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[Korea Economy] Finger launches consortium of token securities technology companies

[Source] Korea Economic Daily August 31, 2023 Finger launches consortium of token securities technology companies

Finger, a comprehensive fintech company, announced on the 31st that it has launched a consortium of token securities technology companies with Blockchain Global, EQBR, and zkrypto.

Finger, which hosts a consortium of token securities technology companies, has experience developing a platform for issuing and distributing patented non-fungible tokens (NFTs) even before the announcement of the Financial Services Commission's token securities guidelines.

Blockchain Global, a consortium participant, developed the real estate slice investment platform FUNBLE, and EQBR developed the real estate loan slice investment platform Apanda. zkrypto developed zkvoting, an online voting system based on zero-knowledge proof technology (ZKP), and won the CES 2023 Innovation Award.

The amendments to the Capital Markets Act and the Electronic Securities Act on the institutionalization of token securities stipulate that token securities be issued as investment contract securities and non-monetary trust contract securities and managed through a distributed ledger. After proposing the amendment, the Financial Services Commission is expected to revise and announce the investment contract securities report form and serve as an institutional mechanism necessary for the issuance of token securities in the future.

The token securities industry preparing to enter the initial market believes that it is important to establish a token securities issuance and distribution system in accordance with the institutionalization schedule.

However, the company explained that there are currently no guidelines for establishing a specific system, such as the composition of a distributed ledger, and even if it is built proactively, improvement and supplementation of the system is inevitable after regulations are established, so there is an atmosphere of contemplation about the direction of system construction. The consortium alliance, including Finger, plans to increase its ability to respond to the rapidly changing token security issuance (STO) market through mutual technical cooperation.

In-joo Ahn, CEO of Finger, said, “With the institutionalization of token securities, the time has come to establish a system to dominate the market,” and added, “Collaboration between technology companies in each field is essential to establish a token securities system in the financial sector.”

Cha Eun-ji, reporter

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