South Korea’s Hana Financial Group and global bank Standard Chartered have signed a memorandum of understanding to collaborate on digital-asset initiatives, with a particular eye on cryptocurrencies and stablecoins, local media reported March 16.
The tie-up aims to combine Hana’s domestic market reach and Standard Chartered’s international network to expand both firms’ footprints across traditional and digital finance. In an accompanying statement, Ham Young-joo, Chairman of Hana Financial Group, framed the partnership as a strategic advantage: “The partnership between Hana Financial Group and Standard Chartered Group, leveraging their extensive global networks and diverse financial know‑how, will serve as a strong competitive edge in the global financial sector. We will create new growth opportunities by generating synergies in future financial domains, including digital assets.”
Why it matters
- The MOU signals growing momentum among large banks to move beyond experimentation and build commercial offerings around blockchain-based finance. Hana and Standard Chartered plan to explore joint projects that could include cryptocurrencies and stablecoin-related products or infrastructure.
- For Hana, the deal builds on recent moves: the group has already coordinated with KB Financial and Shinhan Financial to research infrastructure for potential won‑pegged stablecoins and payment rails, and in 2023 it partnered with crypto custodian BitGo to expand custody services. Hana subsequently joined BitGo Korea — where it holds a reported 25% stake — alongside local telco SK Telecom.
- Standard Chartered has likewise been ramping up crypto-facing services for institutional clients, launching products linked to crypto ETFs, setting up spot crypto trading desks, and offering regulated custody. The bank is also pursuing stablecoin activity in Asia, reportedly set to receive a stablecoin issuance license in Hong Kong and previously indicating plans to issue a Hong Kong‑dollar‑pegged stablecoin via a joint venture.
Context
Global banks are increasingly integrating digital-asset capabilities as regulators and markets evolve. The Hana–Standard Chartered MOU is positioned as a move to combine legacy banking strengths with emerging digital-asset infrastructure — potentially accelerating product development in payments, custody, and tokenized finance, especially if the partners pursue stablecoins tied to major fiat currencies.
Next steps and outlook
Details on specific products, timelines or technical plans were not disclosed. The MOU establishes a framework for cooperation; concrete projects, regulatory approvals and technical infrastructure will determine how quickly the banks can bring crypto or stablecoin offerings to market.
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