Korea Investment & Securities has launched an effort to build its own security token offering (STO) platform. With the Token Securities Act set to take effect in February next year, securities firms are accelerating their competition to secure proprietary platforms.
According to the financial investment industry on the 4th, Korea Investment & Securities recently sent a request for proposal (RFP) to major operators to build its own STO issuance platform. The platform reportedly aims to establish an integrated issuance system that also encompasses conventional securities such as bonds and money market funds (MMFs).
An official at Korea Investment & Securities said, "We are preparing to build a token securities issuance platform in anticipation of the Token Securities Act taking effect next year," adding, "We sent the related RFP to major operators late last month."
Accordingly, the industry expects Korea Investment & Securities to begin targeting the related market in earnest on the back of building its own STO issuance platform.
Recently, major securities firms that had been considering joining the joint STO platform pursued by Koscom have one after another shifted toward building their own independent platforms. Since a joint platform inevitably relies on Koscom's development and management, moves to secure service leadership through proprietary platforms are spreading.
In particular, the need to build independent platforms is growing as competition over "super apps" — which allow trading of stocks, bonds, token securities and even virtual assets within a single application — intensifies, analysts say. The recent competition among securities firms to invest in stakes in virtual asset exchanges is interpreted in the same context.
Mirae Asset Securities already completed building the mainnet for its own token securities platform together with Hana Financial Group and others at the end of 2024, and is carrying out follow-up development work. Shinhan Investment, KB Securities and NH Investment & Securities have also entered the race to capture the market by pursuing their own platforms.
