SBI Digital Markets Expands in South Korea with Key Appointment

SBI Digital Markets, the cryptocurrency-focused arm of SBI Holdings, is making significant moves to expand its presence in South Korea by appointing a former Bank of Korea executive.

On July 10, it was announced that Jai Yung Byun has been named as principal consultant to support the firm’s South Korean expansion. Winston Quek, CEO of SBI Digital Markets, expressed confidence in Byun’s appointment, noting that his extensive experience and deep understanding of the Korean market will be invaluable.

Byun has held several key positions at the nation’s central bank. He has been the head of international policy planning and foreign exchange analysis, and also served as the chief representative at the Bank of Korea’s Washington D.C. Representative Office.

In addition to aiding SBI Digital Market’s expansion plans, Byun will advise on business development and regulatory strategies for the region. He will also help enhance the firm’s institutional-grade governance and regulatory compliance standards.

The former central bank executive has been advising SBI Digital Markets since 2023. Prior to joining SBI, he was the South Korean country manager for financial services giant Northern Trust.

His expertise has been instrumental in navigating the intricate landscape of the Korean market, fostering relationships with financial institutions across both public and private sectors.

SBI Holdings is a Japanese financial conglomerate with a strong presence in the cryptocurrency sector. The company is also a partner of blockchain payments firm Ripple.

Recently, SBI ventured into security token offerings (STO) in collaboration with South Korea’s Kyobo Life Insurance Group. Last year, the Japanese firm partnered with stablecoin issuer Circle to offer USDC in Japan. Shortly after, it announced plans for ‘SBI Middle East’ to facilitate the entry of Japanese digital asset startups into Saudi Arabian markets.

In May, SBI also entered the market for sports fan tokens by partnering with sports blockchain provider Chiliz.

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