Kyobo Life and SBI Group Forge Strategic Partnership in Digital Finance and TechnologyKyobo Life and SBI Group Forge Strategic Partnership in Digital Finance and Technology Introduction Kyobo Life Insurance Group of South Korea and SBI Group of Japan have entered into a strategic partnership to collaborate in the digital finance and technology sectors. The alliance aims to leverage the unique capabilities of both organizations and explore new business opportunities in the digital realm. Collaboration in Investment and Technology Under the partnership, Kyobo Life and SBI Group will work together to develop innovative digital financial technology infrastructure and curate investment opportunities for their clients. This collaboration builds on their existing cooperation in venture capital and fintech, including a recently launched joint venture in Southeast Asia. Exchange of Expertise The partnership will facilitate the exchange of technological capabilities and business know-how between the two companies. This will allow them to combine their strengths and identify new opportunities in the digital space. Digital Financial Ecosystem and Security Token Offerings One key area of collaboration is the potential establishment of a digital financial ecosystem in Korea. The partners also plan to form a consortium with other companies to explore opportunities in the Security Token Offering (STO) business. STOs involve tokenizing digital securities for trading on security token exchanges. Benefits for Kyobo Life Kyobo Life expects this strategic partnership to benefit Kyobo Securities Co., which handles the STO business for the group. The partnership will provide access to a broader network and expertise in the digital financial sphere. Quotes from Kyobo Life Shin Chang-jae, CEO and Chairman of Kyobo Life Insurance, expressed the company’s commitment to expanding its digital presence through partnerships with overseas peers. He highlighted the importance of the partnership with SBI in providing customers with better products and services in the digital financial landscape. Additional Information * Kyobo Life Insurance is South Korea’s third-largest life insurer, while SBI Group is a leading financial services conglomerate headquartered in Tokyo. * The partnership between the two companies aligns with the growing emphasis on digital finance and technology in the financial industry.
Kyobo Life Insurance headquarters in Seoul
South Korea’s Kyobo Life Insurance Group and Japan’s SBI Group have entered into a strategic business partnership agreement to expand their cooperation into the digital finance and technology sectors.
Under the partnership, the partners have agreed to collaborate on curating their unique investment capabilities for clients and developing new digital financial technology infrastructure, Kyobo Life Insurance Co. said Thursday.
Since 2022, Kyobo Life and SBI Group have been collaborating in the venture capital and fintech sectors, including the launch of 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 number two Hanwha Life Insurance Co.
SBI Group, also known as SBI Holdings, is a financial services conglomerate based in Tokyo. Some of its prominent subsidiaries include SBI Securities, SBI Shinsei Bank and SBI Investments.
The Group provides financial services across a broad range of categories, including securities, asset management, banking and insurance and internet-based digital financial services.
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According to the two companies, the partnership between Kyobo and SBI will facilitate the exchange of technological capabilities and business know-how and unlock new business opportunities in the digital space.
Kyobo and SBI explore business opportunities in Security Token Offering (STO) business
New business opportunities include the potential establishment of a digital financial ecosystem in Korea and the formation of 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, also called security tokens (STs), are sold on security token exchanges.
Tokens can be used to trade real financial assets, such as stocks and fixed income, and a virtual blockchain ledger system is used to store and validate token transactions.
Kyobo and SBI plan to use the partnership agreement to jointly identify opportunities in the issuance and distribution of STs and conduct joint research.
Shin Chang-jae, CEO and Chairman of Kyobo Life Insurance
Kyobo Life expects the strategic partnership with SBI to bring benefits to Kyobo Securities Co., which manages the STO business of Kyobo Life Insurance Group.
Shin Chang-jae, chairman and CEO of Kyobo Life Insurance, is seeking partnerships with Kyobo’s overseas peers to expand the company’s presence in the digital sphere.
“This partnership with SBI is important as it aims to provide customers with better products and services in a timely manner by building a broader network in the digital financial sphere,” said an official from Kyobo Life.
Write to Mi-Hyun Jo at [email protected]
In-Soo Nam edited this article.
