Koscom is expanding its tokenized securities business by joining forces with Hyundai Motor Securities (001500) to build a shared platform for security token offerings.
Koscom said on the 2nd that it signed a memorandum of understanding with Hyundai Motor Securities on the use of a joint tokenized securities platform and on business cooperation. The two companies agreed to work together on linking operations and systems for use of the shared platform and on identifying products. They also plan to conduct joint testing that reflects legal, regulatory and investor protection requirements, and to exchange information aimed at developing the market.
Koscom is building KoSTO, a tokenized securities platform that multiple brokerages can use jointly. It has also completed a testbed demonstration of total volume management linkage with the Korea Securities Depository. With Hyundai Motor Securities now on board, the number of brokerages cooperating on KoSTO has risen to 13.
"For the tokenized securities market to become fully active, highly reliable infrastructure must be in place," Koscom CEO Yoon Chang-hyun said. "Through cooperation with Hyundai Motor Securities, we will improve the completeness of the shared platform and lay the groundwork for financial investment firms to take part in the business at reasonable cost."
