South Korea’s Woori Bank and Nonghyup Bank are advancing their respective tokenization platforms

Banks and securities firms in South Korea have begun building token issuance platforms and collaborating to form tokenization alliances. Despite the delay in passing legislation to support security token issuance, these institutions are moving forward. This week, Woori Bank signed a distribution agreement with a secondary market operator and applied to participate in the regulatory sandbox, while Nonghyup Bank received 1 billion won ($732,000) in funding from the Korea Internet and Security Agency (KISA) to develop its token issuance platform, which is expected to be ready in November this year. (ledgerinsights)