Plume and Shinhan Asset Management signed a memorandum of understanding on Aug. 14 to test a KRW denominated tokenized fund backed by one of Shinhans won ultra short term bond funds.
The project is a proof of concept only. Shinhan said it will not involve actual issuance or distribution and will run through an isolated structure in a third jurisdiction that blocks Korean residents contractually and technically.
The companies plan to test the technical and compliance requirements needed to move the fund structure onchain. Those tests will include whitelist based transfer restrictions, know your customer checks, anti money laundering controls and onchain operating processes.
Shinhan said the goal is to assess whether won denominated investment products could eventually reach offshore markets through tokenized infrastructure. The MOU records the companies intent to cooperate and does not commit them to a commercial issuance.
Plume and Shinhan Asset Management, Korea's leading asset manager with KRW 133.6 trillion in AUM, have signed an MOU to develop a proof of concept for a KRW-denominated tokenized fund, with Won ultra-short-term bonds as the underlying.
Plume and Shinhan will benchmark BlackRocks BUIDL model
Shinhan said the project will benchmark BlackRocks BUIDL tokenized fund model while using its own KRW ultra short term bond fund as the underlying asset. The comparison concerns the operating structure and compliance design. BlackRock has not been announced as a participant in the Shinhan and Plume project.
The PoC will simulate the issuance and distribution process without creating a live investment product. No token contract, issuance amount, investor allocation or commercial launch date has been disclosed. Shinhan CEO Lee Seok won said the trial is “fundamentally not intended for actual issuance or distribution.” Korean residents will also be excluded from the structure.
In addition, the offshore structure comes before South Koreas new token securities framework takes effect. The Financial Services Commission said amendments to the Electronic Registration Act and Financial Investment Services and Capital Markets Act passed the National Assembly on Jan. 15. The rules are scheduled to take effect on Feb. 4, 2027.
The amendments will allow blockchain based distributed ledgers to serve as legally recognized securities registries while keeping tokenized securities subject to existing securities rules. The FSC has also formed a public private consultative body to work on issuance, circulation, technology, payment and settlement standards before implementation.
As crypto.news previously reported, South Korea is already building infrastructure for its new tokenized securities regime, including a system being developed for the Korea Securities Depository. The timing makes the Plume and Shinhan trial preparation rather than a domestic fund launch.
Plume brings U.S. transfer agent experience to the pilot
Plumes U.S. regulatory infrastructure comes through Kimber Transfer Agency. An SEC filing shows Kimber submitted its Form TA 1 on Aug. 29, 2025, and the filing was accepted on Sept. 26. Plume has described Kimber as the transfer agent arm supporting official ownership records for tokenized securities.
As crypto.news reported, Plume joined DTCC‘s tokenization working group alongside major financial firms in August. The group advises on operating standards around DTC’s tokenization service, which DTCC plans to launch in October 2026. Plumes membership does not mean DTCC has selected the Plume blockchain or entered a production integration with it.
In related coverage, Plumes Kimber unit became an SEC registered transfer agent, giving the company regulated recordkeeping capabilities in the U.S. That registration does not constitute SEC approval of the proposed Shinhan fund or any future Korean product.
What happens next
Shinhan and Plume have not announced a completion date for the PoC. The next milestones will be technical tests around whitelisting, KYC, AML and offshore operating controls, followed by any decision on whether to pursue a regulated issuance.
Any future domestic launch would also have to comply with South Koreas securities framework after it takes effect in February 2027. Plume CEO Chris Yin described the cooperation as a first step toward connecting compliant KRW assets with global investors, but that remains a forward looking aim. No investor base or future distribution jurisdiction was announced. For now, the agreement remains an exploratory MOU with no live fund issuance, distribution or Korean investor access.
