Banks and Big Tech join forces as Korea prepares Asia’s most ambitious stablecoin framework
South Korea’s biggest financial groups are partnering with leading technology companies to build what may become one of Asia’s most advanced stablecoin ecosystems. With a dedicated regulatory framework expected by late 2025, institutions such as KB, Shinhan, Hana, and Woori are moving quickly to secure alliances with Samsung Electronics, Naver, and Kakao. Their goal is to establish an early lead in a fast-growing market that is expanding even before it becomes fully legalized.
Stablecoin transactions in the country have already surpassed 60 trillion won (US$41 billion) this year, a strong demand for digital and real-time payment solutions. By collaborating with Korea’s largest tech platforms, financial groups aim to develop the infrastructure needed for secure digital payments and anticipate the direction of future regulatory and consumer trends.
A Regulatory Framework That Could Transform the System
The turning point came when the Financial Services Commission (FSC) revealed plans to submit a unified stablecoin bill to the National Assembly by the end of 2025. This legislation would formally legalize won-backed digital tokens and allow banks to issue or jointly issue them with private partners. It also seeks to merge six separate parliamentary proposals into one comprehensive framework covering licensing requirements, reserve rules, consumer safeguards, and risk management standards.
President Lee Jae-myung’s recently announced broader “crypto competitiveness” strategy, which frames regulated stablecoins as tools to modernize Korea’s financial infrastructure. During a parliamentary audit, FSC Chairman Lee Eog-weon stressed the urgency of the bill, noting:
“Stablecoins linked to the Korean won are still not fully legalized. A bill is in its final review with the related ministries and is expected to be submitted this year.”
Regulators acknowledge that Korea trails regional counterparts in establishing digital currency rules, increasing pressure to finalize the legislation.
Banks Look to Tech for Speed and Scale
While banks are expected to serve as primary issuers of stablecoins, building blockchain systems, payment rails, and real-time settlement technology internally would take years. This is why partnerships with tech giants have become essential.
As an industry official observed:
“Alliances with big tech firms are essential since it would take banks considerable time to develop the necessary technology on their own. Tech giants already have strong platform ecosystems and are best positioned to secure practical use cases once stablecoins are issued.”
Samsung, Kakao, and Naver already operate large consumer ecosystems, allowing them to distribute digital tokens quickly when regulations are in place.
How Korea’s Major Financial Groups Are Positioning Themselves
South Korea’s major financial groups are carving out distinct strategies as they prepare for a stablecoin-driven future. KB Financial Group has taken one of the most proactive approaches, securing more than a dozen trademarks related to a potential “KB KRW” digital token and forming a dedicated team to handle its stablecoin roadmap. Shinhan Financial Group is running multiple internal trials, including a won-based coin used on its proprietary delivery app, and is studying cross-border settlement options through its partner banks in Japan and Vietnam.
Hana Financial Group has set up a Digital Asset Task Force overseen directly by Chairman Ham Young-joo to coordinate all affiliates and guide the group’s broader digital asset strategy. Woori Financial Group is leaning on its long-standing partnership with Samsung Electronics. Woori Bank manages Samsung Wallet Money and Points—a key feature on Galaxy smartphones—positioning it at the center of Samsung’s payments ecosystem. The group has also invested in BDACS, holding a 5% stake in the digital asset custody firm responsible for launching the KRW1 stablecoin.
Big Tech’s Expanding Footprint in Digital Finance
Tech platforms such as NaverPay and KakaoPay are already embedded in everyday Korean life, making them attractive distribution channels for future stablecoins. Financial groups including KB, Shinhan, and Hana have worked with Naver on joint products and are also exploring possible three-way collaborations with Dunamu, the operator of Upbit.
If Naver and Dunamu advance their ongoing merger discussions, the resulting platform could become a powerful force in Korea’s stablecoin market, combining millions of users with existing crypto infrastructure. Samsung Electronics also remains a critical player thanks to Samsung Wallet, which is integrated across the global Galaxy smartphone ecosystem. Another industry official noted:
“While Naver and Kakao may lead the crypto market through financial partnerships, Samsung also has the operational capacity to issue and manage coins.”
Preparing the Wider Financial Ecosystem
The transition to digital tokens is not limited to banks. Other financial units—including credit card, insurance, securities, and asset management firms—are preparing for a system where stablecoins interact with existing financial products. Many are reviewing how reserve management, compliance systems, and payment channels would need to adapt to support stablecoin-linked services.
These preparations suggest that Korea’s stablecoin adoption will be a group-wide transformation rather than a bank-only initiative.
A Market Growing Faster Than the Rules Governing It
The biggest driver of urgency is the rapid growth of stablecoin activity within Korea. Transaction volumes exceeding 60 trillion won show that consumer behavior is already shifting ahead of legal approval. Banks want to establish credibility early, while tech companies see an opportunity to expand their influence across digital payments.
If approved, the forthcoming stablecoin bill could enable a uniquely Korean model—one in which financial institutions ensure compliance and stability, while tech companies deliver the reach, usability, and seamless integration needed for mass adoption. This hybrid structure could set a new benchmark for stablecoin deployment across Asia.
