Shinhan Financial Group will expand cooperation with Digital Asset and the Canton Foundation in tokenised finance and digital asset infrastructure.

Shinhan Financial said it met with Yuval Rooz (유발 루즈), co-founder and CEO of Digital Asset, and Vibh Dewakar (비브 디와카르), head of the Canton Foundation, at its headquarters in Jung-gu, Seoul, on Monday to discuss group-wide cooperation plans.

Digital Asset is the developer of the institutional blockchain Canton Network. Global financial institutions including Goldman Sachs, HSBC and BNP Paribas participate in the network.

Shinhan Financial signed a memorandum of understanding with the Canton Foundation in June. In July, Shinhan Investment Corp and Shinhan Venture Investment made strategic equity investments in Digital Asset. This month, Shinhan Asset Management was approved as the first domestic financial company to become a Canton Network super validator.

The meeting discussed ways to link the bank's payment and settlement functions, securities operations for distribution of tokenised assets, and asset management capabilities for tokenising real-world assets. It also plans to pursue technology verification and links to overseas tokenised assets in line with the future institutionalisation of token securities in South Korea.

Shinhan Financial plans to pursue technology verification related to token securities in line with their future institutionalisation in South Korea. It also plans to use the Canton Network to expand links between overseas tokenised assets and financial institutions.

Shinhan Financial Chairman Jin Ok-dong (진옥동) said cooperation with Digital Asset and the Canton Foundation is an important foundation for responding to changes in the future financial environment, as tokenisation spreads as new financial infrastructure in global financial markets. He said the group will prepare to expand links to global digital asset infrastructure in line with regulatory adjustments and build a foundation for services.