As the legal implementation of the token securities (STO) system approaches in February 2027, competition among securities firms to dominate the initial STO market is intensifying. Major securities firms are forming large alliances to establish their own independent network infrastructure, while smaller firms are focusing on niche markets by collaborating with specialized STO companies.
According to the financial investment industry on November 1, 2026, 14 domestic securities firms have begun preparations for commercialization ahead of the STO system's launch.
Well-capitalized major firms are pursuing strategies focused on 'independent infrastructure' and 'global' outreach. Mirae Asset Securities has partnered with SK Telecom and Hana Financial Group to form a large alliance called the 'Next Finance Initiative (NFI).' Their strategy involves collaborating with global blockchain technology companies like Polygon and zkGraph to introduce overseas real-world assets (RWA) and lead a unique global STO ecosystem.
Korea Investment & Securities has also enlisted internet-only banks like Kakao Bank and Toss Bank to build infrastructure aimed at capturing the retail market. KB Securities has established a dedicated STO team within its AI & Digital Division and is working on tokenizing private bonds and private money market funds.
Shinhan Investment Corp. is accelerating the discovery of quality assets in areas such as art and music RWAs, while Hana Securities is focusing on public offerings of livestock investment contracts. Meritz Securities is exploring connections with Ripple and the Canton Foundation to develop a Korean won stablecoin and meet institutional demand. Kiwoom Securities is partnering with Musicow and Tessa, while also participating in a pilot project with Koscom to establish infrastructure standards. Samsung Securities has made a strategic equity investment in Dunamu, a domestic digital asset exchange.
Meanwhile, smaller securities firms are preparing to target niche markets. Instead of investing heavily in building independent infrastructure, they plan to utilize Koscom's 'joint token securities platform' to minimize initial costs and focus on securing valuable underlying assets.
BNK Investment & Securities and DB Financial Investment are examples of firms aiming to enter the market by leveraging Koscom's shared network. SK Securities and Kyobo Securities are also adopting a pragmatic approach by operating dedicated teams while exploring connections between their own infrastructure and Koscom's joint network. Daishin Securities has taken a straightforward approach by directly acquiring the real estate fractional investment platform 'Kasa' to secure independent account management and STO distribution capabilities.
A source in the financial investment industry stated, 'The key variable in the initial STO market landscape will ultimately be how quickly firms can secure quality underlying assets that attract investor interest.'
* This article has been translated by AI.
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