Shinhan Group Partners with Solana Foundation, Etherfuse, and Orca to Launch Tokenized Funds

August 21 news, according to The Block, South Korea's Shinhan Asset Management has signed a four-party memorandum of understanding with the Solana Foundation, Etherfuse, and Orca to jointly advance a proof-of-concept for the issuance of Korean won-denominated tokenized funds. The fund structure references BlackRock's BUIDL fund, where overseas institutional investors purchase Shinhan-managed Korean won ultra-short-term bond funds, with holdings issued in tokenized form. The proof of concept will cover KYC/AML frameworks, security audits, blockchain operations, compliance, and on-chain liquidity design. Shinhan Asset Management CEO Lee Seok-won stated that the goal is to have the capability in place immediately upon system implementation, leading the Korean won digital financial product market. The National Assembly of South Korea passed the STO legal framework amendment in January, which will take effect in February 2027.