipation of future legislation and institutional arrangements.

In global markets, it is pushing cooperation with Southeast Asian platform company Grab and Thailand-based financial holding company SCBX. It signed MOUs with each in December last year and is reviewing digital asset business opportunities linking the South Korean and Southeast Asian markets.

With Grab, it is discussing the issuance and distribution of a won stablecoin, development of related services and regional expansion strategies. With SCBX, it is promoting the development of overseas payment and remittance services and exchanges of technological and operational capabilities, and it plans to identify business models that comply with relevant laws and financial regulations in South Korea and Thailand.

It is also expanding cooperation with domestic financial companies and digital asset specialists. Kakao Group agreed in March to work with Kyobo Life Insurance on development of digital asset-based financial services and proof-of-concept projects.

In April, it signed an MOU with Bonanza Factory for joint development of virtual asset-related services and affiliated services.

Cooperation with global digital asset infrastructure companies is also continuing. Kakao Group signed an MOU with Circle Internet Group in July and on the 22nd also signed an agreement with Fireblocks to build digital asset infrastructure.

Based on these partnerships, Kakao Group plans to create an ecosystem linking the issuance of a won stablecoin to distribution, payments and remittances, and to identify service models that can be used in domestic and overseas markets.

Shin Won-geun (신원근), CEO of KakaoPay and co-head of Kakao Group's stablecoin joint task force, said, "Based on cooperation with partners that have accumulated expertise and competitiveness in each field, we will flesh out practical usage models that provide new value in everyday life and business settings."

Yun Ho-young (윤호영), CEO of KakaoBank and co-head of the group's stablecoin joint task force, said, "We will create innovative services by combining Kakao Group's platform and financial service capabilities with partnerships with various partners at home and abroad."