Kyobo Life Insurance’s headquarters in Seoul
South Korea’s Kyobo Life Insurance Group and Japan’s SBI Group have entered a strategic business partnership agreement to expand their cooperation to the digital finance and technology sectors.
Under the partnership, the partners agreed to work together to curate their unique investment opportunities for clients and develop new digital finance technology infrastructure, Kyobo Life Insurance Co. said Thursday.
Since 2022, Kyobo Life and SBI Group have collaborated in the venture capital and fintech sectors, including launching a venture capital fund in Southeast Asia.
SBI Group (Courtesy of Bloomberg News)
Kyobo is Korea’s third-largest life insurer after market leader Samsung Life Insurance Co. and No. 2 player Hanwha Life Insurance Co.
SBI Group, also referred to as SBI Holdings, is a financial services conglomerate based in Tokyo. Some of its prominent subsidiaries are SBI Securities, SBI Shinsei Bank and SBI Investments.
The group provides financial services in a wide range of categories, including securities, asset management, banking and insurance and Internet-based digital financial services.
SECURITY TOKEN OFFERING
The Kyobo-SBI partnership will facilitate the exchange of technological capabilities and business know-how, as well as unlock new business opportunities in the digital space, the two companies said.
Kyobo and SBI look to business opportunities in the security token offering (STO) business
New business opportunities include the possible creation of a digital financial ecosystem in Korea and forming a consortium with other partners for the security token offering (STO) business.
An STO, or tokenized IPO, is a type of public offering in which tokenized digital securities, known as security tokens (STs), are sold in security token exchanges.
Tokens can be used to trade real financial assets such as equities and fixed income and use a blockchain virtual ledger system to store and validate token transactions.
Kyobo and SBI plan to leverage the partnership agreement to jointly identify opportunities in the issuance and distribution of STs and conduct joint research.
Kyobo Life Insurance CEO and Chairman Shin Chang-jae
Kyobo Life said it expects the strategic partnership with SBI to benefit Kyobo Securities Co., which operates Kyobo Life Insurance Group’s STO business.
Kyobo Life Insurance Chairman and Chief Executive Shin Chang-jae has been seeking partnerships with Kyobo’s overseas peers to enhance its presence in the digital sphere.
“This partnership with SBI is significant in that it aims to provide better products and services to customers in a timely manner by building a wider network in the digital finance sphere,” said a Kyobo Life official.
By Mi-Hyun Jo
mwise@hankyung.com
In-Soo Nam edited this article.
