Crypto Push In Korea: Hana Financial And Standard Chartered Unveil New Deal

One of the largest South Korean financial conglomerates has partenerd up with a major UK-based global bank to deepen cooperation in global finance and crypto assets.

A Transnational Crypto Deal

Incumbents are keen not to be left behind on the crypto curve, so much so that some of them are now joining forces. That seems to be the case for Hana Financial Group and Standard Chartered Group as on March 15th they announced the signing of a MOU (memorandum of understanding). By teaming up, the two lenders aim to turn stablecoins and other digital assets into a new growth engine alongside their existing international banking business.

According to The Korea Times, the signing ceremony took place at Hana’s Bank’s headquarters on March 13th. It was attended by Ham Young-joo, Chairman of Hana Financial Group, and Bill Winters, CEO of Standard Chartered Group. Seoul Economic Daily reports that Ham and Winters exchanged views on cooperation in global and digital assets. Chairman Ham stated that:

Winters emphasized on the capital importance that South Korea has in Asian financial markets, regarding the country as a “key hub”.

The MOU covers stablecoins, deposit-token experiments, and future tokenized instruments, tying in Hana’s domestic stablecoin plans and pilots.

The Seoul Economic Daily contextualizes this move with Chairman Ham views of stablecoins as “core future business”. His goal with Hana Financial points to the building of an “ecosystem encompassing the issuance, distribution, use and circulation of (won-denominated stable) coins”, as he stated in his New Year’s address in January. In 2024, Hana Bank, BitGo, and SK Telecom set up BitGo Korea as the local arm focused on institutional crypto custody. In 2025, the Korean lender had an all-time high net profit of ₩4 trillion.

Standard Chartered already has a growing crypto footprint, from institutional custody services to pilots with tokenized bonds and other blockchain-based assets. The bank has also backed several stablecoin ventures in markets like Hong Kong.

This is not the first time Hana Bank and Standard Chartered team up. In December 2025, the UK-based global bank announced that it was facilitating Hana Securities first venture with digital assets.

Instead of chasing pure spot exposure, the South Korea’s big banks are now racing to build compliant rails around stablecoins, tokenized notes, and digital bonds that can plug directly into the regulated financial system, nudging the market away from retail speculation toward more structured corporate and banking participation.

This new deal marks another milestone in the latest wave of efforts by TradFi institutions to keep up with a rapidly evolving digital financial system.

Cover image from Perplexity, BTCUSD chart from Tradingview