SBI Digital Markets, the cryptocurrency arm of Japanese financial giant SBI Holdings, announced yesterday that it will appoint former Bank of Korea official Jai Yung Byun as the company’s chief advisor to accelerate the strengthening and expansion of its business in South Korea.
SBI Digital Markets appoints former Bank of Korea official as chief advisor
SBI Digital Markets has appointed former Bank of Korea official Jai Yung Byun as chief adviser to expand its business in South Korea, the company said in an announcement on Wednesday.
It is reported that Byun has served in multiple leadership positions, including head of the Bank of Korea’s international financial policy planning team, director of foreign exchange analysis, chief representative of the Bank of Korea’s representative office in Washington, and South Korea manager of Northern Trust, one of the world’s largest custodian banks.
SBI Digital Markets said that Byun has been providing advisory services to the company’s business development and regulatory strategies in South Korea since 2023:
His expertise is critical in navigating South Korea’s complex market environment and fostering relationships with public and private sector financial institutions.
(In response to the entry into force of the "Virtual Asset User Protection Act," the Korean government conducts real-time monitoring of the cryptocurrency market)
SBI Digital Markets CEO: Continue to promote South Korea and Asia-Pacific business
Winston Quek, CEO of SBI Digital Markets, also expressed confidence in Byun’s abilities in a statement:
As we continue to expand our operations and products in Korea, Mr. Byun's local market knowledge and experience will be valuable, and this move is emblematic of our commitment to providing excellent service and driving growth in Korea and throughout the Asia-Pacific region.
And added, "At the same time, we will also use Mr. Byun to further strengthen our regulatory compliance in South Korea to protect the rights and interests of our institutional investors and partners."
SBI actively expands encryption business
As a Japanese financial group founded in 1999 with more than 50 million global customers, SBI Holdings is also actively investing and deploying in the encryption industry, including:
In September 2023, its remittance company SBI Remit and the crypto payment provider Ripple jointly established SBI Ripple Asia to introduce Ripple (XRP)-based remittance solutions to the Philippines, Vietnam and Indonesia.
In November 2023, it jointly launched a US$100 million crypto venture capital fund with SC Ventures, the venture capital arm of Standard Chartered Bank, focusing on DeFi, payments, tokenization and crypto infrastructure.
In November 2023, we will cooperate with Circle, a stablecoin issuer, to promote the popularity of USDC in Japan and explore the possibility of combining banking services with Web3 technology.
This article Japanese financial giant SBI Digital Markets appoints former Bank of Korea official to expand business in South Korea first appeared on Chain News ABMedia.
